Connection options
How do I connect?
The Exchange allows a transition to electronic messaging from a variety of starting points. By allowing choice in connection option an environment has been created where each organisation can choose a solution that best fits their own internal priorities and requirements.
Entry level is dependant on how much you want to invest and the level of benefit you want to achieve. Full integration will deliver the greatest value to the organisation and is most appropriate for those participants who are fully committed to the electronic transfer of data.
Connection options
The same connectivity options are available to all market participants; Brokers, Lloyd’s Managing Agents and Company market carriers.
Message management tools:
The message management tool is an appropriate connection option for those who want to engage with electronic messaging without committing to the expenditure and time commitments of full integration. Information will not automatically enter internal systems and will still need to be re-keyed, however time savings and speed of placement benefits can still be realised.
These packages provide a range of functionality depending on which supplier is chosen. Typically they will provide message history, tracking/status indicators and individual message inboxes. Suppliers can host the systems for you or they can be deployed in your own environment according to your requirements.
Whilst message management tools do not initially integrate with back office systems there is a clear upgrade path available from most suppliers which will enable integration at a later date.
Trading platforms:
Trading platforms offer a trading service which handles the risk distribution and placement process electronically, most usually via a web browser. Like the message management tool they can ultimately integrate with back office systems.
Integration with back office:
Some organisations will want to develop their own direct ACORD compliant connectivity to the Exchange from internal systems. This allows messages to be composed from internal systems, and ensures that data contained within responses is appropriately downloaded and managed, with additional opportunities to integrate workflow.
IT suppliers
There are a number of companies who provide the gateway software that enables messaging, message management tools and integration services. Please contact us for a list of key suppliers.
The costs
The cost of your connection option will depend on which supplier you chose, the functionality required, your overall IT strategy including how sophisticated you are with integration.
Each supplier will have a different commercial model. In some cases it may be a simple licence fee, while others may charge per message, per bind or a combination.
It is important that you fully understand the costs associated with your connection option for your own organisation and for your trading partners; some suppliers will charge both parties and the impact of of this will need to be understood.
Connection process
Registration
Before commencing technical and business testing, participants will need to complete a registration form and sign up to the terms and conditions of the Exchange. Please contact us for a copy of these.
Technical connectivity testing
Each participant will go through the following 2 stage process of connectivity testing.
Stage 1 involves sending a message to the Exchange and receiving a synchronous response using the correct authentication and authorisation details.
Before moving on to stage 2 testing, participants may perform an additional step. This involves participants sending and receiving test messages to a test party before doing so with their trading partner(s) (i.e. stage 2). For the purposes of technical connectivity testing, Trace Isys have kindly offered, at no extra cost, to provide the messaging tool and services allowing us to represent the test party. This enables those companies wishing to add this additional stage of testing an option to do so. Please note that this additional stage of testing is optional and is not required to establish connectivity.
Stage 2 involves a complete transaction exchange i.e. sending and receiving a response so both parties have exchanged messages.
Business scenario testing
Following technical connectivity testing, the system will be ready for test or live participant data.
The business scenario testing will test the Exchange operation and functionality using live authorisation and authentication details. This will involve initially trading test messages. If defined broker and managing agent pairs so wish, this can progress to live risks.
More information will be provided on the connection and testing process when we have received your registration form.
