We are delighted to reveal an industry-first solution in partnership with ACORD Solutions Group, Inc (ASG). ASG provides full scale automation services and solutions for the global insurance industry. We have joined forces to launch an automated ‘US to London’ data exchange between global MGA’s and London carriers, which enables straight-through processing of bordereaux reports. This has been achieved through integrating the capabilities of our best-selling bordereaux management solution VIPR Intrali and ASG DeleGate, to produce a breakthrough solution that improves speed, accuracy and efficiency of data exchange.
In an age of modernisation in the insurance industry, much of the market is moving away from manual practises and embracing the benefits of standards-driven automation. However, until now, there have been no major advances in straight-through bordereaux processing between the US and London markets.
“We have been processing bordereaux reports for many years now and have a great understanding of what our customers are looking for,” says Bob Brown, CEO at VIPR. “By providing XML formats through ASG DeleGate, bordereaux data is captured and processed quickly in a defined, consistent layout. This initiative is a major step forward for the market and we are thrilled to partner with ASG to deliver this solution to the industry.”
“We are delighted to be working with VIPR as our first partner in this exciting new venture,” states Pete Teresi, CEO at ACORD Solutions Group. “The delegated authority process represents billions of dollars globally for the entire industry. As an industry-owned solutions provider, we’re committed to working with our partners and all of ACORD’s members to create Standards and resources that industry stakeholders can leverage, enabling everyone to drive adoption, improve their business, and move the global industry forward.”
The new offering is already live with Miller Insurance Services LLP and CNA Hardy, the first two organisations to adopt the integrated solution. Tim Rayner, Head of Group Operations at Miller comments, “Miller pioneered the real-time exchange of electronic structured data in the delegated authority market over 10 years ago, but it’s been difficult to find partners capable of moving that data efficiently to the carrier,” he said. “Our work with ASG and VIPR demonstrates the continued enthusiasm Miller has for innovation in the London Market and our intention to use technology to move that conversation forward. The adoption of ACORD Standards for London Market communications means we will be able to readily support both LM TOM initiatives as well as the wider technology ecosystem.”
Bhuvinder Judge, Head of Delegated Underwriting from CNA Hardy comments “VIPR has always developed cutting edge software solutions for bordereaux management, allowing the process of bordereaux reports through their Intrali system. However, the benefits of true straight-through processing have been out of reach until now. This integrated solution will drive further efficiency in processing bordereaux within our business.”
For more information on VIPR Intrali, click here
For more information on ASG visit here