XL Group and Howard Global have successfully used Xchanging plc’s Placing Platform XPP to facilitate electronic risk placement of bloodstock risk between Howard Global, which is Lloyd’s of London broker, and insurer XL Group.
Xchanging’s Placing Platform XPP is powered by Web Connectivity’s Message Management Tool. The platform, which uses TIW’s iPlace service, is a low risk utility that is easy to adopt and supported by the market’s existing infrastructure, Xchanging said.
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“The documentation, complete with electronic scratch was then sent to our back office directly, streamlining the process and time spent on data processing,” said Allison Goddard, market reform consultant, XL Group. “This is a lot more than just an efficiency gain; it has huge ramifications for the way the market transacts business in terms of speed and accuracy,” Goddard said. “We are looking forward to seeing how the initiative develops in the future for the benefit of the whole industry.”
Xchanging said the benefits of Placing Platform include:
- A single version of truth for electronically agreed contracts, eliminating errors from maintaining physical documentation and data.
- Low commercial risk and adoption costs through low upfront investment and pay-as-you-go pricing options.
- Document collaboration features enhance effectiveness of face-to-face interactions and make documents available earlier.
- Reduces the “frictional cost” of placing and the extended paper trail.
- Minimizes disruption by leveraging investment in current broker and carrier systems and using existing infrastructure.
“The process was simple and efficient and, based upon our experience and the willingness of our markets to participate, we are committing to putting more risks through the platform,” said Martin Spencer, CIO, Howard Global.
