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IBM is providing a messaging service to enable insurers, starting with those in the London market, to exchange data electronically with brokers.
What’s the problem?
Currently, many insurers and brokers exchange information largely by paper, supported by fax and email. Data requires re-keying, which is costly and prone to human error.
A group of London’s largest insurers, known as the G6, introduced direct peer-to-peer communications between themselves and a few brokers in 2006, but many others would rather not have to do this for themselves. IBM’s proposed managed service, built on a Service Oriented Architecture (SOA) in order to ensure flexibility, is the most cost-effective and efficient way to provide the necessary connectivity for those parties in the insurance market who do not wish to work peer-to-peer.
The new service will allow insurers and brokers to exchange ACORD-compliant1 messages as currently being used by the G6.
What are IBM’s credentials?
The new IBM Insurer Messaging Network follows IBM’s build and operation as a managed service of the successful imarket platform for Polaris to support the UK company market.
Polaris is an organisation that is responsible for defining standards for electronic trading for the UK General Insurance industry (excluding the London Market). Since 2003, Polaris has also run the imarket electronic trading network to streamline and simplify the way insurers and intermediaries exchange information.
IBM is a keen supporter of ACORD and industry standards.
In September 2005 IBM contributed more than 100 business process models, model definitions and other industry content to ACORD.
ACORD is an international standards body that facilitates the development and maintenance of standards which allow different companies to transact business electronically with agents, brokers and other data partners in the insurance, reinsurance and related financial services industries.
Read more about the IBM Insurance Messaging service business benefits and technical architecture.
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"Making Lloyd’s an easy
and efficient place to do
business is a priority for
Lloyd’s.
We welcome IBM’s interest
and investment in providing
services to the Lloyd’s market."
Richard Ward, CEO Lloyd’s
Insurance Market |
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