GRX Has Software Deal With Oil Insurers
NU Online News Service, March 5, 4:03 p.m. EST?GRX Technologies in Providence, R.I., said it has signed a deal to provide two insurers that service a large portion of the oil and chemical marketplace with software to store and manage risk-related data.
Terms of the arrangement were not made public. The carriers are Bermuda-based Oil Insurance Ltd. and Oil Casualty Insurance Ltd. According to GRX, the two mutual companies are owned by 90 of the world's largest energy and chemical firms.
Erik Dorsey, GRX marketing manager, informed National Underwriter by e-mail that OIL and OCIL are using his company's technology to form a new service for the energy and chemical concerns' risk managers and brokers called "The Joule."
Among the brokers involved, he said, are the Houston and Bermuda offices of Marsh, Aon and Willis.
The parties or shareholders will use this service to interact with OIL, OCIL, and other markets. The markets in turn will use the service to interact with the reinsurance marketplace, Mr. Dorsey said.
He explained that this interaction would mean use of the system software to store and manage risk-related data, to digitize the risk-placement process (from submissions to binding coverage), and to collaborate in a secure and auditable network.
He added that "we have all players in the risk and insurance industry--risk managers, brokers, primary carriers, reinsurance brokers, reinsurance carriers--forming an insurance supply chain electronically."
Jack Wesley, president and chief executive officer at OIL and OCIL said the system was "history-making" allowing the mutual shareholders and their brokers to "lead all risk professionals in the adoption of forward-thinking technologies."
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