94% of brokers now e-trading; Aviva leading market: FWD Research

UK brokers are increasingly modernising their trading practices to embrace e-trading, with 94 percent currently placing business electronically, according to FWD Research, a research consultancy, which has competed a report on the use of e-trading by brokers.

The report shows that the vast majority of UK brokers, (3,130 brokers), currently place business electronically. The leading market in terms of e-trading is Aviva, with 73 percent of all brokers e-trading via Aviva’s Fast Trade online platform.

The report also showed that the amount of brokers who use a managing general agent (MGA) or a Coverholder to trade electronically is currently at 41 percent.

Mike Harmer, research director at FWD, said: “The rise in use and importance of e-trading to all parts of the industry is clear. This barometer outlines the current competitive position including current and forecasted use of e-trading platforms across software houses, Insurers, MGAs and Brokers. It also outlines current use of and satisfaction levels with Insurers’, MGAs’ and Brokers’ e-trading solutions; as well as levels of business traded electronically. We feel this is an ideal time to define the market characteristics of this vital component of business in the financial services sector.”

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