Verisk and ‘Sequel6’ to release market-wide data standards, an accelerator for Lloyd’s Blueprint Two
Press -- 22 March 2021
Author: Sequel Marketing
Verisk Specialty Business Solutions is collaborating with six market-leading Lloyd’s managing agents (‘The Sequel6’) to develop data and application programming interface (API) standards for the London Market. Sequel is gifting IP to the market via ACORD and using its own proprietary API standards as the foundation on which the new standardised language will be built.
The goal of the initiative is to improve speed and efficiency in the distribution chain. This will enable market participants to drive tangible savings which in turn will help drive adoption of the key Blueprint 2 initiatives.
To transact digitally, London Market participants must currently either plug their systems into centralised market platforms or navigate a complex web of proprietary portals, each with their own distinct APIs and logins. Standardising data and APIs across the market will allow underwriters, brokers and coverholders to communicate directly from within their own systems in real-time, removing the need for individual or centralised market portals.
Verisk and the Sequel6 are working jointly with ACORD, the insurance industry data standards body, to define and develop the standards. The standards will work seamlessly with market systems such as Placing Platform Limited (PPL), Delegated Data Manager (DDM) and the new Lloyd’s Coverholder Workbench application (and commercial systems like Whitespace). They will also be internationally compliant, allowing brokers and carriers from outside London to easily place business in the Lloyd’s Market.
Verisk and the Sequel6 are also collaborating to develop solutions to automate certain underwriting selection and rating processes for commercial and specialty lines with the aim of freeing up underwriting resources to focus on complex risks and referrals.
Ian Summers, CEO of Verisk Specialty Business Solutions, commented: “APIs provide a way of connecting but they are not a standard alone. To optimise speed and efficiency in the distribution chain, everyone needs to communicate seamlessly from within their own systems in one consistent language.”
Summers added: “The Sequel6 recognise the benefits data standards will bring and deserve great credit for working together for the greater good of the London Market, in support of the objectives outlined in Blueprint Two.”
Kirk Maddern, COO of Liberty Specialty Markets, said: “For London to be more competitive globally we must continue to remove the barriers to doing business here. Our goal is to develop open standards that will make the London Market accessible to all, allowing anyone in the world to send risks our way and for us to be able to capture the data, translate it and write the business quickly, efficiently and at the right price.”
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