Global Risk Exchange will launch next month an Internet-based property-casualty commercial insurance exchange, offering corporate executives and managers direct access to top insurance markets.
Large corporations will be able to interact with insurers through a trading platform designed to handle complex corporate risk transactions. Insurance buyers will be able to gain complete control over their insurance programs, realize immediate cost savings through the competitive bidding process and free-up time with automated administration tools.
In a recent survey of 91 corporate insurance buyers, nearly half said they would use an online insurance market in the next 12 months, if it were available.
Buyers also indicated several important benefits of an online market including centralized and secure data access, simple renewal and remarketing processes, more direct communication with insurers and reduced commissions.
In its beta test period, Rhode Island-based Global Risk Exchange will offer umbrella and excess liability coverage, but will quickly expand its offerings to include other major coverages and comprehensive vertical market programs in selected industries.
The company will only offer access to brand name insurance carriers with excellent financial ratings. Through an integrated suite of Internet-based services/applications, Global Risk Exchange expects to dramatically slash the expense base of the current model, which can run as much as three times higher than other financial services entities.
The company will have two complementary offerings to help customers realize significant savings: an online market for competitive bidding and direct access to top-tier insurance companies; and the Risk Assistant, an online risk management application that simplifies and streamlines the administration of insurance programs.
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