Wednesday, September 18, 2013

E&S Workflows and Standards On Agenda at ACORD Implementation Forum

The insurance industry’s E&S Joint Working Group (ESJWG) will present in-depth discussions of excess and surplus lines connectivity issues at the upcoming ACORD Implementation Forum on October 29, 2013 in Boston.

Aimed to assist carriers, retail agents, general agents and wholesalers in boosting their ability to connect, these two ESJWG panel discussions will include:

1) Carriers & Lloyd’s: This initial one-hour session beginning at 3:15 p.m. will focus on standards development, adoption and electronic interaction implementations between managing general agents and insurance carriers, including Lloyd's. ESJWG spearheaded an effort working with ACORD to deliver the first-ever excess and surplus lines (E&S) industry web services standard for general liability, and is now delivering an expanded standard that includes property rates and rating requests.

Recent developments from the ESJWG insurance carrier subgroup and Lloyd’s subgroup will be the focus of information presented by:
Greg Ricker of Sombra Technologies, E&S carrier subgroup co-chair.
Scott Good of Scottsdale Insurance Co., E&S carrier subgroup co-chair.
Tammie Miller of Risk Placement Services Inc., Lloyd’s subgroup co-chair.

2) Retail Agents & General Agents: From 4:30 to 5:30 pm, this session will expand on the prior session and focus on process efficiency and electronic transaction opportunities between retail agents and the E&S managing general agent (MGA)/wholesaler community. Recent developments from the ESJWG retail agent/general agent subgroup will be the focus of information presented by Lisa Parry Becker of William B. Parry & Son Ltd.; and Tate Tooley of Bloss & Dillard Insurance Managers Inc. Both co-chair the ESJWG retail agent/general agent subgroup.

ESJWG co-chairs Mike Roy, of Risk Placement Services Inc., and Angelyn Treutel, of SouthGroup Insurance-Gulf Coast will participate in both panel discussions.

Registration link for those attending because of the E&S sessions is:

“ACORD Implementation Forum is the venue where decision-makers meet to really push the industry forward on connectivity issues,” said Roy, who is CIO of Risk Placement Services Inc. “So for ESJWG to highlight excess and surplus lines connectivity issues in that environment shows we’ve made much progress. The ESJWG sessions at AIF will highlight accomplishments along with current activities and the input needed from agents, wholesalers and carriers. ESJWG invites any and all industry participants to attend the session at ACORD Implementation Forum, but also get involved on an ongoing basis and tap for resources.”

“ESJWG has effectively developed standards and implementation strategies, while providing information and training for retail agents, general agents and carriers to better automate and streamline,” said Treutel, who is president of independent agency SouthGroup Insurance-Gulf Coast in Bay St. Louis, Mississippi. “We continue forward on two tracks—implementing what is already available and developing additional tools for the E&S business. All these efforts can hasten business processing while reducing pain points, keystrokes, and errors and omissions risks throughout the E&S community.”

ESJWG’s overall objectives of in the E&S marketplace are:
Carrier standards: Focus on E&S electronic rating transactions between general agents and carriers, work toward standards adoption with ACORD, and drive implementation of standards with service providers, general agents and carriers.
Retail agent/general agent (RA/GA) interface: Concentrate on data transmission streams to/from RA systems to/from GA systems with emphasis on automating the flow of data.
Lloyds: Jointly develop global standards.

The E&S Joint Working Group (ESJWG) was formed in 2008 as an alliance of carriers, agents and vendors working with the American Association of Managing General Agents (AAMGA), ACORD, Agents Council for Technology (ACT) of the Independent Agents & Brokers of America, and the National Association of Professional Surplus Lines Offices (NAPSLO). 

ESJWG’s mission is to improve the efficiencies for retail agents, general agents, wholesale brokers and carriers by promoting use of ACORD standards, best-practice workflows and the electronic exchange of data among each of the business partners. The group comprises retail agent/general agent, carrier and Lloyd's subgroups.

Tuesday, September 10, 2013

NARAB II Passes House

The U.S. House passed legislation on Tuesday for the National Association of Registered Agents and Brokers, more commonly known as NARAB II. The Senate previously introduced the same bill but has not yet voted. If NARAB II becomes a law it will streamline the licensing process for agents and brokers nationwide, eliminating burdensome multistate requirements while preserving important state regulatory authority and consumer protections.

 NARAB II will establish a national clearinghouse as a one-stop licensing system for agents and brokers operating outside of their home state. Agents and brokers will apply for membership of the Association, agreeing to strict standards and ethical requirements. NARAB II will be governed by a board of state insurance commissioners and industry representatives with a goal of applying licensing, continuing education and nonresident insurance producer standards on a multi-state basis while preserving the laws of individual states.

 “Our Association and its members have put significant effort into advancing this legislation, taking advantage of every opportunity to highlight its impact and importance to the industry,” said NAPSLO Executive Director Brady Kelley. “We applaud the House for passing legislation that will greatly increase the efficiency and compliance in the licensing process for NAPSLO members licensed in multiple states.”

 We will continue to provide the NAPSLO membership with updates as the legislation progresses in the Senate.