Risk and reinsurance firm Guy Carpenter is launching Stealth, a new e-trading facility that allows brokers in Latin America to deal directly online with Hiscox.
Stealth (which stands for sabotage and terrorism electronic application linked to Hiscox), caters to political risks riots, strikes, civil commotions and malicious damage, including sabotage and terrorism in Latin American markets such as Mexico, Colombia, Peru, Chile, Venezuela, Argentina and Miami.
The e-trading and technology climate in Latin America has developed to a point where e-insurance is now a reality, said Ron Whyte, head of GCFac Worldwide. Given the expanding size of the marketplace, this region seemed like the ideal place to begin.
Guy Carpenter says that the system provides brokers with superior speed of service and ease of use and compliance, sending submissions directly to Hiscox underwriters and providing replies in as little as 10 minutes. The system is also fully compliant with FSA regulations.
Now that we have created this e-trading facility, we will be looking to build on it and extend it to other lines and territories in due course, added Mr Lakatos. Eventually, we would like to be able to incorporate different risks, extend the platform’s functionality and roll Stealth out to new territories and markets.