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.