The ACORD awards focus on the development of innovative implementations that highlight business value and business opportunities between trading partners. edge IPK was asked by ACORD to create a prototype web based application using its flagship platform, edgeConnect, aimed at the London Market. edge IPK's end goal was to create a Mid-Term Adjustment (MTA) schema which could be adopted by ACORD as a basis for transmitting electronic policy adjustment requests (based on the Market Reform Contract) from brokers to insurers, and to allow insurers to efficiently process broker requests and accept, decline or negotiate the MTA. It was following the success of this solution that led edge IPK to be recognised in the "Accomplishment" Category and more specifically, successfully win the "Early Adopter Award- eForms".
"We believe that the application we developed with ACORD for the London Market clearly validates edgeConnect's ability to ensure maximum business value," said Dharmesh Mistry, COO/CTO, edgeIPK. "The London Market process approximately 500,000 MTA's a year. Through the removal of data duplication, a reduction of data errors and an automation of manual and bespoke peer-to-peer processes, it has the potential to save $18,900,000 per annum. We are exceptionally pleased with the win and the benefits that the London Market could reap as a result, and are certain that with the release of edgeConnect v5 later on in the year, the success of developments such as these will only continue to flourish."
By implementing edge IPK's flagship software product (the edgeConnect presentation platform) syndicates, brokers and insurance companies can expect numerous benefits such as scalability, ease of use, increased business agility, up to 50% faster time to market for new products or services and higher levels of employee productivity due to reductions in development time ranging from between 40 - 85%. Developed to allow business analysts to be involved in the development process, edgeConnect enables right first solutions and drastically reduced development times. It also helps companies to get maximum return from their existing investments by its ability to integrate with existing IT infrastructures and legacy systems.
"edge IPK is to be congratulated not only for earning an Early Adopter Award for eForms, but for showing the industry how beneficial ACORD data standards are for improving business and data flow," said John Kellington, senior vice president, ACORD.
edge IPK is a technology partner of ACORD (Association for Cooperative Operations Research and Development), a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. With offices in London and New York ACORD aims to be an objective, independent advocate for sharing information among diverse platforms, counting hundreds of insurance and reinsurance companies, and thousands of agents and brokers amongst its members.