Big Ticket is a neutral digital data hub for the commercial insurance market and it launched this week at the annual AIRMIC conference. The hub allows users to maintain and share their exposure data with other stakeholders and aims to improve the customer experience and make the market more efficient.

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.”

She said Big Ticket Big Ticket would cut costs, enhance data security and free up industry resources.

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