Underwriting in the Covid-19 Era, and the Connect Marketplace Advantage
It’s amazing how 2020, a year many will wish to forget, has flown by. In several short months, the world has changed almost beyond recognition.
As the Covid-19 Tsunami begins to gradually fade, despite Europe and other parts of the world being in the middle of a second wave, the (re)insurance world will not have been spared.
Covid has ignited the battle between physical and nonphysical damage BI, lit a fire under consequential loss or contingent business interruption covers, and set the insurance world on a collision course with regulators and world governments.
Bustling offices and underwriting city centers may well become a thing of the past, as remote working has become a norm. Electronic trading, certainly in our world, no longer a luxury, or an aspiration, but a necessity. If you aren’t digital, certainly by the end of 2021, there is a good chance your business is dead in this market.
By now, every one of us has signed up to or embraced the market’s electronic trading platform, whether it is PPL and/or others. A common platform to get (re)insurance contracts electronically signed compliantly, securely, and efficiently, was inevitable and is now on firm ground.
That being said, however, what about a better way to serve your brokers, and your brokers to serve their distribution? What if there was a recognized platform out there purpose built to revolutionize the way the market underwrites and transacts simple business? That platform is Connect Marketplace . Three years in, and we are building dozens of digital product templates based on London market underwriting norms.
We’ve been working with both managing agents and brokers, to deliver a simple, efficient, and scalable B2B and B2C quote and bind platform, to enable our partners to:
- Quickly build, customize, and duplicate their products for multiple distribution channels.
- Integrate with B2C, and other online platforms and/or aggregators seamlessly.
- Aggregate the data and reporting for our managing agents and/or brokers in one place. One system, multiple distributors, single or combined MIS reporting and analytics.
- Integrate via API’s with any other API capable system.
- Reduce operational costs
If you are a capacity provider looking for the technology to empower your distribution, or a broker looking to digitize facility type business, get in touch! We are happy to work with (re)insurers, brokers, and MGA’s alike.