ACORD Solutions Group, Miller, CNA Hardy And VIPR Partner To Connect U.S. MGA's And London Carriers By Offering Straight-Through Processing Of Bordereaux Reports

PEARL RIVER, N.Y. and LONDON, March 5, 2018 /PRNewswire/ -- ACORD Solutions Group, Inc. (ASG), which provides full-scale automation services and solutions for the global insurance industry, today announced it has partnered with VIPR, an insurance industry IT solutions provider, to create a global bridge which will enable straight-through processing of bordereaux reports by integrating the capabilities of ASG DeleGate and VIPR's Intrali. In an industry first, the new breakthrough solution enables automated "U.S. to London" data exchange between global MGA's, brokers and carriers, and is designed to inspire and advance the global adoption of standardized, automated transactions.

Many areas of the insurance industry have already embraced the benefits of standards-driven automation. Agencies, brokers, carriers, and others have all reported vastly increased efficiency, speed, and accuracy of data exchange through utilizing these capabilities, in areas from new business quotes to claims processing. The industry is evolving beyond the cumbersome, time-consuming and inefficient practice of manual reporting. However, until now, there have been no major advances in straight-through bordereaux processing between the U.S. and London markets.

"VIPR has been processing bordereaux reports for many years now and we've learnt a great deal about what our customers are looking for. This initiative is a major step forward for the whole sector," said Bob Brown, CEO VIPR. "ASG's status as an industry-owned solutions provider puts them in a unique position to work closely with the full spectrum of trading partners across the insurance value chain. We're thrilled to partner with them to deliver groundbreaking solutions with real business benefits to the entire industry."

The first adopters to utilize this new integrated solution are Miller Insurance Services LLP and CNA Hardy. Miller has been electronically processing bordereaux data from its clients for years and has now extended its capabilities to provide data to the London Market using proven ACORD Standards. ASG DeleGate has enabled Miller to securely transmit bordereaux to CNA Hardy and thanks to the integration of ASG DeleGate and VIPR's Intrali platform, CNA Hardy – and others – can take advantage of a bordereaux reporting solution which leverages the proven ACORD Standards and, for the first time, engage in seamless automated global reporting.

"Miller pioneered the real-time exchange of electronic structured data in the delegated authority market over 10 years ago, but it's been difficult to find partners capable of moving that data efficiently to the carrier," said Tim Rayner, Head of Group Operations, Miller. "Our work with ASG and VIPR demonstrates the continued enthusiasm Miller has for innovation in the London Market and our intention to use technology to move that conversation forward. The adoption of ACORD Standards for London Market communications means we will be able to readily support both LM TOM initiatives as well as the wider technology ecosystem."

Bhuvinder Judge, Head of Delegated Underwriting from CNA Hardy comments, "VIPR has always developed cutting edge software solutions for bordereaux management, allowing the process of bordereaux reports through their Intrali system. However, the benefits of true straight-through processing have been out of reach until now. This integrated solution will drive further efficiency in processing bordereaux within our business."

This solution is just one example of the way standards and automation are changing the landscape of the delegated authority process, and global insurance in general.

"The delegated authority process represents billions of dollars globally for the entire industry," said Peter Teresi, CEO, ACORD Solutions Group.  "As an industry-owned solutions provider, we're committed to solving this problem for the MGA community and all delegated authority participants globally, assuring that both standards and resources are made available and leveraged to drive adoption, improve business and move the industry forward."

About VIPR
VIPR is an award-winning provider of sophisticated software solutions for the insurance market. Our unrivalled market insight has secured our reputation as industry innovators. Driven by our clients – insurance companies, managing agents, managing general agents and brokers – our products address ever growing compliance and regulatory burdens enabling you to capture and manage your data effectively. For more information about VIPR, visit www.viprsolutions.com.

About Miller
Miller is a leading specialist (re)insurance broking partnership, focussing on complex commercial insurance, facultative reinsurance, and delegated authority business. Founded in 1902, we are headquartered in London and have more than 600 people across our UK and international operations.

We hold Chartered Insurance Broker status, the industry gold standard awarded by the Chartered Insurance Institute (CII), evidencing our professionalism, client focussed approach and excellent service standards. For more information, please visit www.miller-insurance.com

About CNA Hardy
CNA Hardy, acting through Hardy (Underwriting Agencies) Limited and CNA Insurance Company Limited, independent wholly-owned UK subsidiaries, are a leading specialist commercial insurance provider for clients within both the Lloyd's and company markets. For more information, please visit CNA Hardy at www.cnahardy.com.

CNA is the eighth largest commercial insurer in the United States. CNA provides a broad range of standard and specialised property and casualty insurance products and services for businesses and professionals in the U.S., Canada, Europe and Asia, backed by 120 years of experience and more than $45 billion of assets. For more information about CNA, visit our website at www.cna.com.

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About ACORD Solutions Group, Inc.
ACORD Solutions Group, Inc. (ASG) is an industry-owned extension of ACORD (Association for Cooperative Operations Research and Development), the global standards-setting body for the insurance industry. ASG was born of ACORD's long-standing commitment to enabling efficiency for the global insurance industry. ASG's mission is to provide full-scale automation services and solutions, which enable straight-through processing of data across the insurance value chain, using proven ACORD Standards. For more information about ASG, visit www.acordsolutions.com.

SOURCE ACORD Solutions Group, Inc.