Chaucer launches algorithmic smart consortium in international D&F property market

Chaucer, a specialty insurance and reinsurance group, has launched a new international D&F property smart consortium, leveraging InsurX’s exchange technology.

The initiative introduces algorithmic capacity to the international D&F property market, allowing London market brokers to seamlessly follow Chaucer’s quotes using InsurX’s exchange technology for internationally domiciled clients – regardless of whether the quote is primary, excess, lead, or follow.

Mel Smart, Head of International Property at Chaucer, said: “The future of our insurance industry is undergoing a transformation. Ever increasing demands on speed of service, and growing facilitised capacity, are reshaping what’s required to be a true leader. By working with InsurX we can enhance the service we provide to our brokers, offering significant capacity, in addition to our own, within a few hours of issuing a quote.”

“We have a leading team of very experienced and technical underwriters, and a strong desire to “find a way” to providing bespoke solutions to our clients and brokers. By combining this with increased capacity via InsurX’s Smart Consortium, we can further enhance our lead offering.”

This partnership reflects the industry’s growing adoption of algorithmic solutions. By leading the smart consortium, the facility offers brokers unprecedented speed, with smart-follow capacity allowing quotes to be returned in minutes and not days.

With 61% of quotes provided within 15 minutes and 99.7% within two hours, according to InsurX’s exchange statistics, the consortium sets a new standard for quote efficiency.

Chaucer’s new initiative, when combined with the faster processing times of platforms like PPL and Whitespace, will significantly improve brokers’ placement speeds, allowing them to bring more business to the London market.

Gilbert Harrap, CEO at InsurX, commented: “We have been working closely with Chaucer since 2023, when they first launched algorithmic capacity in the contingency market using InsurX’s exchange technology. We are now excited to be working with Chaucer in another class – international D&F property.

“Chaucer’s underwriting performance, market leading claims reputation and impressive bench strength speaks for itself, and we are pleased to launch this partnership which reaffirms their dominant position as leaders in a highly competitive market. We’re proud to work alongside Mel and the team at Chaucer, and I’m confident our partnership will bring significant benefits to the entire market ecosystem.”

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