Willis Re, TigerRisk team up to develop digital reinsurance platform
Insurers Willis Re and TigerRisk are partnering, forming a third-party entity - RePlace Holding. The goal is to advance GlobalREMarket, the digital reinsurance platform developed by TigerRisk, which aims to help reinsurers and brokers share information without the need for long email chains or file sharing websites. Since its launch in 2015, GlobalREMarket has been used by 200 reinsurers. 
Willis Re and TigerRisk will form a new third-party company RePlace Holding to develop TigerRisk’s GlobalREMarket digital reinsurance placement platform.

GlobalREMarket was launched in 2015. Almost 200 reinsurance carriers – and a total of almost 1,000 users – have used the platform.

The digital platform allows reinsurers to securely share information such as analytics, exposure and terms and conditions with brokers. It also operates as a platform for reinsurance markets to receive offers and submissions.

TigerRisk global head of analytics and technology explained that the platform increases efficiency as it enables users to cut out the use of multiple emails or File Transfer Protocol (FTP) sites.

TigerRisk chief executive Rod Fox said: “We are extremely pleased to announce this initiative. This has been an important mission for us over the last several years. Since the launch of globalREmarket in 2015, all TigerRisk business has been transacted through the platform and it’s proven hugely successful with our markets. Close to 1,000 users from over 200 reinsurance carriers are using the platform to see our business.”

This is not the first time that TigerRisk and Willis Re have collaborated on a project. They were recently among 23 insurers, reinsurers and risk specialists to join B3i’s international blockchain initiative.