A new company will be launched in May 2000 called dotRisk Limited. It will offer insurance placement, claims handling and a claims trading marketplace.
dotRisk’s focus will be business-to-business exchanges and will provide an online mechanism for the purchase of commercial insurance coverage and access to risk management services and service providers. It will provide a forum for processing large, complex business insurance claims. It will have the ability to offer the purchase and sale of claims by claimants, insurance policyholders, insurance companies, reinsurers, investment bankers and other financial intermediaries.
dotRisk is offering its services by designing an Internet-based facility and clearing house for insurers, reinsurers and policyholders. They can submit, process and resolve business insurance claims on a 24/7 basis.
Its Web site allows policyholders to submit a large number of claims or claims involving a large volume of data simultaneously to multiple insurance carriers. The same data can then be used by insurers to submit those claims to reinsurers, and by reinsurers to submit claims to retrocessionaires.
dotRisk is a Bermuda-based company that will operate from Washington DC. It also plans to open a London office by year-end 2000. It has assembled a team of industry specialists and technicians, and has major strategic backing from U.S.-based Integrated Economic Solutions Corporation.
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