Lloyd’s of London insurance broker Ropner Insurance Services is rolling out a new broking system based upon Northdoor’s new NdexInsure technology module, which manages data, processes and workflow across the entire insurance and reinsurance lifecycle.
The new solution at the Lloyd’s of London insurance broker will fully integrate with market electronic e-Trading suites, says Ropner, substantially increasing the efficiency and accuracy of the old broking process at the firm. Others can also join the new white labelled broking system.
Northdoor will continue the future development of and support for the customised broking solution, which has been jointly designed with Ropner. The vendor is committed to ensuring a future-proofed commercial product that can easily be adapted to respond to the changing needs of the increasingly complex insurance industry.
The new broking system, NdexInsure Broking, provides support and automation to the broking lifecycle covering quotes, firm orders, transaction processing, claims accounting functionality and document production. It also supports standardised ACORD protocols and current electronic market initiatives in the accounting and settlements arena, such as eAccounts, ePlacing and eEndorsements.
It has been developed collaboratively using Microsoft .NET and SQL Server technologies. NdexInsure’s modular platform is intended for dynamic, fast-moving insurance companies as customers can select the functionality they require for their specific needs and adapt them to accommodate differing requirements across multiple markets. Available modules include policy administration, claims management, sanctions screening, workflow management, a ratings engine and now broking services.
Commenting on the launch Simon Wilson, Chief Operating Officer (COO) at Ropner, said: “Broking agents place business all over the world so they need to move information fast. Additionally, the growing demand for electronic e-Trading and more collaboration between partners makes it a challenging, albeit exciting environment for brokers.
“As the business helped to drive the design of the system, it is very intuitive as well as process driven, avoids duplicate entry and integrates Market ACORD electronic e-placing initiatives, which creates internal savings and allows us to service our client and underwriter needs more quickly and efficiently. Northdoor has the necessary technical expertise and understanding of the insurance market, along with a complementary technology platform, which makes it the perfect partner to take this innovative product to market.”
The backing of ACORD for the new system, which is aiming to attract many more users following its launch, was made plain by Mark Barwick, a programme director at the ACORD non-profit organisation, when he said: “We fully support systems which embrace the use of ACORD initiatives,” during the launch. The global body seeks to deliver standardised messaging and protocols for the reinsurance and insurance industries.
According to David Ballard, Chief Executive Officer (CEO) of Northdoor: “Our partnership with Ropner enables us to deliver even more through NdexInsure - significantly increasing levels of efficiency and accuracy to speed up the broking process.”