All business with Brit, Catlin and Kiln conducted using ACORD data standards
Benfield has announced that for the first time it has transacted its Brit Insurance, Catlin (London and Bermuda) and Kiln 1 April Japanese renewal business electronically.
Two-way messaging was established between Benfield and the three reinsurers whereby offers and acceptances were made electronically via peer-to-peer using the ACORD data standards. The Japanese 1 April renewal book was traded with all placement documents being downloaded, accepted and bound in a fully electronic trading format.
Dominic Christian, chief executive officer of Benfield's International Division said: “Benfield has a reputation for leading the market in developing innovative electronic systems that enhance the way transactions are processed. This is the latest example of Benfield working to create solutions that put the group at the forefront of promoting greater market efficiency and we look forward to developing our capabilities in this area. Our ability to provide insurers and reinsurers with a choice as to how they transact business is a key differentiator for Benfield.”
Kathy Lisson, chief operating officer at Brit Insurance, added: “We have been impressed with Benfield’s ability not only to adopt the technology of two-way messaging, but also to enhance the underlying process between clients, brokers and our underwriters. At Brit Insurance we are committed to London Market reform and to improving our service to brokers. This solution achieves both.”
Paul Jardine, deputy chairman at Catlin Underwriting Agencies, added: “This just shows what can be achieved when forward thinking companies work together using technology to create solutions that ultimately provide a better service to our clients. Exchanging structured data to support the placing process is the way the London market has to go in the next few years if we are to remain competitive. Catlin fully supports this initiative and will continue to encourage others to embrace these new systems and processes.”
Marion Madden, group chief operating officer of Kiln Group, said: “At Kiln we constantly strive to give our customers what they want, and have welcomed the opportunity to work with Benfield and our peers to move towards offering our brokers a straight through data process and more flexibility in the way that they transact business with us.”