Life Settlement Insights has launched what the company claims is the life insurance settlement industry's first online exchange. Called LifeX (www.life-x.com) institutional buyers will be able to electronically submit bids for an individual's unneeded life insurance policy in an open-forward auction format.
"We believe this online process will generate true fair market values for our clients more efficiently than our traditional methods of negotiation," said I. James Cavoli, CEO of Life Settlement Insights, Cleveland.
LifeX operates on HedgeHog Inc.'s proprietary auction platform and will soon be available to the entire life settlement industry. LifeX is an electronic communication network (ECN) for all industry participants and enables buyers to compete against each other for unneeded life insurance policies in Internet-based, real-time auctions, and results in true fair market values for policy owners. LifeX offers brokers and advisors access to a fast, efficient, and scalable negotiating solution for their clients and allows buyers to bid efficiently for more cases on a level playing field, the company states.
Source: Life Settlement Insights
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