TepFIN urgently needed a system upgrade. Having been developed in 2004 the system was looking tired and outdated in terms of functionality and licenses were coming up for renewal.
The challenge was to create a totally new electronic tender/bid platform that would harness the latest technology and security software to enable clients to access instant on-line quotes and view in real-time the capacity level of underwriters that want to offer availability.
The site needed to show live capacity and rates from 30+ political risk and credit underwriters and enable clients and underwriters to ‘reserve’ capacity and bind cover on-line before taking the actual transaction off-line for fulfilment.
A totally a new web platform was created to suit the needs of the four different user types - Underwriters, Clients, Brokers and Administrators.
It allows clients to put out to tender their re-insurance requirements and underwriters to log their capacity with the option of tailoring the amount they are willing to make available by variables such as country, obligor and product (risk type).
Clients can view the offers posted by the underwriters, using specific search criteria and when they find a deal they would like to secure, request to reserve the capacity deal being offered.
If the deal is accepted by all parties, the declaration is marked as "Bound" and the transaction taken off line to complete.
The platform has proven so successful that a white label solution has since been offered out to other brokers. This duplicates copies of the TepFIN website that are accessible via a neutral web address but have different branding to the original site. These sites offer access to the same data that is available on the TepFIN website (underwriters, obligors, products etc.) but with a separate set of clients and transactions.
London Office: Gable House, 18-24 Turnham Green Terrace, Chiswick, London W4 1QP, United Kingdom
Buckinghamshire Office: Kings Head House, 15 London Road, Beaconsfield, Buckinghamshire HP9 2HN, United Kingdom
Covering: London | Chiswick | Beaconsfield | Greater London | Home Counties | Middlesex | Buckinghamshire | Berkshire | Hertfordshire
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