Specialist Re, a FinTech serving the reinsurance sector based in Labuan, Malaysia, has opened a marketing office in Singapore, its Managing Director Andrew Harris told Asia Insurance Review.
The company seeks to make the reinsurance placement process simpler and more cost-effective through the use of digital technology.
“Observing the continued expanding labyrinth of reinsurance placements every year especially at the peak renewal seasons, I sought out whether there was an opportunity to utilise digital technology to make the whole reinsurance placement transaction faster, simpler, smarter and more cost effective,” said Mr Harris, a seasoned reinsurance professional with more than 20 years’ experience in Asia.
Global digital reinsurance platform
In order to do so, the company teamed up a new Indian firm, Releague Enterprises, to provide a new web-based global digital reinsurance platform (www.releague.com).
The platform provides an active reinsurance placement platform for 34 classes of Facultative business, digitally connecting insurers, brokers and reinsurers in the region, said Mr Harris. The company has embarked on a roadshow to promote its offerings in the ASEAN region, having already acquired more than 80 subscribers from 20 countries including the UK, the Middle East and Africa.
“We have presented to various regulatory bodies across ASEAN, and individually to major insurers, reinsurance brokers and international reinsurers across the region, including Lloyds Asia & London whose syndicates are now coming on board after relevant compliance reviews,” he said.
On the company’s outlook, he added: “We believe all organisations in the industry globally are looking to streamline their operations, reduce administrative costs and improve operational efficiencies by using smart technology, so we are optimistic that our new e-portal reinsurance platform will be broadly welcomed in ASEAN markets.” A