InsurX, a trailblazing digital exchange equipped with algorithmic capabilities, has officially entered the London Direct & Facultative (D&F) Property market.
The company made waves last year with the introduction of the InsurX Exchange, which entered the market with an initial capacity commitment to underwrite £20m of gross written premiums, according to InsurTech Insights.
InsurX operates as a platform facilitating the syndication of risks, presenting a unique advantage for both brokers and insurers. This innovative approach enables businesses to expand without incurring additional costs, bringing efficiency and modernity to the traditional London market.
InsurX has already secured its first transaction involving property risk, with Miller facilitating the process and a Lloyd’s Syndicate securing the transaction.
Multiple insurers are already leveraging the innovative platform, promising a transformative impact on the way risks are handled in the industry.
InsurX Chief Executive Gilbert Harrap said, “After modernising the way risk is syndicated in the London Contingency market, this move into the Property market, which is so important to London, was the logical next step for us.
“We deployed powerful technologies to turbocharge the syndication process in the Contingency market in 2023, and now we’re bringing these benefits to the Property market, with plans to roll out the InsurX Exchange to further Specialty insurance classes in 2024.
“InsurX is the answer for insurers who seek to scale their underwriting without needing to increase headcount. For brokers, InsurX provides the critical infrastructure that enables them to harness the benefits of algorithmic underwriting and grow their businesses. London has been calling out for a better way to syndicate risk since the launch of the Future at Lloyd’s in 2019,” he continued.
”Simon Clegg, Head of Property at Atrium, an InsurX user, stated, “We have long been a proud leader in the Property market, and we believe in the power of syndication to offer coverage for complex risks.“
“We always look for innovative ways to grow our business, and InsurX provides Atrium with a powerful way to deliver relevant capacity solutions for our clients and brokers by partnering with follow capacity providers.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
