Lloyd’s Interface for Wholesale Market …

FOR IMMEDIATE RELEASE

CONTACTS:
Scott Good, Scottsdale Insurance Co.: (480) 365-2570; goodm3@scottsdaleins.com
Angelyn Treutel Zeringue, SouthGroup Insurance-Gulf Coast: (228) 466-4498;
Angelyn.Treutel@southgroup.net 

Lloyd’s Interface for Wholesale Market

Noted as Advance by E&S Joint Working Group 

ESWJG Spells Out Progress For Agents, MGAs/Wholesalers, E&S Carriers

March 28, 2014 — A new interface for wholesale insurance business for U.S. business partners of Lloyd’s of London was recently demonstrated by the industry’s E&S Joint Working Group (ESJWG). The interface was among numerous items of progress on E&S connectivity issues reported by ESJWG at the American Association of Managing General Agents (AAMGA) automation and technology conference in March 2014 in Orlando.

“The E&S industry doesn’t compete on transactions, but on our products. Using a common ‘plug’ to transfer our data among partners has proven successful for the standard market, and will greatly benefit the E&S market, as more transactions are brought online for agents, wholesalers and carriers alike,” explained Angelyn Treutel Zeringue, CPA, president of SouthGroup Insurance-Gulf Coast and co-chair of ESJWG.

M. Scott Good, senior director of customer innovations of Scottsdale Insurance Co. and co-chair of ESJWG, noted that ESJWG is progressing on a series of initiatives for carriers, retail/general agents, and wholesalers: “ESJWG has pushed the standards-based electronic exchange of information in the E&S market in a number of productive ways. All of these efforts aim to promote universal automation and electronic exchange in the E&S insurance space.”

Angelyn Treutel Zeringue, ESJWG Co-Chair

Angelyn Treutel

M. Scott Good, ESJWG Co-Chair

M. Scott Good

ESJWG’s volunteer leaders updated participants at the recent conference including:

 Lloyd’s Subgroup

The Lloyd’s subgroup of ESJWG seeks efficiencies and standards for managing general agents (MGAs) and wholesalers working with the London market. The new Lloyd’s interface developed with the support of ESJWG has progressed through the proof-of-concept stage, ESJWG reported, thanks to four participants: Risk Placement Services, Arthur J. Gallagher, BinderCloud and Lucitech.

The interface generates an ACORD XML file after the coverholder (general agent) issues the policy. The system includes built-in error checking of data before transmission to Lloyd’s. The binder data is held in the bordereaux queue and generates the ACORD XML to provide an immediate billing status on all policies issued. “Lloyd’s markets are increasingly recognizing the value of straight-through processing, and the new interface leverages real time ACORD XML exposure reporting along with rules and valuation to keep the worlds of brokers and coverholders in synch,” Treutel Zeringue stated.

The interface provides gains in efficiency: Validation is completed at the time a transaction is processed and time is saved preparing month-end reports, while parties in the transaction get immediate access to data.

The next initiatives on the agenda for the Lloyd’s subgroup include increased data validation at time of binding; buildout of a user interface for error messages; and premium and claims reporting on a real time basis.

Retail Agent/General Agent Subgroup

The retail agent/general agent subgroup focuses on process efficiency and electronic transaction opportunities between retail agents and MGAs/wholesalers. Its recent work includes promoting adoption of electronic signatures (“eSignatures”) within the E&S business to allow clients to virtually sign a document.

ESJWG noted another development for commercial lines download success: General agents now can obtain unique national producer number (NPN) numbers for their agents and brokers. In light of significant activity in acquisitions and mergers, flexible coding allows entities to assume the NPN of the acquiring organization or retain a separate number. ESJWG also noted new functionality in activity notes allowing exchange of secured documents through batch processing. This provides 45 different transaction types allowing for the exchange of policy, claims, and marketing electronic documents that are auto-attached within the agency systems, eliminating hundreds of keystrokes.

The agent subgroup also completed a whitepaper on workflow improvement recommendations for retail/general agents; it’s available on www.ESJWG.org.

The next initiatives on the agenda for the retail/general agent subgroup will be developing FAQ and best practices workflows including a business case to encourage implement of eSignatures technology to support mobility.

Carrier Subgroup

The carrier subgroup focuses on E&S electronic rating transactions between general agents and carriers, working toward standards adoption with ACORD, and driving implementation of standards among service providers, general agents and carriers. It is working to develop and enhance ACORD standards for the needs of the E&S marketplace with the aim of improving business workflow, using standards to share data, and resisting building new custom data interfaces.

This subgroup aims to work with agents, carriers and vendors to develop a proof of concept of standardized electronic data sharing among partner systems. ESJWG reported that several models already developed moved into the production phase and improved speed and efficiency in quoting and selling transactions for the few carriers using them. The subgroup seeks more E&S carriers for similar projects. The group also is moving toward automating loss history, claims inquiry, renewal notification, and policy issuance transactions.

Leadership

ESJWG saluted the seven years of service and leadership of Mike Roy, Risk Placement Services Inc., its most-recent co-chair who began as General Agent Interface co-chair; and the leadership of Jeff Yates, former executive director of Agents Council for Technology (ACT).

ESJWG also announced its 2014 leadership team:

— Co-chairs: Scott Good, Scottsdale Insurance Co.; Angelyn Treutel Zeringue, SouthGroup Insurance-Gulf Coast

— Lloyd’s subgroup: Tammie Miller, Risk Placement Services; Sarah Thacker, Lloyd’s of London

— Carrier subgroup: Jay Karabin, Global Indemnity Group; Greg Ricker, Sombra Technologies

— Retail/general agent subgroup: Lisa Parry Becker, William B. Parry & Son; Tate Tooley, Bloss & Dillard

About The E&S Joint Working Group (ESJWG): Formed in 2008, the group is an alliance of carriers, agents and vendors working with the American Association of Managing General Agents (AAMGA), ACORD, Agents Council for Technology (ACT) of the Independent Agents & Brokers of America, and the National Association of Professional Surplus Lines Offices (NAPSLO). ESJWG’s mission is to improve the efficiencies for retail agents, general agents, wholesale brokers and carriers by promoting use of ACORD standards, best-practice workflows and the electronic exchange of data among each of the business partners. The group comprises retail agent/general agent, carrier and Lloyd’s subgroups. www.ESJWG.org

 

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