Contract Certainty by Stealth
With Lloyd’s having tried and failed with the big bang approach to taking its insurance market online (Kinnect was shut down earlier this year), things are now happening by stealth. Or STEALTH, as Guy Carpenter calls its new online system… “Sabotage and Terrorism Electronic Application Linked to Hiscox”.
The online system allows GCFac brokers in Latin America to place and document political risks quickly and easily, and in a way that meets the FSA’s contract certainty requirements, as Erik Lakatos explains:
At its simplest level, if we receive a submission, we can send it directly to a Hiscox underwriter. They can print out the submission, analyse the risk and reply to us in under ten minutes with a quote.
The STEALTH approach – of starting small, delivering something that works, and scaling up – seems to be a good one. And it probably cost a bit less than 70 million quid.