irXThe first Global Platform for Trading Insurance Risk
The manner in which business is undertaken in the wholesale insurance market has not fundamentally changed since the market was founded around 1680. It is still face to face and transactions are recorded on paper.
Today, the wholesale insurance industry’s clients, those who require insurance, include large corporations and multi/trans-nationals. Brokers and underwriters/insures take on the risk these clients insure against.
The market relies on “syndication”. Syndication is the process of brokers and underwriters having other brokers/underwriters assume some of the liability. They do this face to face and record the transaction on paper. Therefore, those in the brokers’ and underwriters’/insurers’ head offices do not see the transaction until paper slips have been submitted. This creates a problem of inhibiting the risk management which potentially leads to market failure such as that which led to Lloyd’s of London restructuring in the 1990s.
irX evolves from the Mondrian platform. The Mondrian platform solves the problem of inhibiting the risk management through multidimensional analysis and visualisation.The Mondrian platform has been used by major companies in London including Marsh, Willis and JLT for over 4 years.
The irX platform significantly reduces the costs of insurance to clients, brokers and underwriters/insurers in the wholesale insurance chain. irX does this by creating a marketplace with instant and full transparency, more liquidity, greater visibility and a larger pool of risk to insure with greater affordability.
One of our prime goals is to ensure clients get the best insurance cover for the most competitive price from the global pool of available capital. Brokers can use our market trading platforms to trade insurance risk with the most competitive underwriters, and are able to match to participant’s locations, and to the continual changes in capacity across the global landscape.