A new IT solutions company claims it can save the UK commercial insurance industry £1bn a year. Acturis says it can give brokers and insurers the tools to improve the efficiency of transaction handling.
Joint chief executive Theo Duchen said: "The industry is notoriously inefficient and there is severe duplication between the broker and other parties".
Acturis will provide web-based technology to support administration and will give access to additional services.
Acturis's analysis found that 50% of documents sent to brokers by insurers were incorrect and needed to be sent again and of these 30% were still incorrect. Only 8% of business was done electronically.