GCFac has launched STEALTH - Sabotage and Terrorism Electronic Application Linked to Hiscox - a new
GCFac has launched STEALTH (Sabotage and Terrorism Electronic Application Linked to Hiscox), a new e-trading facility that allows brokers in Latin America to deal directly online with Hiscox and achieve greater cost savings.
The system caters for political risks – riots, strikes, civil commotions and malicious damage, including sabotage and terrorism – in key Latin American markets, including Mexico, Colombia, Peru, Chile, Venezuela, Argentina and Miami.
“The e-trading and technology climate in Latin America has developed to a point where e-insurance is now a reality,” said Erik Lakatos, broker at GCFac, who oversaw the launch. “We were looking for a way to apply e-trading to our facultative business, and our terrorism accounts in this market – which is smaller in premium than in the US or Europe but still has substantial volume, exposure and opportunity – seemed like the ideal place to begin. Working closely with Hiscox, what we have created is a highly flexible, user-friendly system.”
Ron Whyte, head of GCFac Worldwide, confirmed that they are looking to extend the service to cover other risk. “Eventually, we would like to be able to incorporate different risks, extend the platform's functionality and roll STEALTH out to new territories and markets.”
