The E&S Joint Working Group
(ESJWG), formed by NAPSLO, AAMGA, ACORD, and ACT, recently demonstrated a new
wholesale business interface for U.S. partners of Lloyd’s of London at the
AAMGA Automation and Technology Conference in March in Orlando.
The interface, developed with the
support of ESJWG and demonstrated at the conference by Risk Placement Services,
Arthur J. Gallagher, BinderCloud and Lucitech, generates an ACORD XML file
after the coverholder (general agent) issues the policy. The system includes
built-in error checking of data before transmission to Lloyd's. The binder data
is held in the bordereaux queue and generates the ACORD XML to provide an
immediate billing status on all policies issued.
The interface provides gains in
efficiency with validation completed at the time a transaction is processed and
time is saved preparing month-end reports, while parties in the transaction get
immediate access to data.
The Lloyd's subgroup of ESJWG
worked on the project as part of seeking efficiencies and standards for
managing general agents (MGAs) and wholesalers working with the London market.
The subgroup’s next initiatives include increased data validation at time of
binding; buildout of a user interface for error messages; and premium and
claims reporting on a real time basis.
The complete news release and the separate progress report covering efforts by the Carrier
and Retail Agent/General Agent subgroups are available to download. The ESJWG
is an alliance of carriers, agents, and vendors working with NAPSLO and other
industry groups to improve the electronic efficiencies for retail agents,
general agents, wholesale brokers and carriers.
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