Hyperion launches Lloyd's accredited digital trading platform for broking amid COVID-19 lockdown
Hyperion Insurance Group has unveiled a new digital trading platform, accredited by Lloyd’s, citing "record demand" across multiple areas of trading as COVID-19 pushes the market to the remote working environment.
The platform, Tepfin X, allows banks and their brokers to obtain quotes from across the structured credit insurance market, and enhancing their ability to transact more complex risks.
The company said more than 30 carriers have been onboarded onto Tepfin X who have provided over 150 quotes to clients.
Hyperion X’s digital marketplace xTrade has also seen an increase in demand since remote working became widespread. The platform consists of a number of applications that enable carriers to sell and buyers to obtain risk cover at lower acquisition costs using new technology to connect buyers to capacity.
Neil Galletti, managing director of RKH Specialty’s financial risks division, said: “Tepfin X is not simply looking for a ‘quick fix’ due to the COVID-19 pandemic halting face-to-face broking whilst in lockdown. 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.”
Galletti added: “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.
Tepfin X instantly connects clients, brokers and insurers through a unique trading platform, for quote to bind, and its improved user experience means it enables those brokers and insurers to transact more business in less time and at lower cost.”
Barnaby Rugge-Price, CEO of Hyperion X, 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.”
