E-Placement

Manage the complete insurance and reinsurance placement process electronically in a contract certain environment.

The heart of the RI3K service is the electronic placement of Commercial Insurance and Reinsurance risks. This service, known as the RI3K Marketplace, allows buyers, brokers and carriers to electronically place a risk - in a contract certain environment using best practice. All the main processes in a contract placement cycle are available to be carried out online: quotation, contract creation, negotiation, binding, signing down and endorsing. Simply put, it is a digitised version of the manual working practices of the insurance market.

The service handles all insurance, facultative and treaty business, including complex subscription risks and also simple commodity classes. It is software provided as a service which means that nothing needs installing or maintaining - users simply need an Internet connection to gain access.

Companies may also choose to integrate with RI3K and use the Marketplace in combination with their own applications. Since the Marketplace captures the data at the front of the process, it offers all parties the option to receive the contract, supporting underwriting information and technical accounting source data at the selected point in the process. Through integration, this data can enter customers systems without the need to be re-keyed.

Read about how our customers use the Marketplace.

The RI3K community currently consists of 308 user companies made up of 17 cedants, 21 brokers and 270 carriers, all of whom have signed the RI3K global interchange agreement and validated the RI3K processes. To join the electronic trading community, companies simply have to sign the membership terms and arrange for RI3K Client Services to train their users.

Why the Marketplace?

Business processes

  • Quotation and placement processes are supported for all types and classes.
  • Functionality is in place to manage the procedure of accepting lines with subjectivities.
  • Endorsements provide a controlled and logical process for brokers and carriers to agree to changes in bound contracts.
  • Signed lines and a bound contract are made available simultaneously to all parties.

Contract Management

  • Treaty, facultative and insurance contract templates are built in accordance with industry standards.
  • All changes to the contracts and risk information are logged along with the time of the change and the identity of the user.

Business controls

  • Managers have an overview and second signature approval capabilities.
  • Buyers have an overview of the broker’s work in progress and sign-off capabilities to authorise placement terms and conditions.

Data Delivery

  • Contracts, messages and business actions can be converted into PDF files for offline storage.
  • Users receive alerts directly into their email inbox to notify them of changes or actions to the placement.
  • The entire placement lifecycle is recorded, including all agreements, messages, endorsements and cancellations.
  • The RI3K Marketplace is interoperable with other company and market applications, using DRI and process integration.

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, documents are 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.

Interested?

For further information or to arrange a demonstration, please contact:

Kelly Fegan
Managing Director
kelly.fegan@ri3k.com
+44 (0) 20 7400 3510