Hyperion X launches upgrade to digital platforms in response to major increase in client demand
The current remote working environment is accelerating clients’ need for smarter solutions. During this time, Hyperion X has experienced record demand across multiple areas of trading as the market undergoes rapid change in the midst of the COVID-19 pandemic.
Hyperion X has reported significant demand for its recently launched digital trading platform, Tepfin X, the successor of its pioneering 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, delivering a unique and data-driven way to trade insurance and the ability to transact more complex risks.
Demand for Tepfin X is already exceeding expectations and within six working days of launch, over 30 carriers have been onboarded who have provided over 150 quotes to clients.
Tepfin X is not the only area of Hyperion X’s business to see soaring demand. xTrade, Hyperion X’s digital marketplace, which is forecast to deliver $100m premium throughput in 2020 with exponential growth continuing over the next few years.
xTrade digital market platform consists of a number of applications that enable carriers to sell and buyers to obtain risk cover at lower acquisition costs using modern technology to connect buyers to capacity. This technology has been increasingly widely used by clients and markets this year. Specifically, applications for the xTrade platform have processed 400% more premium in 1H2020 compared to 1H2019. Since remote working became widespread in early March the following xTrade applications have seen particularly sharp increases in premium throughput compared to the previous month’s performance:
- xTrade Cargo, online SME cargo insurance for brokers: +73%
- xTrade Sports, online insurance for sports clubs: +314%
- xTrade Broker Portal, a unified broker administration platform: +95%
Neil Galletti, Managing Director of RKH Specialty’s Financial Risks division, which developed Tepfin X in conjunction with Hyperion X, commented: “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.”
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. 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 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.”