Reinsurance broker platform Jireh Connect has successfully executed its first industry loss warranty (ILW) placement.
The platform, which recently had a soft launch, is designed to enable reinsurance brokers to manage their placement process both online and via mobile devices.
Get the latest reinsurance news direct to your inbox twice a week. Sign up here
Jireh Connect functions as a centralized, cloud-based platform, hosted on Amazon Web Services (AWS), allowing brokers to coordinate reinsurance placements across teams and offices. The platform, serving as a front-office broker workbench, is designed to distribute deals, securely share documents, and capture both external market and private internal feedback, the latter visible only to broker team members.
With data stored in the cloud, brokers can generate analytics to identify real-time trends in market appetite and pricing, aiding in the development of timely and informed strategies for clients. Companies can also integrate bound data from the platform into existing middle and back-office systems to improve post-bind accuracy and efficiency.
Developed by Salvatore Tucci (pictured above), an insurance-linked securities (ILS) executive based in Bermuda, Jireh Connect has managed close to $100 million in capacity across various ILW structures within its first month.
“In the past, we’ve seen the roll out of numerous platforms in the reinsurance market developed by people from outside the industry who, looking in from the outside, endeavor to compress the value chain by disintermediating what they deem to be an inefficient market. We believe this is absolutely the wrong approach. Jireh Connect has been specifically designed ‘by brokers for brokers’ to complement the current reinsurance broker market process rather compete or replace it,” Tucci said.
What are your thoughts on this story? Please feel free to share your comments below.
