OXYGEN
AND ADVISEN ANNOUNCE BENCHMARKING INITIATIVE
Oxygen gains significant advantage when advising clients
London, 5th June 2007 - Oxygen Insurance Brokers Ltd (Oxygen), the Lloyd’s broker, and Advisen, the leading provider of technology and data to the global commercial insurance industry, today announce the launch of a new initiative to provide on-demand program benchmarking to buyers of insurance in the UK.
Oxygen is the first broker to work with Advisen to build an online benchmarking service in the UK. The service will provide clients with highly-relevant comparisons against customised peer groups. Clients will be able to use benchmarking charts in considering the structure and expected cost of their insurance programs. 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?”
The move builds on the overwhelming success of Advisen’s online benchmarking service in the US where Advisen operates the RIMS Benchmark Survey and offers the largest online database of commercial lines programs with more than 1,000,000 programs covering nearly $100B in premiums.
Commenting on the initiative, Nigel Barton, Chief Executive Officer of Oxygen, stated: “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”.
Mason Power, Managing Director of Advisen Europe, commented: “For brokers looking to consistently provide their clients with the highest level of service, Advisen benchmarking has become a standard in the US, and we welcome working with Oxygen to provide the same benefits to clients in the UK.”
For further information:
Nigel Barton, Chief Executive Officer, Oxygen on Tel: 020 7153 1079
Mason Power, MD Europe, Advisen on Tel: 020 7929 6929 mpower@advisen.com
or
Alex Wise, Concise Public Relations on Tel: 020 7100 3960 or 07710 665 615
About Advisen
Advisen Ltd. equals success for insurance professionals, driving growth and profitability through the broadest platform of analytics and information services. Designed and evolved by risk and insurance experts, and used daily by more than 100,000 professionals, Advisen combines the industry’s deepest data sets with proprietary analytics and applications that drive the risk and insurance lifecycle. Advisen is headquartered in New York with offices in London. For more information, visit www.advisen.com or call +44(0)20 7929 6929.
About Oxygen
Oxygen Insurance Brokers Ltd is a subsidiary of Oxygen Holdings plc and brokes UK and international specialist lines in the London market.
The business’s operating environment creates efficiencies through a disciplined approach and the use of outsourcing, electronic trading and opportunities offered by technology and process changes in the market.
Oxygen is an established 82 person business based in London and Leeds. They handle in excess of £100m Gross Premium Income per year and have over 280 clients
Oxygen’s management team and Board are:
Michael Spencer, Non-Executive Director
Peter S. Christie, Non-Executive Director