Electronic Placing (ePlacing) made easy
iPlace from TIW is the easy way for brokers to send requests for quotation, place risks or process endorsements electronically to Lloyd’s, London Market and global Underwriters.iPlace complement traditional Broking or Underwriting methods and systems, is not designed as an alternative or to replace them.
iPlace is ideal for organisations that want to exploit the business efficiencies of communicating electronically without the challenge of implementing a new back office system.
Brokers
Brokers use iPlace to create their quotation requests, risks or endorsements by:
- Simply entering details and click send.
- TIW pre-load risk data, users enter the UMR code and the risk details simply appear.
- Fully integrate iPlace into the back office system. Users can initiate quotation requests, risk placements and send endorsements to their chosen markets without leaving the system.
iPlace from TIW Group is one of the most widely used electronic (ePlacing) placing systems in the global market. Brokers can place risk business either by logging in to iPlace or, by integrating iPlace, through their existing back office system so removing the need to re-key.
ePlacing integration positions TIW at the vanguard of Straight Through Processing (STP) between Broker and Underwriter, with the Underwriters capable of binding on line.
“With TIW we now have a solution that not only works with the London Market Reform programme, but also offers process efficiency and management reporting. This will allow us to better control our operational and submission processes.”
iPlace ePlacing functionality follows the market agreed standards and practices using messages that conform to the ACORD messaging standard. Using iPlace Brokers can send to Underwriters:
- Quotation Requests
- Order Offers
- Subscription Requests
- Endorsement Requests
- Signed Line Advice
- Endorsement Notices
- Declaration Requests
- Declaration Notices
A business’s first step into ePlacing is often via eEndorsements.
Case study >
Built on ACORD Standards
To enable the electronic exchange of key information between Brokers and Underwriters, to enable e-Placing, a common set of data standards and underlying processes has been defined using ACORD standards. The definition supports, not replaces, the face-to-face negotiation process.
Brokers send business messages, such as quotation requests, to Underwriters. These messages will contain a generic set of data to assist the Underwriters’ workflow and risk recording.
Messages will also include documents which Underwriters can retrieve from the Broker’s Document Management System in accordance with ACORD DRI standards.
Each message is independent from other messages, and does not rely on a previous message having been sent.
TIW recognises there will most likely always be some Brokers who prefer to place the risk face-to-face at the box and only want to send the Signed Line Advice via TIW; others may start the e-Placing process at Order Offer.
Full support for the ACORD Placing Reference Guide
