London Market reform technology specialists TriSystems announced that their Universal Messaging Gateway (UMG) suite is now available via the Internet in a move, which the Company says will “be widely seen as a further boost to electronic trading in the insurance industry by supporting the proposed Lloyd’s Exchange.
“UMG OnLine enables companies, whatever their size or volume of business, to pay the same low monthly fee to gain immediate access to electronic placing, endorsements and other market initiatives. As a web-based service, it allows market practitioners to trade with any business partner, hub, application service provider or trading platform without the installation of any software.”
Jeff Ward, Business Development Director at TriSystems commented: “Dealing directly with our customers rather than via third party relationships, we realized they now want an online service that they can trial, extend and ultimately bring in-house without being penalized for their volume of business or hit with a sizeable license fee at the outset.”
“Put simply, every broker and underwriter in the London Market can get into the electronic trading game today. When the Lloyds’s Exchange arrives, UMG OnLine clients will be ready to use it from day one.”
TriSystems also noted that the new market service “will be supplemented by a further feature, UMG TransForm, an online standards conversion service. Following successful trials by Brit, Catlin, Willis, Marsh and HSBC, UMG TransForm is now also available through UMG OnLine to convert ACORD and other market messaging standards, such as eMRCE, online and in real-time.”
Roy Laker, Assistant Vice President for the London Office at ACORD, stated that putting the UMG product family online will make electronic trading accessible to the entire market at a cost effective admission level: “ACORD industry standards continue to help drive the industry forward to a full electronic trading infrastructure and the OnLine and TransForm options introduced by TriSystems is a significant milestone. Companies can now embrace electronic trading and introduce it to their employees and back office processes in a controlled way that suits them and their particular business requirements,” he added.
UMG was first launched two years ago enabling brokers and underwriters to connect and validate electronic business, with the subsequent Forms & Workflow software installed within customers’ own IT infrastructure allowing them to interact with the data and their trading partners.
Source: TriSystems – http://www.trisystems.co.uk
Topics Excess Surplus London Lloyd's
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