The RI3K Marketplace is an electronic way to handle the placement process, with a community of counterparties who are all using the same best practice and contract certainty environment. It is the tri-partite solution that allows brokers to manage their client enquiries and carrier responses in a single service. It handles all insurance, facultative and treaty business, including complex programme subscription risks and also simple commodity classes.
All members have a choice about how to trade electronically. Most companies simply log on through their web browser and use the RI3K screens. It is also possible to operate the RI3K Marketplace alongside existing placement, contract or underwriting tools within companies' own user environments.
To read about how our customers use the Marketplace, please visit our customers page.
The Marketplace Community
How it works
By accessing www.ri3k.com and entering a username and password, members can trade with their business community, where ACORD compliant business enquiry, quotation, placement, endorsement and cancellation processes are managed.
Placements are initiated by completing brief enquiry forms to capture key reference data and by attaching audit-trailed document data packs. ACORD GPD and Market Reform compliant class-based forms and contract wordings can be pre-loaded to the Library to support risk submission and placement.
Any RI3K registered brokers and carriers can be added to placements from the central directory according to each company's security list. Access rights to information and messages are strictly preserved. All parties are alerted when new information is added, documentation is changed or when quotes, placements or endorsements require authorisation. For those users who have integrated to the Marketplace, they can either access their Marketplace Desktop to manage workflow, or use their own in-house applications.
Customers use the RI3K Marketplace to tackle efficiencies, cost and compliance risk. The Marketplace can be used to make the trading of small, expensive insurance and facultative risks much more cost-effective. It is also widely used by members as a support tool to complement the interpersonal nature of the industry during the placement of complex risks.
The key strength of the Marketplace is that it supports all manner of interactions between individuals. It makes submission distribution easier and the placement and endorsement of subscription risks completely electronic. All parties benefit from natural distribution efficiencies but are also provided with the tools to capture data and control documentation.
| Features | Benefits | ||
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| Contract Certainty | Audit Trail | Data Quality / Transparency | |
| Community | |||
| Members will have access to an entire business community working in a best practice, contract certain environment. |  |
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| Business processes | |||
| Quotation and placement processes are supported for all types and classes. | |
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| Functionality is in place to manage the procedure of accepting lines with subjectivities. | |
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| Endorsements provide a controlled and logical process for brokers and carriers to agree to changes in bound contracts. | |
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| Signed lines and a bound contract are made available simultaneously to all parties. | |
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| Contract Management | |||
| Treaty, facultative and insurance contract templates are built in accordance with industry standards. | |
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| All changes to the contracts and risk information are logged along with the time of the change and the identity of the user. | |
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| Xchanging Ins-sure Services provides reinsurance members with an integrated contract checking service. | |
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| Business controls | |||
| Managers have an overview and second signature approval capabilities. | |
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| Buyers have an overview of the broker's work in progress and sign-off capabilities to authorise placement terms and conditions. | |
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| Data Delivery | |||
| Contracts, messages and business actions can be converted into PDF files for offline storage. | |
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| Users receive alerts directly into their email inbox to notify them of changes or actions to the placement. | |
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| The entire placement lifecycle is recorded, including all agreements, messages, endorsements and cancellations. | |
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| The RI3K Marketplace is interoperable with other company and market applications, using DRI and process integration. | |
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Interested?
For further information or to arrange a demonstration, please contact:
Kelly Fegan
Managing Director, Business Development
kelly.fegan@ri3k.com
+44 (0) 20 7400 3510
Marketplace bridging the community
The RI3K Marketplace provides efficiencies and cost reduction by capturing the data at the front of the process. It offers all parties the chance to receive the contract, supporting underwriting information and technical accounting source data required in a chosen format and at the selected point in the process. An electronic interface between RI3K and the back-office applications will enable the risk data to enter company systems without the need to be re-keyed.
Buyers, brokers, carriers and outsourcing companies can use all of RI3K's services or in combination with their own applications or services.
The RI3K community currently consists of 273 user companies made up of 17 cedants, 26 brokers and 230 carriers all of whom have signed the RI3K global interchange agreement and validated the RI3K processes.
To become a part of the electronic trading community, companies simply have to sign the membership terms and arrange for RI3K Client Services to train their users. Connection to the Internet allows connection to the community.