Unirisx and Price Forbes & Partners Implements New ACORD Standard

LONDON -

Unirisx ( www.unirisx.com ), in conjunction with Price Forbes & Partners, 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 www.unirisx.com .

Source: Unirisx

Media, Rebecca Devine of Maven Communications for Unirisx, +1-267-546-9009, Rdevine at mavenagency.com; or Terri Allington, Marketing Department of Price Forbes & Partners Limited, +44(0)207-015-2838, terriallington at priceforbes.com; or Matthew Priestley, Solutions Director of Unirisx, +44(0)7976-373512, matthew.priestley at unirisx.com