WCL launches digital treaty placement platform
Web Connectivity Limited, a Zywave company, has launched an enhanced platform for treaty risk placement in Bermuda.
A spokesman for the firm said this marked a major milestone in the digital transformation of the reinsurance market.
The firm said their enabled placing platform streamlined the submission process by consolidating treaty submissions from multiple brokers into a single, standardised interface for underwriters, utilising Association for Cooperative Operations Research and Development standards.
“This initiative provides new efficiencies for underwriters interacting with the proliferation of bespoke broking platforms, which can complicate downstream underwriting workflows in accessing risk data and managing submission files,” WCL said.
The platform went live last week for Ark Bermuda and Vantage Risk, in conjunction with Aon’s Reinsurance business, who are pioneering this new operating model for processing digital treaty placements. “Having an end-to-end solution from placing through settlement has been a long-term goal of the industry,” said Troy Hughes, global director of eCommerce at Aon.
He said this initiative represented a great achievement towards a true data-first marketplace that empowered insurer clients with more real-time insights, greater transparency and improved efficiency when optimising reinsurance placements.
Web Connectivity Limited’s managing director James Willison said his firm had worked closely with brokers and carriers on the island to deliver digital accounting, settlement and claims solutions.
“This new platform answers a clear need for a simplified, digital way to access and manage risk submissions,” he said.
• For the full press release see Related Media
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