Guy Carpenter & Company announced a new digital strategy, unveiling an innovative platform – GC Exchange℠ and its suite of electronic solutions, including GC MarketPlace℠ and GCReBID℠.
Underlying the strategy is the web-based placement solution, GC MarketPlace℠ that facilitates all reinsurance transactions in a dynamic, consolidated view where all correspondence and submissions are organized in one place and in one format.
This enables Guy Carpenter brokers to expertly advise clients, as they are able to track real time quoting behavior of individual markets and marketplaces and can be done by line of business and by region, the company said in a statement.
GC MarketPlace℠ is designed to strengthen clients’ decision making with enhanced, real-time access to their own unique data and analytics. Launched in January, this is the first platform of its kind and currently has over 2,500 reinsurance underwriters participating.
“Our strategy focuses on our ability to access markets and execute transactions based on the unique requirements of each client and our digital platform has been designed to accommodate multiple trading approaches,” commented Alexander Moczarski, president and CEO of Guy Carpenter. “We understand the importance of data and the ability to harness and analyze information in real time and in a secure environment. We developed our own proprietary platform in order to protect the integrity of our clients’ data. More digital solution sets will be announced over the coming months.”
GC Exchange℠ also features a solution designed primarily with government and public entities in mind, clients can access a real time electronic auction placement platform, GCReBID℠. For those entities subject to strict procurement rules, the instantaneous nature of electronic communication, the transparency of the reinsurance procurement and the auditable nature of the solution, make it a useful tool to demonstrate adherence to complex procurement regulations in which governments must operate, Guy Carpenter said.
“This supports our Public Sector Specialty Practice that focuses on solutions to relieve the financial burden of natural and man-made catastrophes on government entities and taxpayers,” said Britt Newhouse, chairman of Guy Carpenter and chair of the Public Sector Specialty Practice. “It provides the auditable record keeping that so many governments require for transacting business with them. At the same time, our solution helps to improve pricing in an efficient and transparent manner,” Mr. Newhouse concluded.
Source: Guy Carpenter
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