Chaucer Group Adopts WCL's Advanced Messaging Solution
Web Connectivity Limited (WCL), a company under the Zywave umbrella, has announced a significant milestone with Chaucer Group. Chaucer has successfully implemented WCL's 'Alternate' solution, a state-of-the-art messaging system enabling the processing of previously unsupported messages sourced from Velonetic, a prominent player in insurance technology. This rollout comes just before the highly anticipated Blueprint 2, an ambitious initiative aiming to overhaul the core messaging infrastructure within the London insurance market.
Enhancements in Communication
"Alternate has empowered Chaucer with a solid and dependable system to manage messages from Velonetic that were previously unsupported," remarked Hayley Spink, Chief Operating Officer at Chaucer. This technology shift allows Chaucer to remain active in writing business as they gear up for the next phase of Blueprint 2.
The transition towards Blueprint 2, Phase 1, presents a pivotal choice for various companies: to halt specific lines of business or to undertake a considerable overhaul of existing policy systems to adapt to the newest messaging protocol. This is crucial as numerous custom market messages currently generated by Velonetic will be rendered obsolete, urging companies to procure an updated solution.
Solutions Tailored for Success
WCL, revered as a predominant messaging specialist in the London insurance market, partnered with Northdoor to craft a solution tailored to manage ACORD eBOT and eCOT messages sent by Velonetic through the ACORD4ALL service. These messages are seamlessly upgraded to the latest ACORD version and reformatted to integrate effortlessly with Chaucer's existing policy system. This proactive approach ensures that Chaucer is essentially equipped to manage messages for Blueprint 2, Phase 2 as they become available.
James Willison, Managing Director at WCL, shared his sentiments about the ongoing collaboration: "Having supported Chaucer with ACORD messaging since 2007, it's fulfilling to combine efforts to help them adapt to the changes prompted by Blueprint 2."
Availability and Opportunities
The 'Alternate' solution is now operational and accessible to all Lloyd's Managing Agents and companies within the London market facing potential challenges as the Blueprint 2, Phase 1 roll-out approaches and existing bureau messages are phased out.
About WCL
Founded in 2020, WCL operates as a fully owned subsidiary of Zywave, a leading insurtech firm dedicated to innovation in gateway and messaging solutions within the (re)insurance sector. With over twenty years of experience, WCL has been instrumental in fostering digital trading across (re)insurance markets worldwide. The company is adept at offering ACORD messaging capabilities to over 80 carriers and broker partnerships, ensuring robust connections to primary digital placement platforms and London Market central systems.
About Chaucer Group
Chaucer Group stands out as a prominent specialty (re)insurance organization that collaborates with brokers, coverholders, and clients globally to safeguard and bolster business operations. Their comprehensive services are offered through both Lloyd's of London and the general insurance market.
Affiliated with China Re Group, one of the major reinsurance entities globally, Chaucer benefits from vast financial and operational support. Rated A (excellent) by AM Best and A (strong) by S&P Global Rating, China Re's robust standings amplify Chaucer's capabilities in the market.
About Northdoor plc
Since its establishment in 1989, Northdoor plc has emerged as a leader in insurance technology innovation, amassing more than thirty years of specialized knowledge. With its origins entrenched in the London Market, Northdoor possesses extensive insights into the technological demands of insurance entities navigating the digital landscape, managing data effectively, and adhering to regulations.
Combining insurance-sensible business strategies with superior technical skills, Northdoor delivers tailored solutions aimed at addressing the specific needs within the London Insurance Market and its broader contexts. Their proprietary NDEXInsure platform is a prime example, equipping industry professionals with essential tools for managing underwriting data and workflows throughout the lifecycle of both insurance and reinsurance processes.
As a recognized partner of leading technology providers like Microsoft and IBM, Northdoor implements advanced AI, analytics, and cloud-based solutions that are specifically designed for insurance operations. Their collaborative methodology has established them as a trusted ally for over 400 businesses, empowering numerous insurance organizations to leverage data-driven insights and maintain a competitive edge.
Frequently Asked Questions
What is the 'Alternate' solution provided by WCL?
The 'Alternate' solution is a messaging technology developed by WCL to process unsupported messages from Velonetic, allowing companies to adapt to new messaging requirements.
How does Chaucer Group benefit from this solution?
Chaucer Group can continue to write business and prepare for the upcoming phases of the Blueprint project, ensuring smooth operations despite changes in messaging protocols.
What challenges does Blueprint 2 introduce for companies?
Companies may have to choose between discontinuing certain business lines or investing in significant upgrades to accommodate new messaging formats.
Who else can access the 'Alternate' solution?
The 'Alternate' solution is available to all Lloyd's Managing Agents and company participants in the London market facing changes due to Blueprint 2.
How has WCL supported Chaucer in the past?
WCL has been collaborating with Chaucer by providing ACORD messaging solutions since 2007, ensuring Chaucer can effectively respond to evolving market demands.
