How is a Risk Marketed by a broker?
Risk marketing is a three stage, sequential process: 1) Create Risk, 2) Create Risk Panel and 3) Invite underwriters to quote. Each stage is carried out independently to give the broker the opportunity to edit and review his placement strategy. Whether it is a coinsured or single insurer situation, obtaining competitive quotes from underwriters is the key task when placing a risk and this requires marketing it. First the risk needs first to be created on the RiskTrEx platform. Following that, it is necessary to create a Risk Panel of underwriters who are to be invited to quote. Assuming that the broker has already populated his (main) Panel with one or more underwriters, they will appear as potential invitees if they match. Importantly, non-panel underwriters who also match the risk are also identified for invitation to the Panel, and from there the Risk Panel. The final step for the broker is to issue invitations to underwriters and this allows them access to Policyholder and Risk inf
