Many insurance organisations today face the increasing problem of system complexity with numerous new and legacy systems which have built up over the years and require management through a proliferation of consoles. These systems represent significant investment however and, being operationally effective, cannot be simply replaced. The challenge therefore is to work with this infrastructure by creating effective interfaces, encompassing all existing systems, accessible by both internal users and external third parties.
The delivery of insurance products directly to clients and intermediaries via the Web is an essential distribution channel for brokers and insurers alike. Traditionally, to achieve this required a significant IT-led project to develop, from the ground up, a Web interface for a single internal system. Bringing further systems within this delivery channel required further development projects, creating increasing complexity.
Watertrace Edge, underpinned by edge IPK's flagship edgeConnect platform, is a component-based solution that is pre-built to solve the issue of complexity, resulting in an inherently easy to manage front-end that remains fully integrated to back-end systems and yet scalable enough to handle the most demanding of environments.
With Watertrace Edge, each existing system provides the underlying data logic against which a single unified process layer is created. From this process layer a presentation layer is created, upon which multiple bespoke web-based interfaces can be generated. Each user or client interface can be fully customised, inclusive of process, security, interactivity, and look and feel.
Watertrace CEO Mike Barr, commented: "Watertrace has partnered with edge IPK to enable our clients to leverage maximum advantage from emerging web-based distribution capabilities, as part of our ongoing efforts to streamline the way insurance is transacted in London."
Two customer scenarios already identified by edge IPK and Watertrace as being ideally placed to benefit from the new solutions would be acting as a portal for brokers that have delegated underwriting authority, or an SME commercial lines insurer looking to create a broker portal that have a number of pre-packaged products for the specific market segment.
Mike Williams, CEO edge IPK commented 'The London Market is a unique and specialist trading environment. To assist the market achieve gains in productivity and profitability we have created a specialist and dedicated partnership in Watertrace Edge. The Watertrace Edge solutions combined with our professional approach in working with market professionals will enable the Lloyd's and Company communities to realise the benefits of joined up systems and processes that have been achieved by our clients in the general insurance and banking communities world-wide