MEDIA RELEASE PR36448
Unirisx and Price Forbes & Partners Implements New ACORD Standard
LONDON, Oct. 7 /PRNewswire-AsiaNet/ --
has implemented the new ACORD ER 3001 binding authority standard in order to
improve service to insurance companies, carriers and the market in general.
The companies are one of the first insurance solution providers and
brokers, respectively, to implement the new binding authority reporting
standards.
For users of the Unirisx system, a standardised report can be
automatically produced from different and unrelated original formats, saving
considerable time and effort in compliance reporting.
ACORD's initial focus will be on adopting standards for US Property, but
it is expected this will extend to other territories and classes of business
at a later date. This can easily be accommodated with the generic mapping
facility that Unirisx now provides.
Lloyd's, along with the AAMGA and LIIBA, strongly supports this ACORD
ER3001 initiative and is encouraging underwriters and brokers to assume this
standard reporting template.
"We have been using Unirisx to manage a number of our binding authorities
for some years," said Des King, Binding Authorities Manager at Price Forbes &
Partners. "At no cost to our agents, the system is of immense benefit. The
ability to comply with ER3001 standard will enable us to provide underwriters
with consistent data that will help them to better analyse and model their
books of business."
"We see the implementation of the ER3001 report within Unirisx to be a
real advantage to our customers, enabling underwriters to reduce their
workload for data cleansing," added Matthew Priestley, Solutions Director at
Unirisx. "The flexibility of the Unirisx application allows any client of
ours to easily adopt this new format."
"The need in London for a consistent dataset for reporting of bound risks
has been stressed over and again and has led to the creation and publication
of the ER3001 standard. We strongly support moves by organizations and
solution providers to implement this industry standard," said Roy Laker, Vice
President, London Office at ACORD.
About the ACORD Standard: ACORD's (Association for Cooperative Operations
Research and Development) ER3001, will standardize the reporting of risk
information to Lloyd' by providing a standard template. This ACORD template
responds to the need for underwriters to easily manage and model the
exposures assumed by Managing General Agents on their behalf under binding
authority contracts. Adoption of the format reduces the need for data
manipulation and streamlines the workflow between the parties.
About Price Forbes & Partners: Established in 1873, Price Forbes enjoyed
a long and rich history in the insurance industry before merging with the
entrepreneurial and dynamic Prentis Donegan and Partners in 2004.
In 2006, the management of Price Forbes, having seen the many
opportunities available to an entrepreneurial and service oriented wholesale
broker, bought the business, assets and brand from Marsh & McLennan
Companies, Inc. By doing so, Price Forbes & Partners commenced a new era as
an independent international specialist insurance broker.
Today, with a team of over 190 insurance professionals, we continue to
deliver exceptional solutions to our valued clients, placing some USD1.2
billion of premium into the Lloyd's, London companies, European and Bermudian
markets.
About Unirisx: Unirisx is SaaS-based Policy Administration Solution
designed to rapidly launch new products, create broader distribution networks
and manage the full policy lifecycle in real time. Our platform requires no
software to install or hardware to buy, dramatically reducing upfront and
maintenance costs. Unirisx is fully configurable and can be customized for
any language, currency and insurance product. Headquartered in the United
States, Unirisx currently services over 30 lines of business in nine
countries and five continents. For more information please visit
SOURCE: Unirisx
CONTACT: Media
Rebecca Devine of Maven Communications for Unirisx
+1-267-546-9009
Rdevine@mavenagency.com
or
Terri Allington
Marketing Department of Price Forbes & Partners Limited
+44 (0) 207 015 2838
terriallington@priceforbes.com
or
Matthew Priestley
Solutions Director of Unirisx
+44 (0)7976 373512
matthew.priestley@unirisx.com
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