Who are we?
InsuranceFX is a CommercialFX brand. Both are trading names of Introvisory Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 948814).
Introvisory Ltd is registered in England and Wales with company number 11003625. Our address is 105-107 Farringdon Road, London EC1R 3BU. In these terms, we, us and InsuranceFX mean Introvisory Ltd trading as InsuranceFX. You means the insurer, reinsurer, managing agent, MGA, coverholder, broker, captive, claims handler or other business using our services, and the person acting for it.
What is Introvisory's role, and what is ours?
Introvisory Ltd is the company behind InsuranceFX. It makes every introduction, holds the introducer agreements with providers and receives any payment from them.
InsuranceFX is the name Introvisory uses for the insurance market, as one of its CommercialFX brands. Your agreement for our services is with Introvisory Ltd, and these terms are its terms. Introvisory's FCA authorisation covers its own permitted activities, which do not include our introductions for spot conversions and payments. Introvisory acts as an introducer and is not the agent of your firm or of any provider. The important information page explains which services are regulated and which are not.
The provider is a separate firm. It contracts with your firm directly, carries out its own checks and is responsible for the conversions, payments and accounts it provides.
Who can use InsuranceFX?
Only professional clients in the insurance market acting for business purposes. By using our services you confirm that this applies to you.
We do not provide services to consumers, retail clients, policyholders or claimants, or to individuals acting in a personal capacity. We may ask for information to confirm your status and may decline to act for anyone.
What services do these terms cover?
Blind quotes, FX cost reviews, rate creep checks, introductions to providers, switching support and yearly reviews.
- Blind quotes: we put your requirement to providers on our panel without your firm's name and pass back every indicative price we receive.
- Cost reviews: we compare the premium, claims and other conversions you share with reference rates for the same date or time and give you a written estimate of the markup you paid.
- Rate creep checks: we compare later conversions in the same way, so you can see whether the margin in your rate is drifting.
- Introductions: when you ask, we introduce your firm to a provider you have chosen so it can start onboarding.
- Switching support: we help plan the move around your settlement dates and coordinate timings with you and the provider.
- Yearly reviews: we re-quote your main flows and compare them with what you are paying.
What does InsuranceFX not do?
We do not give advice, hold client money, make or instruct payments, execute trades, or send or change payment details. We are not an insurer or insurance intermediary and do not arrange insurance.
We do not recommend which provider or product your firm should use, interpret rate of exchange or currency conversion clauses, or tell you how client money rules apply to your firm. Decisions about which provider to use, what to convert and when are yours. We introduce firms for spot currency conversion and international payments only.
What terms apply to blind quotes?
Blind quotes are indicative. They are not offers and cannot be accepted until your firm is onboarded with the provider and passes its checks.
Prices move with the market, and a provider may quote differently once it knows who your firm is, has completed its checks and has seen the real flows. Providers see the currencies, amounts, timing, the type of flow and settlement needs, your firm type and domicile. We withhold your firm's identity until you ask us to introduce you. Each provider on our panel has agreed in writing to keep blind quote requests confidential and not to use them to contact your firm. Once you are introduced, the provider's own terms of business govern your relationship with it.
What terms apply to cost reviews?
A cost review is an estimate, not an audit. It depends on the data you give us and the reference rates available.
Free daily reference rates, such as those published by the European Central Bank and the Bank of England, are set at a single time each day, so a review based on them gives a range rather than an exact figure. We say which reference source we used. A review describes what you paid. It is not a promise of what you would pay with another provider.
You must only share data you are entitled to share. We do not need, and ask you not to send, the names of policyholders, claimants or cedants, policy or claim references, or bank account numbers: dates, currencies, amounts, rates and fees are enough. We keep conversion data confidential, use it only for your review, store uploaded files encrypted and delete them 90 days after receipt unless you ask us to delete them sooner. Any confidentiality undertaking you accept on the upload page also applies.
How is InsuranceFX paid?
By the providers, not by you. The provider you choose pays Introvisory a share of what it earns on your conversions. We do not charge your firm a fee.
We tell you how this works before you choose a provider. If a captive manager, broker or other firm referred you to us, we may share what we receive with them, and we will tell you who and on what basis before you choose a provider. How we are paid
What do we need from you?
Accurate information, prompt answers and your own checks on anything that moves money.
- Give us accurate information about your requirement and tell us if it changes.
- Tell us whether a flow involves client money, so the providers we approach understand the requirement, and get your own compliance sign-off before client money moves to or from any new provider.
- Make your own decision about which provider to use, after your own due diligence, including how it safeguards money.
- Keep your own sanctions, anti-money laundering and client money obligations as an insurer, broker or claims handler. Our service and the provider's screening do not replace them.
- Verify any payment details by calling a number you already hold, never by email alone, and tell producers, capacity providers, cedants and payees about any change to your own bank details through verified channels.
- Tell us straight away if you receive a request to send money or change bank details from anyone claiming to be InsuranceFX.
How is confidential information handled?
We keep your firm's identity, conversion data and business information confidential and use them only to provide our services.
That includes anything we learn about your clients, markets, binders, capacity providers, cedants and claims. We share information with a provider only when you ask us to introduce you, and only what it needs to start onboarding. We may disclose information where the law or a regulator requires it. Our privacy policy explains how we handle personal data.
What happens after an introduction?
Your firm and the provider deal with each other directly under the provider's terms. We stay available for switching support and the yearly review.
The provider decides whether to onboard your firm and on what terms. It runs its own checks, may ask your firm for documents directly and may decline to act. We are not a party to your contract with the provider. If you would rather we step back after the introduction, tell us.
What is InsuranceFX liable for?
We are responsible for providing our services with reasonable care and skill. We are not responsible for the acts or omissions of providers, for market movements, for missed settlements or for decisions you make.
Our total liability to you in connection with our services in any twelve month period is limited to the amount we have received from providers in respect of your firm in that period. We are not liable for indirect or consequential loss or loss of profit. Nothing in these terms limits liability that cannot be limited by law, including for fraud or for death or personal injury caused by negligence.
What are the terms for using this website?
The website gives information for professional clients in the insurance market. It is not advice and not an offer to provide any service to anyone for whom it would be unlawful.
We check content on the date shown on each page but cannot promise it is complete or up to date. Links to other websites are for convenience and we are not responsible for their content. Lloyd's and other organisations are named only to describe them, not to suggest any connection or endorsement. The content and design of this website belong to us or our licensors. You may copy tables and short extracts for your own business use with a link back to the page. Do not use the website in a way that could damage it or interfere with others using it.
How do we handle complaints?
Tell us and we will investigate fairly and promptly.
Our complaints page explains how to complain, the timescales we work to and where to go next.
Can these terms change?
Yes. We may update these terms and will show the date of the latest version on this page.
Changes do not affect anything already agreed with you in writing. If a change materially affects services we are providing to you, we will tell you before it applies.
Which law applies?
These terms are governed by the law of England and Wales, and the courts of England and Wales have exclusive jurisdiction.