UK-based Capacity Place, which has been likened to digital marketplaces such as Amazon or Ebay, but for the insurance programs market, has launched.
The company has been set up to make it easier for insurance professionals to find relevant trading partners for their insurance programs and is initially targeting the London insurance market.
“We believe this is a unique product that will revolutionise the way the market interacts,” said
Capacity Place CEO, Marco Del Carlo. “Many companies seeking capacity for their insurance programs are struggling with knowing which risk carriers to approach, how to approach them, what information is needed and how can they safeguard their commercially-sensitive information.”
He went on to say that at the same time, many risk carriers were struggling to gain access to new program opportunities which fit their risk appetites and faced significant challenges getting deals over the line. “From this disconnect was born Capacity Place,” said Marco. “We are like any other marketplace – we match up demand with supply.”
Capacity seekers, like sellers, create listings for their programs and capacity providers, like buyers, search and view program listings and are recommended programs based on their risk appetite preferences. When a capacity provider is interested in a program, this initiates discussions between the parties which are then supported through Capacity Place.
Capacity Place is initially targeted at MGAs, program administrators, insurTech’s, management teams, wholesale brokers, binder brokers insurers, and Lloyd’s underwriters for transacting binders, prior submit facilities, line slips and master policies.
There are currently no fees for joining, membership, listing, continued use or technical support. Capacity Place earns a straightforward introducer’s commission upon successful placement - similar to consumer marketplaces.
For the delegated authority segment of the market, Capacity Place aims to simplify complex program placement chains, reduce the number of back-and-forth information requests, shorten placement timeframes and reduce wholesale placement costs.
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