Shared corporate data platform that will transform the $1TN global commercial insurance industry by revolutionising the ‘broken’ renewal experience for risk managers, brokers and carriers
- Big Ticket is an industry-backed renewal data platform shared between clients, brokers and insurers
- Client-first approach will radically improve the corporate customer experience, facilitate stakeholder management and empower innovation
- Provides enhanced bank-grade data quality and security; putting clients in control of their data
- Provided free-of-charge to any risk manager or insurance buyer, Big Ticket will deliver annual industry-wide operational savings at renewals of up to US$25 billion
- Technology ecosystem was developed with founding partner Mastercard and Global Advisory Board members including Aon, Aviva, Oasis and Zurich
New York, NY (June 22, 2023) – Big Ticket, the world’s first neutral digital hub for the global commercial insurance industry, was launched today at the annual AIRMIC conference in the UK. For the first time, Big Ticket allows digital exchange, innovation, and collaboration to take place in a secure environment by helping clients to maintain and share their exposure data with every participant in the insurance value system globally, instantly, and with a full audit trail.
Four years in development, Big Ticket is backed by founding partner MasterCard and Global Advisory Board members including Aon, Aviva, Oasis, Zurich, Pool Re and Motive Partners, together with financial backing from leading technology venture capital investors including Fin Capital. Big Ticket has been developed to tackle key client and industry pain points. It provides customers a faster, more efficient and convenient renewal experience, with improved stakeholder management. It also gives them control of their data, enhancing its quality and security, at no cost to risk managers or insurance buyers around the world.
Robert Bartlett, Co-Founder and CEO, Big Ticket, said: “Commercial insurance is a laggard in financial services when it comes to digital innovation, especially in comparison to banking and payments platforms such as Swift and Plaid. In banking, neutral digital infrastructure – combined with an ‘open banking’ model – has been the catalyst for industry-wide digital innovation. This is something the insurance industry has lacked – until now.”
Ken Fraser, Co-Founder and President, Big Ticket, said: “Big Ticket is an ‘API first’ digital infrastructure connecting every player across the entire commercial insurance environment. As well as improving the renewal experience and creating a secure shared space for data, the system will
allow our industry to give our clients large-scale insights into their risk universe, and will drive innovation for all sides, with potential benefits across global supply chains and ultimately helping clients understand and prepare for emerging systemic risks like climate change.”
Catalyst for innovation
Big Ticket is a technology that connects every part of the global risk ecosystem and enables any insurance buyer to safely communicate with any broker or carrier using standardised, high fidelity and high velocity data. It will deliver clear operational improvements, with an initial focus on improving the renewal experience for insurance buyers, brokers and carriers.
This then opens the door to phase two: product, client and industry innovation based on increased shared reliable information about risks.
Julia Graham, CEO of AIRMIC and Chair of the Big Ticket Advisory Board, said: “Big Ticket is the solution that the risk management community has been crying out for. Every year at the start of every insurance renewal, hundreds of thousands of companies use an industry-imposed process to collect exposure data. They are asked to use unencrypted spreadsheets and e-mail to do this; a painful, laborious and insecure process which takes up to nine months to complete at an annual recurring direct operational cost globally of US$25 billion, on top of which it actually increases vulnerability to data privacy and cyber security risks. Unsurprisingly, companies hate this process, giving it a Net Promoter Score of -100. With an NPS of +90, Big Ticket replaces it with one they love; one that slashes costs, enhances data security and frees up resources.”
Joe Peiser, Commercial Risk Leader for North America, Aon, said: “We understand the benefits to risk managers and all industry participants from a standard, digitised approach to structuring exposure data to help drive better decisions. As a result, we were interested in AIRMIC and Big Ticket’s aspirations for global, digital standards across all major P&C lines in a neutral environment. We are excited to be engaging with Big Ticket, interested insurers and risk managers in a pilot program to assess its alignment with our broking and client service processes.”
Paolo Mantero, Chief Strategy Officer, Zurich Insurance said: “Big Ticket brings the welcome principles of smooth and seamless transactions into the insurance environment. We welcome an industry wide solution where customers are in control of their own data, the traditional frictions of exchanging information efficiently among all parties are removed, and innovation is enabled. We are excited to be one of the founding members contributing to the development of this platform, together with our customers and our broker partners.”
To find out more about Big Ticket, click here.
“Big Ticket’s innovative approach to create a neutral, client-focused architecture has the ability to fundamentally change the outdated insurance renewal process for the better,” said Matt Washington, Managing Director of UK Commercial Lines Underwriting & GCS at Aviva. “We are the first insurer using Big Ticket in the UK and have been working with our clients and broking partners to explore the benefits to all parties within the renewal chain.”
“We have received positive feedback from clients who have engaged with the platform,” he added. “They are delighted with the value that the technology adds to the renewal process, especially as it comes at no cost to the client. Furthermore, at a time of increased exposure to cyber risks, it puts clients in control of their sensitive commercial data: who has permission to access it, how it is used and for how long – it’s a real game-changer.”
About Big Ticket
Big Ticket is an industry supported infrastructure that allows digital exchange, innovation, and collaboration to take place in a secure environment. Our industry neutral solution revitalises the client experience with no cost to the risk managers or insurance buyers around the world. Founded in 2020, the company is headquartered in Atlanta, US and has operations in London, UK. For more information, visit www.bigticketplatform.com.
Source: Big Ticket via Luther PendragonTags: industry first, launch, open banking, platform