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30 January 2024News

Digital broker platform closes first online transaction

A new digital broker platform which enables reinsurance brokers to manage the placement process online and on their mobile phones, has successfully facilitated its first industry loss warranty placement.

Jireh Connect, set up by well-known Bermuda-based insurance-linked securities (ILS) executive Salvatore Tucci (pictured), did not specify the size of the bound transaction, but said it has managed nearly $100 million of capacity across various ILW structures in its first month.

“We couldn’t be more pleased with the early success of Jireh Connect both in terms of facilitating its first bound transaction but also in having six markets actively engage on the platform,” said Tucci.  “We have had very positive feedback without our having made any prior public announcement of its availability to them. We credit this positive engagement to our very different approach to technology within our unique market.”

The platform allows subscribing brokers to coordinate their reinsurance placements across teams and offices through a centralised, secure cloud-based platform, hosted on Amazon Web Services (AWS).

Jireh Connect serves as a front-office broker workbench and can to distribute deals, securely share documents with markets and capture external market feedback. There is also a function that allows private internal feedback which is visible only to broker team members.

The ability to use Jireh Connect on a mobile phone will allow brokers to have a “whole new level of effectiveness and efficiency” during busy renewal periods and heavy travel schedules.  “They can securely manage and monitor placements on the go directly from their tablet or smartphone,” added Tucci.

Information is stored in the cloud and brokers can generate analytics on their data to identify trends in market appetite and pricing in real-time to provide more timely and informed strategies to clients when structuring transactions.

Companies can also improve their accuracy and efficiency of their post-bind processes by integrating bound data from the platform to existing middle and back-office systems.

Jireh Connect quietly launched as a Minimum Viable Product (MVP)* in 2024 with an emphasis on being a reinsurance broker workbench for ILWs. Additional product offerings and system features will be rolled out based on market demand. 

Tucci added: “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, endeavour 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.”

Jireh Connect is part of Jireh Holdings, which was established in 2023 by Tucci. Jireh aims to bring ILS risk transformation, fronting and advisory services to clients, with broader insurance and fund services being provided through partnerships with leading industry service providers.

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More on this story

News
9 March 2023   Many brokers were “out of their depth” in recent renewals, says founder.
Operations
23 October 2017   To make the best of the new automation technologies, insurers are learning to adapt to the reality of ‘digital labour’ to drive their strategies and achieve their long-term objectives, as Bill Miller and Mark Allitt of KPMG in Bermuda explain.
Re/insurance
8 December 2022   The implosion of the FTX exchange proves the value of insuring digital assets, says Joe Ziolkowski, chief executive officer and co-founder of Relm.