Latest Insurance
- Newslink Global Insurance Trends-Editor's Weekly Highlights
- ABI signs Memorandum of Understanding with ABIR
- IFRS 17 disrupting business as usual for insurers-WTW
- PRA consults on reforms to the Matching Adjustment as part of a package of measures on Solvency II
- FCA confirms leasehold buildings insurance reforms
- Lack of cyber education leaves businesses exposed, with inadequate risk prevention efforts making 3 in 4 SMEs a target-Cowbell
- Argenta adopts Moody’s ESG Insurance Underwriting Solution expired
- RiverStone International to drive investment strategy with Clearwater Analytics expired
- Root Platform accelerates expansion plans after Invenfin investment expired
- APAC liability insurance industry to surpass $61bn by 2027-GlobalData expired
- Brazil general insurance market to grow to over $68bn by 2027-GlobalData expired
- Helios announces interim results expired
7th June 2023
WCL and Northdoor partner to launch Alternate to support Blueprint Two adoption
Trend
WCL, a Zywave company, has partnered with Northdoor plc, a leading insurance technology solutions provider, to launch a new Blueprint Two solution for London Market carriers.
Under Blueprint Two, which aims to modernise and digitise the London Market, carriers are required to implement updates to their policy administration systems(PAS) to meet the Blueprint Two requirements by the end of 2024.
The new product, ‘Alternate’, from WCL and Northdoor offers London Market carriers a viable alternative option to adhere with the Blueprint Two message changes without having to adopt a full digital approach internally. Alternate will take the digital messages from the Joint Venture(JV) from day one and convert them into the message formats that London carriers receive today, without the need to update or enhance current carrier administration systems.
Currently, London Market carriers have two options available for digitising their processes: adopt a full digital Blueprint Two programme from day one, or utilise the JV Transitional Services. WCL and Northdoor’s new solution offers a third option that helps minimise the risk of change for them and their PAS vendors, whilst embracing the market’s digital roadmap.
“London Market carriers need a solution that allows them to comply with the requirements of Blueprint Two while minimising the disruption to their existing systems and processes,” said James Willison, managing director of WCL. “Alternate, developed in partnership with Northdoor, achieves just that, enabling carriers to access the benefits of full digital adoption with minimal impact to their existing systems. We believe our solution will be a game-changer for the London Market, and we're excited to see the positive impact it will have on the industry.”
“Alternate will allow for minimal operational/process/IT change, and if a carrier does not want to go fully digital in practice, for whatever reason, then they do not have to,” said Stuart Favier, Insurance Client manager at Northdoor. “It also removes the deadline of making large system and operational changes within a limited timeframe that the JV Transitional Services may require because it allows carriers to move to a fully digital function when they are ready.”
WCL Trends(14 articles)
Northdoor Trends(23 articles)
