Its digital marketplace has processed 400% more premiums in the first half of 2020 compared to H1 in 2019 due to recent coronavirus-related remote working measures
Insurtech and data analytics firm Hyperion X has recorded a colossal surge in premium throughput via its digital channels as a result of the remote working measures advised by the government, introduced in a bid to control the spread of the Covid-19 virus.
For example, xTrade – Hyperion X’s digital market platform that uses a number of applications to connects buyers to capacity – has processed 400% more premiums in the first half of 2020 compared to the same time last year.
Since early March, when remote working became widespread in the UK in response to the coronavirus pandemic, xTrade Sports, which deals in online insurance for sports clubs, has reported a 314% increase in premium throughput, while xTrade Broker Portal – the firm’s broker administration platform – has recorded a 95% climb in premium throughput.
xTrade Cargo, which provides online SME cargo insurance for brokers, has similarly seen a 73% rise in premium throughput since the beginning of March.
Overall, xTrade is forecast to deliver $100m in premium throughput for 2020.
Barnaby Rugge-Price, chief executive at Hyperion X, said: “Digital trading is one of the key components of the broker of the future, using the power of data to open up new markets and identify new opportunities and at the same time using technology to provide a much better user experience and reducing the costs of doing business. It’s cheaper, it’s faster, it’s better.”
Hyperion X has also seen an escalation in demand for its digital trading platform, Tepfin X, which is accredited by Lloyd’s. This technology allows banks and their brokers to obtain quotes from across the structured credit insurance market.
Within six working days of its launch this month, Tepfin X has onboarded more than 30 carriers, who have provided over 150 quotes to clients.
Neil Galletti, managing director of RKH Specialty’s financial risks division, which developed Tepfin X in conjunction with Hyperion X, added: “Tepfin X is not simply looking for a ‘quick fix’ due to the Covid-19 pandemic halting face-to-face broking whilst in lockdown.
“We started working on Tepfin X over a year ago to develop a platform that is fit for purpose for the digitisation of the insurance industry, which has been crying out for such evolution.
“As a high intensity transactional business, face-to-face broking has been diminishing for a while in the distribution of structured credit insurance.
“We have been at the forefront of streamlining the process and cost of this transactional credit business for many years through digitisation and Tepfin X is the next iteration. Tepfin X instantly connects clients, brokers and insurers through a unique trading platform, for quote to bind, and its improved user experience means it enables those brokers and insurers to transact more business in less time and at lower cost.”
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