Unisys Corporation announced that it has established an Internet-based Risk Trading Exchange for the global insurance/reinsurance marketplace. Enabling all market players to access and transact numerous types and classes of insurance/reinsurance business, the exchange handles binding authorities, facultative reinsurance and treaty reinsurance for brokers, underwriters and agents.
The new Unisys e-@ction Risk Trading Exchange is already being used by an insurance client, Price Forbes Ltd., a London-based wholesale broker specializing in U.S. business.
According to the company, recent trends in the commercial insurance markets have indicated the need for careful monitoring and control of insurance business practices. Therefore, the timely availability of management information and regulatory compliance by all parties is extremely important. All insurance sectors are under pressure to modify and streamline their procedures and reduce expenses. As a result, all insurance markets need to deliver and service products quickly, accurately and competitively.
The trading exchange, available on the Web at www.UniRisX.com, provides the ability for all parties in a transaction to control the flow of information relevant to that transaction without re-keying, which saves time and eliminates chances for errors.
The company stated the system delivers full aggregate monitoring, compliance information, key business reporting, flexible work environment, and full audit trails, as well as fast product set-up and distribution. This offers greatly enhanced business processes and the ability for self-branding. This is a major innovation in this industry and aims to positively impact the profitability of trading.
Working in close co-operation with Price Forbes Ltd., the new Unisys solution, developed to provide a flexible interactive business process appropriate to the market, is supported by a worldwide help desk that will provide 24×7 customer assistance and will run on Unisys ES7000 servers.
The Risk Trading Exchange is fully funded by Unisys and has generic software at its core. The exchange is available on a transactional charge basis or annual charge as a hosted service or available as a dedicated private facility for organizations.
Topics Carriers Commercial Lines Business Insurance Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
Manufacturers Hit by Soaring Property Insurance Costs 
Construction Defects Are Not Covered Property Damage in Commercial Liability Policy 
Downward Spiral: Florida Insurance Agent Charged with Embezzlement After Lawsuits 
Allstate to Sell Employer Voluntary Benefits Business to StanCorp for $2 Billion 
