The launch comes on the heels of the introduction of the InsurX Exchange last year, which kicked off with an initial capacity commitment to underwrite £20 million of gross written premiums.
The inaugural Property risk transaction facilitated by InsurX was orchestrated by Miller and secured by a Lloyd’s Syndicate. According to the insurtech, the platform is currently being used by multiple insurers, ushering in a modern era for the syndication of risk in the industry. The entry of InsurX into the D&F market is poised to reshape the landscape, offering a digital and algorithmic approach to insurance exchanges in the ever-evolving London market.
InsurX offers a platform that syndicates risks, benefiting both brokers and insurers. This allows their businesses to expand without incurring additional costs. Will Roscoe, the Active Underwriter overseeing Beazley Smart Tracker Syndicate 5623, recognised the advantages of algorithmic underwriting.
“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.
He continued: “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.
”Simon Clegg, Head of Property at Atrium, an InsurX user, commented: “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.”
Harrap concluded: “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. 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, added: “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.”
