Sequel, the insurance software specialists, have just successfully completed, on time and on budget, the first phase of a major new underwriting system for Faraday, the Lloyd’s and London Market company insurer. The second phase of the new system will go live later in 2009.
In April 2008, Faraday signed a contract for the implementation of Sequel’s Eclipse Underwriting software to replace their in-house system. Prior to signing the contract, there was a rigorous selection process and Faraday and Sequel completed a successful three month ‘model office’ project. The model office phase was designed to determine the size, shape and cost of the full implementation of this large project.
John Connors, Head of Operations at Faraday, comments: “We chose Eclipse Underwriting as we need a modern, flexible system which would not only integrate seamlessly with all our other business systems, but would also place us in the best possible position to trade and connect electronically with our external counter parties.”
Connors continues: “However, equally important as system functionality is the character of the provider company. Sequel has an excellent reputation for delivery and has demonstrated this quality in the recently completed first of two phases. Together we undertook an enormous amount of planning and preparation which gives me confidence that the programme will continue to run to schedule. We now focus with confidence on the final deliverable – live rollout to all users across Faraday’s London Market operation in summer next year.”
Michael Graham, Director at Sequel sees Faraday as a role model for insurance companies looking to replace their core processing systems: “They’re taking a forward-looking but low risk route to software replacement by partnering with Sequel. We know how to remove the risks and headaches associated with modernising insurance systems for them. This approach means that Faraday can focus on their business without the distraction of technical or software issues.
“Companies in insurance need the right kind of partnership – one that brings them great people who understand their business and great systems that are innovative, well designed and built in collaboration with them. Our Microsoft-based systems are used by world-class carriers and brokers in the London Market. The power and flexibility of Eclipse Underwriting is evidence of our continued commitment to help our clients meet the challenges they face in the insurance market place,” Graham concludes.