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Buyers and Sellers Will Receive Instant Quotes and Claims Processing Online
NEW YORK, October 31, 2000 - TradeCard, Inc., an online international trade transaction network for buyers and sellers, today announced an agreement with Marsh, the world's leading risk management and insurance services firm, to provide TradeCard members seamless access to competitive rates and services in cargo insurance, a critical component of cross-border trades.
"TradeCard members can now obtain online cargo quotes and insure their shipments with the relevant underwriters through the Marsh-managed program directly from the TradeCard system in a completely paperless way, from quote and purchase to claims processing," said Kurt Cavano, Chairman and CEO of TradeCard. "TradeCard is delighted to welcome Marsh as a key partner of the TradeCard network. The Firm's high standards, expertise and worldwide presence have earned it the reputation as the global risk and insurance services leader."
Marsh joins a well-established network of TradeCard trade service providers, which includes Coface, the world's largest export credit insurer. Marsh and Coface's respective expertise in the cargo and credit insurance industries enhances TradeCard's secure and comprehensive network, providing TradeCard members a unique level of trust as they conduct international trade transactions online.
David Trezies, Chairman of Marsh Ltd., said, "Marsh is delighted to be the insurance consultant charged with facilitating a paperless, state-of-the-art underwriting system that not only manages the needs of TradeCard members, but also streamlines international insurance. An important part of the service utilises Marsh's STARS programme - a comprehensive Risk Management Information System which administers claims and premium movements."
During the procurement phase of a trade transaction, the TradeCard system allows the buyer and seller to negotiate and agree upon the Incoterm they wish to use for a particular transaction. (An Incoterm is used in international trade contracts to define which parties incur the costs and at what specific point the costs are incurred.) Depending on the agreed-upon Incoterm and the underwriting criteria, the system offers the appropriate party the option of purchasing cargo insurance. If the buyer or seller chooses to purchase insurance, they can view a cargo insurance quote and choose whether or not to accept this quote. Once accepted, the cargo insurance document becomes a binding contract.
About TradeCard
TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet. By aggregating buyers, sellers and disparate trade service providers, our solution automates and streamlines existing international trade transaction processes, which are complex, paper-based, time-consuming and expensive. Our objective is to provide a secure, reliable, cost-effective and easy-to-use solution for conducting and settling international trade transactions. TradeCard, Inc. is headquartered in New York City with U.S. offices in San Francisco, San Diego and Chicago, and Asian offices in Hong Kong and Taiwan. TradeCard can be found on the World Wide Web at http://www.tradecard.com.
About Marsh
Marsh Inc is the risk and insurance services subsidiary of Marsh & McLennan Companies (MMC). MMC is a global professional services firm with annual revenues exceeding $9 billion. Besides Marsh Inc., it is the parent company of Putnam Investments, one of the largest investment management companies in the United States and Mercer Consulting Group, a major global provider of consulting services. More than 55,000 employees provide analysis, advice and transactional capabilities to clients in over 100 countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges. MMC's Web site address is www.mmc.com. Marsh's Web site address is www.marsh.com.
