London market insurers/brokers using speedy new reports service
CNA Hardy and Miller are taking advantage of the latest London Market technology to process MGA reports online with maxium speed and no paper.
The new service allows straight-through processing of bordereaux reports, something which had until now, been done manually.
The bordereaux processing service means MGAs, brokers and London carriers can have reports fired through with speed, accuracy and efficency.
Technology is provided by VIPR, in partnership with ACORD, who ensure the data is exchanged to its London Market standard.
ASG DeleGate and VIPR’s Intrali were integrated to achieve the service.
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.”
“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,” said Tim Rayner, Miller operations head.
“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.”