Posted by Carl Phillips | Archive on Tuesday 22 February 2011, 10:30AM
I’ve spent a lot of time recently talking to managing agents about the operational aspects of market modernisation initiatives.
Inevitably the conversations ventured into “what’s next” for message handling to support the endorsements pilot as it moves to cover all endorsements during 2011.
Many managing agents originally opted for a “suck it and see” approach by purchasing a hosted gateway and message management tool which allowed them to participate in the endorsements pilot.
However, many are already starting to see the benefits which arise when integrating messages into systems such as underwriting back-office, workflow and exposure management. See my previous blog for more information http://www.lloyds.com/News-and-Insight/Lloyds-Blog/Market-Operations/Carl-Phillips/2010/10/Endorsements-Pilot-is-Go
What I find most encouraging is how many managing agents are exploring this 'upgrade path'. A few have gone even further by fully integrating the messages into their workflow and back-office underwriting system, complete with comprehensive management information.
Atrium are even offering a solution that links the messages, their document management system and their underwriting system to other managing agents as the first step towards a shared repository of process applications. They believe, rightly, that integration across the market will maximise the benefits and help overcome the cultural caution of underwriters and brokers.
So what’s in it for Atrium? Well, it feels there is no competitive advantage to be gained from their integrated solution and want to see more collaboration between practitioners in solving technological challenges of this nature. Hence its willingness to help others… not reinvent the wheel.