InsurX is Now Live on Syndicated Property Risk

Modern insurance is all about placing risks quickly, with the right data underpinning the best price. Capacity on demand, shared risk elements, third party product lines and more. That’s the beauty of platforms. Here’s some news from InsurX;

InsurX, the independent digital exchange for algorithmic capacity, has launched in the Direct & Facultative (“D&F”) Property market, with some of London’s biggest broking and underwriting firms set to take advantage from Day 1. Multiple insurers now use the platform to modernise the syndication of risk. Respected Property class leaders are gaining relevance by attracting algorithmic follow capacity behind
their terms. Other insurers are adopting algorithmic underwriting by using the platform to bind follow risks.

Launch brokers BMS, Cogent, Consilium, Gallagher, and Miller now access D&F capacity deployed according to underwriting preferences which the capacity providers can review and update at any time. The first Property risk to be traded through InsurX was placed by Miller
and bound by a Lloyd’s Syndicate.

“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”, said InsurX Chief Executive Gilbert Harrap. “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 benefits brokers and insurers alike by providing a platform which effortlessly syndicates risks, enabling their businesses to grow without increasing their costs.

Simon Clegg, Head of Property at Atrium, says “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.”
Atrium’s use of InsurX is just one example of the flexibility of the platform, which:

• structures and enriches risk data through an extensive technology ecosystem;
• works with insurers to design their underwriting appetite;
• instantly matches risks submitted by brokers with insurers’ appetite for seamless
delegated binding;
• delivers powerful, live, and comprehensive portfolio insights and analytics to all
partners.

“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,” Harrap said.
“London has been calling out for a better way to syndicate risk since the launch of the Future at Lloyd’s in 2019.”

Will Roscoe, Active Underwriter of Beazley Smart Tracker Syndicate 5623, acknowledged the benefits of algorithmic underwriting. “Beazley Smart Tracker is the leading smart follow strategy in the London Market, and we welcome this expansion of the InsurX Exchange, which has already delivered a great product for Contingency risks, providing Beazley Smart Tracker high-quality data, and is now set to do the same for us in the Property market.”