Howard Global and XL Group first to deliver electronic trade
June 3, 2014
Xchanging plc, the business process, procurement and technology services provider, has today announced that its E-Placing Platform has successfully facilitated an electronic risk placement involving Howard Global and XL Group’s insurance operations.
Xchanging’s Placing Platform (XPP), formed in partnership with Web Connectivity and TIW, is powered by Web Connectivity’s market leading Message Management Tool (MMT), already used by over 80 percent of the market’s carriers.
The platform, which also utilises TIW’s iPlace service, is attracting market attention as a low risk, easy to adopt utility that is supported by the market’s existing infrastructure.
Key Benefits of the Xchanging Placing Platform
Martin Spencer CIO, Howard Global, commented:
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.
Allison Goddard, Market Reform Consultant, XL Group, said:
This represents an exciting step forward for the insurance industry and we are extremely pleased to have been at the forefront. The system has been built and robustly tested so the actual process of electronically placing the first risk went according to plan: once Howard Global sent us the risk, our underwriters were ready, willing and able to accept it at the touch of a button. The documentation, complete with electronic scratch was then sent to our back office directly, streamlining the process and time spent on data processing.
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. We are looking forward to seeing how the initiative develops in the future for the benefit of the whole industry.
Max Pell, MD, Xchanging Insurance, commented:
Xchanging’s Placing Platform is based upon proven infrastructure and solution elements combined under a single set of services to facilitate Electronic Placing. We are pleased to be working with industry leaders TIW and Web Connectivity in developing our platform.
We are delighted that Howard Global and XL Group has taken this inaugural step, and we are looking forward to working with the London and international markets as we expand volumes on the platform.
For further information, please contact:
Rachel Russell
PR and External Communications Manager
Direct phone: +44 (0)20 3604 5074
Mobile: +44(0) 7920 572 358
Email: [email protected]
Jenny Rushforth
Global PR Manager
Direct: +44 (0)20 3604 3060
Mobile: +44 (0)7920 781 736
E-mail: [email protected]
Lansons
Jeena Nadarajan
Direct phone: +44 (0)20 7294 3629
E-mail: [email protected]
Emma Beresford
Direct phone: +44 (0)20 7566 9714
E-mail: [email protected]
Howard Global Insurance Services Global
Howard Global is proud of the reputation it has built as an independent Lloyd’s broker focusing on providing our clients with the best quality Bloodstock, Accident and Health, Life, Property and Casualty and Facilities insurance across the world. Experience, service and flexibility underpin our ability to attract and retain clients. We believe our specialist focus and independence allow us to develop unique long term relationships and detailed understanding of our clients’ requirements to enable them to concentrate on what is important to them with the knowledge that their insurance requirements are being managed by trusted professionals.
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.
Xchanging
What we are
Xchanging provides business processing, technology and procurement services
internationally for customers across multiple industries.
What we do
Xchanging brings innovation, thought leadership and passion to its customers’
businesses so as to enhance performance and value. Our values are embedded
into everything we do.
What we want to be
Xchanging wants to be regarded as the best provider in its chosen markets by
delivering services that are recognised for outstanding quality, reliability
and innovation.
