Oxygen Insurance Brokers and Advisen reveal plans to provide on-demand programme benchmarking
Oxygen Insurance Brokers Ltd and Advisen will today announce the launch of a new initiative to provide on-demand programme benchmarking to buyers of insurance in the UK.
The service will provide clients with relevant comparisons against customised peer groups. Clients will be able to use benchmarking charts in considering the structure and expected cost of their insurance programmes. Covering all major lines, the service will answer questions such as “How much coverage do my peers buy?” or “Am I paying too much for my insurance?”
Says Oxygen CEO Nigel Barton, “Advisen have a tried and tested, secure benchmarking system that operates in the US. By being one of the first supporters of this model in the UK, Oxygen and our brokers will gain a significant edge when advising clients on all aspects of their insurance purchase.”
In the US Advisen operates the RIMS Benchmark Survey and offers the largest online database of commercial lines programmes with more than 1,000,000 programmes covering nearly $100bn in premiums.