(Image source: Re homepage.)
Re, a blockchain-driven reinsurer, has adopted VIPR Solutions (London), a provider of automation solutions for back-office processes. Using VIPR’s technology, Re aims to enhance security, efficiency, and transparency by connecting MGAs, underwriters, and reinsurance brokers with capital on-chain.
Historically, data fidelity from origination through ultimate risk bearing entities has suffered from significant degradation as it moves along the insurance value chain, according to a statement from the companies. With VIPR, Re can securely and immutably on-chain ensure that regulators, underwriters, and capital providers have the same view of the performance of any given insurance program, the statement says.
Established in late 2022, Re approaches the market serves as an innovative provider of reinsurance capital to insurers by leveraging the power of blockchain technology, allowing members to access insurance premiums and enjoy unprecedented transparency in capital position and performance. Re reports that, despite its short time in the market, the company already supports $35 million in gross written premiums across the U.S., with plans to expand its footprint to over $100 million in the near future.
“As we continue to grow rapidly in the reinsurance space, having a world-class partner like VIPR to support our protocol with secure and seamless data sharing and standardization is essential,” comments Karn Saroya, CEO, Re. “VIPR’s best-in-class data platform will bolster our ability to back a diverse range of insurance companies and their programs, further enhancing the transparency and complexity of Re’s protocol.”
“R’s groundbreaking approach to reinsurance is transforming the industry, bringing transparency and new capacity to insurers and MGAs through blockchain technology,” comments Paul Templar, founder and CEO, VIPR. “We are delighted to join forces with Re and offer our data management expertise to support their innovative mission. Together, we’ll ensure the right systems, processes, and technology are in place, providing Re with a solid foundation for their protocol.”
Founded in 2009, VIPR Solutions is a technology company that supports automation of back-office processes, particularly for program business and delegated underwriting authorities. VIPR platforms are designed to streamline bordereaux management and processing and coverholder management, as well as regulatory compliance, and provide users with powerful data insights capabilities for strategic analysis.