Tremor founder launches insurance messaging platform Fuse
The founder of reinsurance marketplace Tremor has launched a communications platform designed specifically for use within the commercial insurance market.
Sean Bourgeois is leading New York-based insurtech Fuse as it aims to carve out a place for itself as the communications platform of choice for commercial insurers. The web-based platform allows retail, wholesale and reinsurance brokers to connect with insurers and reinsurers, speeding up the time it takes to go from submission to placement.
The fuse platform enables users to create, manage and archive live transaction conversations across deals and across companies, and has a look and feel that is reminiscent of many mainstream messaging services – albeit this time, it’s designed specifically with the insurance industry in mind.
Fuse says it hopes it can be the missing link to help accelerate trade and improve compliance, following the example set by capital markets.
It comes as many other parts of the financial services industry are facing a crackdown on how they communicate, following hefty fines handed down by the the Securities and Exchange Commission (SEC). Despite the increased scrutiny, many banks, as an example, are still not effectively managing employee communications, recent research showed.
Fuse ‘bringing modern messaging’ to commercial (re)insurance
“A common communications layer is entirely missing in the commercial insurance and reinsurance industry – this technology is commonplace and vital throughout most capital markets,” Fuse founder and CEO Sean Bourgeois says.
“I believe, if executed properly, a modern commercial re/insurance communications platform will be welcomed by industry participants and have the potential to revolutionise how the market meets, negotiates and transacts.
“Precious hours and days are lost trying to keep track of and answer disparate unsecure emails and texts as commercial insurance transactions move through negotiation to close. Meanwhile, in the capital markets, advanced inter-company communication services exist to connect the market to accelerate trade and improve compliance. Fuse is bringing the same modern messaging tech to commercial re/insurance.”
Over the past few weeks, the company has hosted brokers, insureds and underwriters to pressure test the application and gather valuable feedback. The app is now launching in public beta, as it aims to take onboard new users.
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