Tuesday, April 01, 2014

Lloyd's Interface for Wholesale Market Noted as Advance by E&S Joint Working Group

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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