Unisys Corporation has established an Internet-based risk trading exchange for the global insurance/reinsurance marketplace.
The e-business solutions company, based in Blue Bell, Pennsylvania, has launched Unisys e-@ction Risk Trading Exchange. This handles binding authorities, facultative reinsurance (where reinsurers can accept or reject any risk by any company seeking insurance) and treaty reinsurance for brokers, underwriters and agents.
It gives all parties in a transaction the ability to control the flow of information relevant to that transaction without re-keying data.
The system delivers full aggregate monitoring, compliance information, key business reporting, flexible work environment, full audit trails and fast product set-up and distribution, says the company.
It is supported by a worldwide help desk providing customer assistance 24x7 and runs on Unisys ES7000 servers - the world's first Intel 'mainframe.'
Alastair Taylor, vice-president, worldwide financial services industry, Unisys, says: "The fact that Unisys will be running the exchange as a neutral independent operator in the marketplace is a strong factor in the launch of the Risk Trading Exchange. This neutrality means that we can offer insurers and re-insurers a real differential.
"In addition, we offer high levels of security inherent in the exchange and the ability to deal with any type of risk," he adds.
The exchange is currently being used by London-based wholesale broker, Price Forbes Limited, which specialises in US business.