LONDON, June 7, 2023 /PRNewswire/ — WCL, a Zywave company, has partnered with Northdoor plc, a leading insurance technology solutions provider, to launch a new Blueprint Two solution for London market carriers.
Under Blueprint Two, which aims to modernise and digitise the London market, carriers are required to implement updates to their policy administration systems (PAS) to meet the Blueprint Two requirements by the end of 2024.
The new product, ‘Alternate’, from WCL and Northdoor offers London market carriers a viable alternative option to adhere with the Blueprint Two message changes without having to adopt a full digital approach internally. Alternate will take the digital messages from the Joint Venture (JV) from day one and convert them into the message formats that London carriers receive today, without the need to update or enhance current carrier administration systems.
Currently, London market carriers have two options available for digitising their processes: adopt a full digital Blueprint Two programme from day one, or utilise the JV Transitional Services. WCL and Northdoor’s new solution offers a third option that helps minimise the risk of change for them and their PAS vendors, whilst embracing the market’s digital roadmap.
“London market carriers need a solution that allows them to comply with the requirements of Blueprint Two while minimizing the disruption to their existing systems and processes,” said James Willison, Managing Director of WCL. “Alternate, developed in partnership with Northdoor, achieves just that, enabling carriers to access the benefits of full digital adoption with minimal impact to their existing systems. We believe our solution will be a game-changer for the London market, and we’re excited to see the positive impact it will have on the industry.”
“Alternate will allow for minimal operational/process/IT change, and if a carrier does not want to go fully digital in practice, for whatever reason, then they do not have to,” said Stuart Favier, Insurance Client Manager at Northdoor. “It also removes the deadline of making large system and operational changes within a limited timeframe that the JV Transitional Services may require because it allows carriers to move to a fully digital function when they are ready.”
For further information, contact:
Caitlin Haynes, Rein4ce
T: + +44 (0) 7568 572367
Email caitlin.haynes@rein4ce.co.uk
Issued by Rein4ce on behalf of WCL.
About WCL:
WCL, a Zywave company, provides business solutions to insurance organisations looking to transform their operations using structured data. WCL’s solutions support the placement of risks, accounting and settlement and claims.
Set up in 2003, WCL allows organisations to streamline business processes by automating the secure, electronic transfer of data and documents between brokers and risk carriers, using internationally-agreed ACORD standards. This improves client service, increases process efficiency, reduces operational costs and eliminates unallocated cash.
WCL client list includes over 80 insurance and reinsurance organisations globally, including the majority of Lloyd’s Managing Agents, the world’s largest broking and carrier firms, based across the US, London, Bermuda, Continental Europe and Asia.
WCL provides the software to the majority of players engaged with the Ruschlikon Initiative, a joint industry project sponsored by insurance standards body ACORD. This project aims to connect the leading players in the insurance and reinsurance industry to advanced back office processes such as technical accounting, claims and settlement using the ACORD Global Reinsurance and Large Commercial (GRLC) Standard.
About Northdoor:
Northdoor is an award-winning, IT consultancy firm in London that helps organisations drive value from their business assets. With over 30 years of experience serving blue-chip companies, Northdoor holds multiple accreditations from the largest of technology vendors including Microsoft and IBM. They offer design, implementation, and support services via our own internal technology practices which include Data Platform, Collaboration, Cloud Computing, Security, BI & AI, and Applications.
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SOURCE Zywave