Easy Placement Launched in Response to Market Reform Group Call for Roll-Out of the Electronic Placing Message
London, 8th February, 2007 – Easy Placement, a web-based software programme that enables brokers to communicate with underwriters over the Internet is launched today by Web Connectivity Ltd., the foremost provider of standards-based messaging software for the commercial insurance industry, and Advisen Ltd., the leading provider of exposure and market data, analytics, and benchmarking to the global commercial insurance industry.
Easy Placement accelerates business processes such as contract negotiations and binding by removing the need to deliver contracts in person by the broker to the underwriter. Hosted on Advisen’s on-demand services, Easy Placement allows brokers to enter contract details online. Web Connectivity’s Gateway then manages the delivery of the information, including any supporting documentation, using the industry accepted ACORD XML standards to the brokers chosen markets.
Announcing the product at an industry launch event held at ACORD’s London offices, James Willison, Managing Director of Web Connectivity, commented: “Brokers can now be ready in a matter of days to communicate electronically with underwriters and since Easy Placement hosts all connections there is no burden on internal IT departments.”
Using Easy Placement, brokers can now connect to multiple insurance and/or (re)insurance underwriters simultaneously. Details about contracts and supporting documents such as the slip or exposure schedules can now be delivered using XML messages that conform to the ACORD standards.
Sue Langley, Chief Operating Officer of Hiscox plc, a leader in specialist insurance, said: "I'm delighted that brokers now have a simple ACORD solution in Easy Placement. It's essential that we increase operational efficiency and it's a great first step for those that want to start to trial electronic placement without major technical effort."
Steven Haasz, Lloyd's Director, Market Infrastructure and Programme Management, said: "Our work ensuring that Lloyd's is an easy, efficient, and cost-effective place to do business is a key priority. To do this, we need to make it as easy as possible for our brokers and underwriters to communicate electronically, and we welcome this interest in achieving that."
Mason Power, Managing Director of Advisen UK, said: “Peer-to-peer connectivity has never been easier nor more affordable. In addition to connecting directly with the markets, brokers have indicated a need to route placing details to internal and external wholesale brokers. Easy Placement achieves this and increases transparency and efficiency. Our aim is to help insurance professionals serve their clients better.”
For further information, please contact:
Fleur Howard
Astrolabe Communications
+44 (0) 20 7706 8383
fleur.howard@astrolabecomms.com
About Web Connectivity Ltd.
Web Connectivity, founded in 2003, focuses primarily on enabling companies to exchange structured and/or unstructured information using ACORD (Association for Cooperative Operations Research and Development) data and messaging standards. Its EnabledB2B Gateway allows instant communication with other parties using the ACORD Messaging Framework and the Reinsurance and Large Commercial (“RLC”) and Document Repository Interface (“DRI”) standards.
A focused version of the Gateway, EnabledR2R, may be used by firms that only wish to transfer documents with other parties internally or with their clients or trading partners.
Web Connectivity is the recipient of 15 awards from ACORD.
About Advisen Ltd.
Advisen Ltd. provides carriers, brokers, risk managers and other insurance professionals with an integrated analytics and information platform for insight to make key commercial insurance and risk management decisions. Over 50,000 insurance professionals use Advisen every day for news and insight into underwriting, marketing and purchasing commercial insurance. Advisen's web-based applications incorporate data, analytic tools and research on over 1.7 million global assureds and 80 industries.
Advisen clients gain higher value on the above information through analytic functions such as: benchmarking, work-up and submission templates, insurance program management, policy & law comparisons, loss & exposure analysis, corporate governance, financial metrics, news and significant litigation data.