Alchemy London Market (ALM) has been engaged by a Managing Agent to provide a mechanism to consolidate their delegated book along with open market business and claims activity. Bordereau is prevalent in this space and some participants have API capability. The client needs to be able to manage and report on the activities of each of its Syndicates and their distribution partners.
The client is building a greenfield capability, but there is an acknowledgement that multiple participants tend to result in numerous formats and technology maturity levels. This then results in syndicates and managing agents dealing with spreadsheets that can likely have latency issues and data quality issues, batch files and in less common scenarios API integrations for data exchange.
ALM have proposed using our Network Partners Technologies SaaS product that has been designed specifically with the Lloyd’s Coverholder 5.2 standard front of mind but in such a way that it can also bring in open market business and claims data that relates to individual contract (UMR), policy (risk), premium and claims.
The solution is due to be deployed into an environment that may have multiple PAS systems, multiple MGA system or spreadsheet interactions and multiple claims TPA’s. It will bring all of that data together whilst also being able to support the providers and receivers of the information by applying business rules that ensure that the business being written is appropriate for the facility it is being written under.
The proposed technology product is API enabled but also designed to accept and support the loading of spreadsheet bordereau data either by the syndicates teams or (and preferably) by the MGA or Broker supplying the data directly using the appropriate authentication and access controls. This allows for the data to be reported in a consistent and reliable manner.
ALM is still working on the proposed solution approach and supporting the engagement between the Managing Agents team and our Partner Network as the service implementation partner of choice.