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Technology - Alex Letts, chief executive of ri3k assesses the renewal season.
(From Reinsurance)
Were you expecting a battle to move people from paper to electronic trading for this renewal season?
We were expecting it to be pretty brutal and we weren't disappointed.
But because this year the cedant instructions were much more black and white, there were fewer excuses for inaction. Cedants made it clear that they will take the pain to get to the right place. They simply can no longer tolerate the uncertainty of the paper processes and they need something transparent, auditable and absolutely concrete from inception. They are fed up also with the high cost of transaction.
What then, was the usage of ri3k's electronic placement platform?
140 member companies were registered on ri3k for renewals. There were 1,010 individual users with access to the system. During renewals 71 reinsurers, worldwide, and 16 broking houses actually traded online. Trading was driven by the four cedants (Ace, Aviva, Brit and the triallist SVB). Most days, there were 30-40 companies concurrently on the system from UK, Continental Europe, US and Bermuda.
What sort of volumes did this produce?
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