Hyperion X is experiencing record demand across multiple areas of trading as the market adjusts to cope with the COVID-19 pandemic.
Hyperion X, a division of Hyperion that supports the digital transformation of its business, said applications for its xTrade platform, its digital marketplace, have processed 400 percent more premium in 1H 2020, compared to 1H 2019.
xTrade Cargo, which provides online SME cargo insurance for brokers, is up 73 percent, while xTrade Sports is up 314 percent. xTrade Broker Portal, a unified broker administration platform, is up 95 percent.
xTrade is forecast to deliver $100m premium throughput in 2020, and exponential growth over the next few years, Hyperiod X said. The platform enables carriers to sell and buyers to obtain risk cover, using technology to drive down the cost of connecting buyers to capacity.
Meanwhile, Hyperion X’s recently launched digital trading platform, Tepfin X, which allows banks and their brokers to obtain quotes from across the structured credit insurance market, has also seen large increase in demand. Over 30 carriers have been onboarded, who have provided over 150 quotes to clients.
Neil Galletti, managing director of RKH Specialty’s financial risks division, which developed Tepfin X in conjunction with Hyperion X, noted that face-to-face broking in the distribution of structured credit insurance had already been declining even before the COVID-19 crisis.
“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 said.
Barnaby Rugge-Price, Hyperion X CEO, called digital trading “one of the key components of the broker of the future,” noting: “It’s cheaper, it’s faster, it’s better.”
Hyperion X, Tepfin X, RKH Specialty, Neil Galletti, Barnaby Rugge-Price