Dialogue, an independent global complex risks platform connecting insurance brokers and insurers, has facilitated its first live deal after completing its beta phase.
Initially launched in December 2019, the platform aims to streamline the often cumbersome back-and-forth between brokers and underwriters when buying and selling credit and political risk (CPRI) policies. At present, the broker goes out to the market and asks the underwriters to study the risk and indicate a response which, if acceptable, may result in the risk being underwritten. Once the underwriter does that, the broker then collates those responses, all of which are in different formats, and puts them into a form or table for the client’s review. This process currently relies on as many as 400,000 emails a year – and countless telephone calls – between brokers and underwriters.
The solution created by Dialogue seeks to consolidate all of this onto one central platform. It enables brokers to structure and create enquiries, and build their own templates that are specific to their clients. They can then send those enquiries to all of the underwriters on the platform, and each underwriter will be able to respond and negotiate, with the system automatically filling in the broker’s table of responses in a uniform, structured way. Policies can then be built and electronically bound, with API connections to insurers’ systems for electronic placement of risks.
Following trials whereby underwriters posted their box hours to the web-based platform for brokers to see, the platform is now fully live, with re/insurance broker Miller becoming the first entity to complete a transaction.
“Adding Dialogue’s complex risk platform to Miller’s CPRI offering will enable our team to spend less time on administrative work and more time finding solutions for our clients,” says Ben Gibbons, head of CPRI, London, at Miller.
Speaking to GTR, Ben Heaney, founder and CEO of Dialogue, says that other brokers have transactions ongoing on the platform, some of which have now closed. “In addition, over 50 insurers have been added onto the platform, which is a great sign that our approach is popular with the market and gaining momentum,” he adds.