Airmic conference sees launch of Big Ticket, designed to revolutionise the renewals process.

It has been operational for more than six months in the UK and its backers claim Big Ticket will halve the time needed for commercial insurance renewals.
 
The public launch announcement at the Airmic press conference was attended by Robert Bartlett and Ken Fraser, two of Big Ticket’s co-founders. Bartlett serves as CEO, with Fraser as President.
 
Big Ticket has been in the works for nearly half a decade, its co-founders said.
 
Its aim is to allow digital exchange, innovation, and collaboration to take place in a secure environment by helping companies to maintain and share their exposure data with every participant in the insurance value system globally, instantly, securely and with a full audit trail.
 
It is supported by Mastercard, a founding partner and a Global Advisory Board which includes Airmic Aon, Aviva, Oasis, Zurich, Pool Re, and Motive Partners. It has also received financial backing from technology venture capital investors including Fin Capital.
 
Bartlett explained that for 350,000 companies around the world that have more than 250 employees, Big Ticket’s aim is to digitally connect them to insurance brokers, underwriters, reinsurers, across the risk transfer ecosystem.
 
“The first phase is to start by addressing the renewal process and we reverse engineer it. We take the data that a client’s already given the industry and put it into the Big Ticket platform,” he said.
 
“We share it back up through the broker to client in order to enable the client to maintain their data in a standardised digital format. We then share it securely back with the broker, underwriters, and other relevant actors. That’s a very, very simple, yet powerful thing.”
 
“Big Ticket is the solution that the risk management community has been crying out for,” said Julia Graham, CEO of Airmic and Chair of the Big Ticket Advisory Board.
 
“Every year at the start of every insurance renewal, hundreds of thousands of companies use an industry-imposed process to collect exposure data,” Julia said.
 
“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,” Julia added.

For more information on press releases at the 2023 Airmic Conference