Guy Carpenter & Co., a risk and reinsurance specialist, has launched GC Exchange and a suite of software applications, including GC MarketPlace and GCReBID.
Underlying the strategy is GC MarketPlace, a web-based placement application that facilitates reinsurance transactions in a dynamic, consolidated view, the company said, where correspondence and submissions are organized in one place and in one format. This is intended to enable Guy Carpenter brokers to track real-time quoting behavior of individual markets and marketplaces by line of business and region.
“Our strategy focuses on our ability to access markets and execute transactions based on the unique requirements of each client and our digital platform has been designed to accommodate multiple trading approaches,” said Alexander Moczarski, president and CEO of Guy Carpenter. “We understand the importance of data and the ability to harness and analyze information in real time and in a secure environment. We developed our own proprietary platform in order to protect the integrity of our clients’ data. More digital solution sets will be announced over the coming months.”
GC Exchange features an application designed with government and public entities in mind, Guy Carpenter said. Clients can access GCReBID, a real-time electronic auction placement platform, which is intended for entities subject to strict procurement rules. The instantaneous nature of electronic communication, the transparency of the reinsurance procurement and the ability to audit make it useful for demonstrating adherence to procurement regulations.
“This supports our Public Sector Specialty Practice that focuses on solutions to relieve the financial burden of natural and man-made catastrophes on government entities and taxpayers,” said Britt Newhouse, chairman of Guy Carpenter and chair of the public sector specialty practice. “It provides the auditable record keeping that so many governments require for transacting business with them. At the same time, our solution helps to improve pricing in an efficient and transparent manner.”
