The move, which will see 4,000 UK professionals being able to find programs and portfolio capacity through the bespoke platform, has been realised by the UK-based professional risk appetite network InsurerCore and the US based capacity placement marketplace for capacity seekers and providers, Stere.
Reports suggest the new, unique capacity/business search engine fuses professional networking with program and portfolio level matchmaking capabilities.
US and UK collaboration to create insurtech MGA marketplace
According to reports, the partnership brings benefits to both sides of the Atlantic. Since the launch of InsurerCore’s Beta in 2020, the entity has become the largest network of its type in Europe with over 2,000 insurers, MGAs, and brokers spanning 560 products from across the UK and abroad.
Executives say the next generation platform will enable Stere MGA and program administrator clients to have access to the critical London market network while InsurerCore members will be able to make use of Stere’s enhanced feature engine and program placement digital ecosystems. This will improve program owner placement success rate and better handle capacity sourcing, speed-to-market, and other roadblocks challenging the industry.
Since the launch of InsurerCore’s Beta in 2020, the company has become the largest network of its type in Europe with over 2,000 insurers, MGAs, and brokers spanning 560 products from across the UK and beyond.
A new era in marketplace development for insurance
Speaking about the new platform collaboration, InsurerCore Founder and Managing Director Peter Clark explained, “We are thrilled by the competitive advantages this Stere platform will bring to our customers. In the current insurance market, who you know is key and by combining the strength and scope of the InsurerCore and Stere networks, we will give our customers access to capacity placement opportunities and efficiency gains found nowhere else.”
“On average, carriers and reinsurers only work with about 1% of the programs they review,” said Stere CEO Dogan Kaleli. “In teaming up with InsurerCore to create a game-changing capacity and networking ecosystem we aim to vastly increase the universe of capacity opportunities for portfolios, facilities and schemes across the London market.”
He added, “Whether you are a carrier, reinsurer, reinsurance broker, or program administrator, our digitised processes eliminate manual capacity placement pain points and inefficient post-placement steps, making it easier and faster to place business.”