US company ‘dotRisk' is on the verge of signing deals with 12 global insurers to kick-start its global internet insurance and claims marketplace, its chief executive Richard Fields claimed this week.
The virtual market is designed for the complete life-cycle of a commercial insurance deal, from analysing the risk, negotiating the premium to outsouring the claim.
“Our strength is the internet – that is where the whole global industry has to go,” Fields said.
“We will soon release case studies which show that you can make cost-savings of up to 60% for procuring coverage using dotRisk.”
There are three trading platforms on the site – ResolveRisk, ResolveClaims, and The ClaimsExchange.
It will charge between 1% and 1.5% on every transaction on ResolveRisk, 3% to 10% for Claims Exchange, and $20 (£14) per month per user for ResolveClaims.
In addition, dotRisk has launched Technology & Consulting Services (TeCS) to enable clients to transfer relevant data to the internet.
Fields is the main shareholder for dotRisk which is finalising its second round of financing for about $10m after an initial $1.5m start-up cost. The 12 insurers will be among the shareholders.
He hopes to raise a third capital injection of up to $75m by the end of the year.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
