Web Connectivity and Advisen have launched Easy Placement, an internet-based software system designed to improve broker-insurer communication.
Easy Placement has been developed in response to the Market Reform Group's call for the development of electronic trading solutions to improve efficiencies in the London market.
Sue Langley, chief operating officer of Hiscox, said: "I'm delighted that brokers now have a simple ACORD solution in Easy Placement. It's essential that we increase operational efficiency and it's a great first step for those that want to start to trial electronic placement without major technical effort."
Steven Haasz, Lloyd's director, market infrastructure and programme management, said: "Our work ensuring that Lloyd's is an easy, efficient, and cost-effective place to do business is a key priority. To do this, we need to make it as easy as possible for our brokers and underwriters to communicate electronically, and we welcome this interest in achieving that."
Easy Placement will allow brokers to fast-track contract negotiations and binding. Advisen will host the service, while Web Connectivity's Gateway will manage the delivery of the information using Acord XML industry standards.
Mason Power, managing director of Advisen UK, said: “Peer-to-peer connectivity has never been easier nor more affordable. In addition to connecting directly with the markets, brokers have indicated a need to route placing details to internal and external wholesale brokers. Easy Placement achieves this and increases transparency and efficiency. Our aim is to help insurance professionals serve their clients better.”
