August 2006

TECHNOLOGY ADVANCES IN THE LONDON MARKET SET EXAMPLE TO THE REST OF WORLD SAYS INDUSTRY EXPERT WARD
…new developments put London back on the map….…late adopters risk missing out …

New developments in communications technology for the London insurance market are showing the way to the rest of the world and will bring great benefits to early adopters, says Jeff Ward, Business Development Director of TriSystems Software Limited.

“The technology works, is available right now and will help the London market trade better on its own ground and internationally,” says Ward. “I mean, specifically developments in messaging, peer-to-peer communications and the new gateways - which are poised to open up trade within and outside the London market – they are putting London back on the map. This is great news for the London market and all those who partner with it internationally.”

“These new technologies allow disparate insurance systems, be they broking or underwriting, to trade faster, more effectively and more profitably with each other. Forward-thinking active underwriters and brokers in the London market – irrespective of their size, could be the first to make great gains as early adopters,” he continues.

Ward outlines the following pointers for organisations looking to gain maximum benefit from the latest developments:

You don’t have to be a ‘propeller head’ to make them work – they’re easy and inexpensive to use. Partner with a company that really knows about peer-to-peer communications and gateways and you will see how straight forward and cheap they are to implement.

Gateways are the key to making the most of the brave new world of international insurance trading opportunities. They manage and optimise the way that messages are handled inside and outside the London market. Each message is a piece of business, the faster and more securely it is dealt with, the more profitable the transaction. Speed and security open London up to ever more international opportunities and greater prosperity.

Go for a proven gateway that uses ACORD insurance market standard validation through Schematrons, which are automatically and continuously enhanced so that your company can optimise the speed and security of its business messaging in the London and international markets.

“Until now, the London market has been the boulevard of broken dreams when it came to technology initiatives - they were never quite ready and there were high cost barriers to entry. All that has changed. Market leaders such as Lloyd’s, and some of the larger movers and shakers in the industry, have found the will to back the right technology and make it work. That technology is not expensive and it performs extremely well. The warning now is that organisations that are slow to adopt the new technology really do risk missing out.” he concludes.