Insurance

Market-leading auction platforms for the insurance industry

NovaFori empowers the insurance industry to embrace digital change

We build highly reliable and scalable marketplace and auction software to conduct multiple and simultaneous online auctions, providing both sellers and buyers with a transparent and efficient mechanism to transact digitally.

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Challenges / Opportunities

Market inefficiencies and lack of transparency

The pool of available IPv4 addresses is finite, leading to scarcity as demand continues to rise with the proliferation of internet-connected devices.

Online auction and trading platforms for transparency

Implementing online auction platforms can create a more transparent and efficient marketplace for IPv4 addresses, allowing buyers and sellers to interact in real-time and discover fair prices.

Price volatility and inefficient allocation

Prices for IPv4 addresses can fluctuate due to changing market conditions, speculative trading, and regulatory developments.

Smart contracts for secure transactions and data science

Using digital platforms can automate and enforce transparent transactions in auction marketplaces, reducing the risk of disputes and ensuring the validity of address transfers. This can leverage data which can provide price trends and dynamics based on users behaviour.

Lack of standardisation

There is a lack of standardisation in pricing methodologies and transaction processes for IPv4 addresses, hindering market efficiency and fairness.

Mobile trading platforms

Developing mobile trading apps can increase accessibility to fixed priced marketplaces for organisations of all sizes, enabling them to participate more actively in acquiring IPv4 addresses.

Risks of fraud and regulatory uncertainty

The lack of transparency and oversight in the IPv4 address market can expose buyers to the risk of fraudulent transactions or purchasing addresses with invalid or conflicting registrations.

Quality certification systems and regulatory compliance tools

Providing tools and resources to help market participants navigate regulatory requirements and ensure compliance with transfer policies and procedures.

Building digital auction platforms to scale your business

We understand insurance auctioneers, given our proven track record of building enterprise-scale auction and trading platforms.

NovaFori was selected for this project as the complexity of Lloyd’s market required specialist auction and insurance expertise.

Working systematically to understand the specific complexities of the insurance market and the trading of risk capacity, NovaFori’s solution provided an efficient and fair mechanism for trading members.

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We were looking for a technology partner who could combine an agile approach to delivery, a modern technology stack, and a deep understanding of trading and resolution mechanisms. NovaFori delivered on all three fronts.