Arch joins leading Lloyd’s insurers on market transformation project
Arch Insurance International has joined the likes of Beazley, Brit, Chaucer, Hiscox, Liberty and Markel on a market transformation project designed to develop data and application programming interface (API) standards for the London Market.
Sequel6, a Verisk collaboration with market-leading Lloyd’s insurer s, is an initiative to improve speed and efficiency in the distribution chain to enable market participants to drive tangible savings and help drive adoption of the key Blueprint 2 initiatives.
Standardising data and APIs across the market allows underwriters, brokers and coverholders to communicate directly from within their own systems in real-time, removing the need for individual or centralised market portals, Verisk explained.
Sequel6’s first line of business, war and terror, is currently at proof-of-concept stage.
Verisk and the Sequel6 are also collaborating to develop solutions to automate certain underwriting selection and rating processes for commercial and specialty lines, with the aim of freeing up underwriting resources to focus on complex risks and referrals.
Additionally, the Sequel6 group is also working with ACORD, the insurance industry data standards body, to define and develop the standards. Sequel has given IP to the market via ACORD and using its own proprietary API standards as the foundation on which the new standardised language will be built. Verisk said, “the standards will work seamlessly with market systems such as Placing Platform Limited (PPL), Delegated Data Manager (DDM) and the new Lloyd’s Coverholder Workbench application. They will also be internationally compliant, allowing brokers and carriers from outside London to easily place business in the Lloyd’s Market.”
Ian Summers (pictured), CEO of Sequel, commented: “It is great to have more leading insurers join the founding six members. All the members recognise the benefits data standards bring and deserve great credit for working together for the greater good of the London Market and supporting the objectives outlined in Blueprint 2. APIs provide a way of connecting but they are not a standard alone. To optimise speed and efficiency in the distribution chain, everyone needs to communicate seamlessly from within their own systems in one consistent language. In reality the members are collaborating to compete”
Jay Rajendra, chief strategy and innovation officer of Arch Capital Group, added: “We are delighted to play our part in this important initiative. Combining digital technology and common data standards can significantly improve speed and efficiency in the market, and more importantly, make it easy for our brokers to serve their clients.”
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