The RW Exchange (RWX) - Our Story
Transforming the complex into the simple
What we are solving
Maybe just a result of the relative infancy of the RWI market (in its mature form anyways) but the feedback loop remains that with regards to the process, it is exceedingly exhausting and unnecessarily complex, and the continued major pain point in the current RWI market. While on a relative basis the process has certainly come leaps and bounds, and most participants are now far more familiar, it remains the Achilles heel of the RWI delivery model.
With more than 250 emails and other communications back and forth between the various parties involved (client to broker – broker to insurer – insurer to broker – and then back again) and more than 20 steps (each with gating items) both sides of this delivery model are counting on the broker's tools to provide seamless, efficient, and effective communication to meet required timelines and deliverables.
What we envision
Imagine a real-time RWI brokerage platform where the client's deal team and insurers can simultaneously view the entire process from start to finish (along with a tracker and eta’s). Insurers can demonstrate just how responsive they are to client and broker demands, while the client can see how quickly the broker is responding to all parties. We always firmly believed that the client and their attorneys, which are effectively managing all other work streams, should not be kept from the insurer communications which often impact the greater transaction decisions and closing targets.
What we finally realized was that by providing all parties ultimate transparency in the RWI process levers along with the multitude of communications from all sides, we can alleviate the persistent pain points of the perceived complexity in the process and bring all parties together to proactively manage a significantly more efficient delivery model. And with that, RWX was born.
Enter the RWX
The RW Exchange (RWX) is a real-time delivery platform that brings all stakeholders of the Representations and Warranties Insurance (RWI) workstream together to facilitate a more efficient and transparent process. By breaking down this seemingly complex work-stream into standard stages and adding the appropriate transparency, RWX allows the RWI process to be proactively managed by all parties (clients, lawyers, insurers and brokers), eliminating the full reliance upon intermediaries. RWX provides a single source of record to ensure these parties are working from the same playbook, thereby reducing potential delays and miscommunications.
RWX IS NOT a requirement or pure replacement for your RWI broker, but a significant enhancement to the current process which has loosely evolved over the past few years. RWX is a brokerage platform and fully administered by licensed surplus lines insurance brokers.
The RW Exchange Mission
Empower all stakeholders in the rwi process to help reduce timing to bind while maintaining the integrity of comprehensive rwi policy coverage for the insureds
While all major M&A law firms now have RWI specialists within their deal teams, the ability to empower those individuals was top of mind when building the Exchange. RWX allows all parties to proactively triage the numerous steps by providing comments and documents directly to the Exchange without waiting on a broker to provide direction. The impetus of RWX stemmed from the recurring feedback that clients legal counsel is as much, or in some cases, more capable of directing the delivery process given their role and skillset in the normal course and should have the ability to do so, if chosen.
RWX provides one central location and single source of truth for all designated parties to reference from start to finish. The ability to submit, view, and report activities from various channels on one shared platform delivers an enhanced user experience to all parties in the RWI process and reinforces the combined objectives of comprehensive coverage and speedy execution.
With the time-tracker as a core feature, RWX provides clear visibility by all parties into each step of the process, necessary deliverables and expected dates for completion. Beyond tracking the process from start to finish, RWX provides complete transparency for all designated parties to see when and where the insurer, broker and client are responding to requests for information, increasing efficiencies as parties move through each step to completion. RWX leaves nothing to the imagination when it comes to questions on next steps, causes of delays, or perceived roadblocks.
RWX being established in 2019, there is little reason that communications shouldn’t be instantaneous – especially when working on M&A deal time. The RWX provides immediate communications to the appropriate clients, brokers, and insurers when comments and/or documents are uploaded to RWX. All key communications are kept in a single threaded environment, sorted by step, for all designated parties to review and access at a moment’s notice from anywhere, anytime, using a mobile device.
The scoreboard never lies. The transparency provided by RWX removes any questions as to when and what users submitted, making each party directly accountable for their individual participation. Locked into history, every project can be revisited or retrieved at any time in the future by the user logging in to their Projects Dashboard to reference and/or download previous deal teams, policy terms, documents, etc.
Powered by Amazon Web Services (AWS), RWX’s native-cloud technology mitigates risk by keeping data secure, confidential, and accessible 24 × 7. Whether at rest or in motion, your data is encrypted to provide the appropriate security, confidentiality and privacy. RWX offers robust security that controls who accesses your data at the project, folder and document level.