Source: Send Technology Solutions Ltd
12 July 2023 – Leading InsurTech Send Technology Solutions Ltd (Send) has partnered with ACORD Solutions Group (ASG), the digital solutions provider subsidiary of global insurance standards-setting body ACORD, to create a frictionless underwriting process for Lloyd’s and London Market customers.
In alignment with Blueprint Two, Lloyd’s programme to deliver a digitised marketplace for its members, Send is utilising ADEPT (ACORD Data Exchange Platform and Translator) via API to enable standardised communication from placing platforms and other parties in the insurance ecosystem.
ADEPT allows Send’s customers to seamlessly send and receive ACORD Standard accounting, claims, and placing transactions. Not only does this reduce manual data entry and ensure consistency, but it enhances and speeds up the overall underwriting process.
The partnership will allow London Market insurers to leverage the benefit of Lloyd’s Blueprint Two digital services, and enable eMessaging capabilities for placing, accounting and claims data exchange.
Send co-founder and CEO, Andy Moss, commented: “We are looking forward to collaborating with ACORD and its partners. Partnerships like this play a key role in embedding an ecosystem that facilitates efficient digital exchange, bringing the market closer to Lloyd’s vision of the future of underwriting as laid out in Blueprint Two. Our goal is to create a frictionless underwriting process for agile insurers. Leveraging solutions from ASG means our customers can work smarter and faster with improved compliance.”
Chris Newman, EVP & Global Managing Director of ACORD Solutions Group, said: “Underwriting platforms like Send represent an evolution in the insurance process that has remained unchanged for decades. By integrating these standardized data exchange capabilities into the Send platform, we can together reduce complexity for insurers, and enable them to reallocate time previously spent on tedious admin processes and instead focus on growing their portfolios.”
Send has also become a member of ACORD, the standards-setting body for the global insurance industry. Many of Send’s customers use ACORD Data Standards and ACORD Forms and as part of this membership, Send can facilitate rapid ingestion of forms to help insurers quickly classify and triage new submissions.