(Leadenhall Market, City of London. Photo credit: Diliff.)
ACORD Solutions Group (ASG; Pearl River, N.Y.) a division of the insurance industry’s global technology standards organization providing automation services and solutions, has partnered with VIPR a London-based insurance industry IT solutions provider, to create a global bridge to enable straight-through processing of bordereaux reports. The solution works through the integration of the capabilities of ASG DeleGate and VIPR’s Intrali.The companies characterize the result as a “breakthrough” solution that enables automated U.S.-to-London data exchange between global MGAs, brokers and carriers, designed to inspire and advance the global adoption of standardized, automated transactions.
“VIPR has been processing bordereaux reports for many years now and we’ve learned a great deal about what our customers are looking for,” comments Bob Brown, CEO, VIPR. “This initiative is a major step forward for the whole sector. ASG’s status as an industry-owned solutions provider puts them in a unique position to work closely with the full spectrum of trading partners across the insurance value chain. We’re thrilled to partner with them to deliver groundbreaking solutions with real business benefits to the entire industry.”
The first adopters of the new solution are Miller Insurance Services LLP (London) and CNA Hardy (London). “Miller has been electronically processing bordereaux data from its clients for years and has now extended its capabilities to provide data to the London Market using proven ACORD Standards,” says a joint statement from ASG and VIPR. “ASG DeleGate has enabled Miller to securely transmit bordereaux to CNA Hardy and thanks to the integration of ASG DeleGate and VIPR’s Intrali platform, CNA Hardy—and others—can take advantage of a bordereaux reporting solution which leverages the proven ACORD Standards and, for the first time, engage in seamless automated global reporting.”
Pioneer of Real-Time Exchange in the Delegated Authority Market
“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,” comments Tim Rayner, Head of Group Operations, Miller. “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.”
VIPR has long been known for developing cutting-edge software solutions for bordereaux management, allowing the process of bordereaux reports through its Intrali system, according to Bhuvinder Judge, Head of Delegated Underwriting, CNA Hardy. “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.”
ASG characterizes the solution as just one example of the way standards and automation are changing the landscape of the delegated authority process, and global insurance in general. “The delegated authority process represents billions of dollars globally for the entire industry,” comments Peter Teresi, CEO, ACORD Solutions Group. “As an industry-owned solutions provider, we’re committed to solving this problem for the MGA community and all delegated authority participants globally, assuring that both standards and resources are made available and leveraged to drive adoption, improve business and move the industry forward.”