A new marketplace designed to make it easier for insurance professionals to find relevant trading partners for their insurance programs has launched, and is initially targeting the delegated authority market.
London-based Capacity Place is initially targeting MGAs, program administrators, insurtechs, management teams, wholesale brokers, binder brokers insurers, and Lloyd’s underwriters for transacting binders, prior submit facilities, line slips and master policies.
There are currently no fees for joining, membership, listing, continued use or technical support.
Capacity Place earns an introducer’s commission upon successful placement – similar to consumer marketplaces.
For the delegated authority segment of the market, Capacity Place aims to simplify complex program placement chains, reduce the number of back-and-forth information requests, shorten placement timeframes and reduce wholesale placement costs.
Capacity seekers, like sellers, create listings for their programs and capacity providers, like buyers, search and view program listings and are recommended programs based on their risk appetite preferences.
When a capacity provider is interested in a program, this initiates discussions between the parties which are then supported through Capacity Place.
“We believe this is a unique product that will help to modernise the way the market interacts,” said Capacity Place CEO, Marco Del Carlo.
“Many companies seeking capacity for their insurance programs are struggling with knowing which risk carriers to approach, how to approach them, what information is needed and how can they safeguard their commercially-sensitive information.
“We are like any other marketplace – we match up demand with supply.” Marco added.
