Hyperion X, the data and analytics specialist unit of the Hyperion Insurance Group, has launched an upgrade to its digital platforms to support higher demand for remote working.
The firm reported that it has experienced record demand across multiple areas of trading as the market undergoes rapid change in the midst of the COVID-19 pandemic.
In particular, Hyperion X has seen significant demand for its recently launched digital trading platform, Tepfin X, the successor of its Tepfin platform first developed in 2004.
Accredited by Lloyd’s, Tepfin X allows banks and their brokers to obtain quotes from across the structured credit insurance market.
More than 30 carriers have already been onboarded onto Tepfin X, who have provided over 150 quotes to clients.
Hyperion X’s digital marketplace, xTrade, has also seen a surge in demand. This platform consists of a number of applications that enable carriers to sell and buyers to obtain risk using technology to connect buyers to capacity.
Applications for the xTrade platform have processed 400% more premium in H1 2020 compared to H1 2019. Specifically, xTrade Cargo has seen 73% more premium throughput, xTrade Sports 314%, and xTrade Broker Portal 95%.
“Tepfin X is not simply looking for a ‘quick fix’ due to the COVID-19 pandemic halting face-to-face broking whilst in lockdown,” said Neil Galletti, Managing Director of RKH Specialty’s Financial Risks division, which developed Tepfin X in conjunction with Hyperion X.
“We started working on Tepfin X over a year ago to develop a platform that is fit for purpose for the digitisation of the insurance industry, which has been crying out for such evolution,” he continued.
“As a high intensity transactional business, face-to-face broking has been diminishing for a while in the distribution of Structured Credit insurance. We have been at the forefront of streamlining the process and cost of this transactional credit business for many years through digitisation and Tepfin X is the next iteration.”
Barnaby Rugge-Price, CEO Hyperion X, also commented: “Digital trading is one of the key components of the broker of the future, using the power of data to open up new markets and identify new opportunities and at the same time using technology to provide a much better user experience and reducing the costs of doing business. It’s cheaper, it’s faster, it’s better.”