The FOG paper, otherwise known as ‘The Firm Order & Signed Line Advice Process Summary’ Version 1.8, was produced in October 2013 and proposes a staged approach to implementing ePlacing starting at the Firm Order stage and ending with Signed Line Advice.
TIW have taken the recommendations from the FOG paper and, combined with other feedback from both the Broker and Carrier Communities, have enhanced iPlace to support the amended and new functionality:
- iPlace supports full Multi-Section / Multi Currency / Multi Layer Contracts for both Direct and Reinsurance business. We have updated the look & feel to support this introducing a more tabular approach to support the data subsets;
- We have provided a more manageable list of classes of business inherited from the Data Capture Service initiative facilitating a more effective way of managing TOBAs and teams. We have improved the data capture screens allowing more extensive options to be available including PPW/PPC, Time Zones, Written Line Basis and Locations;
- It is now possible to quote on individual sections and send to multiple markets.
- A “Copy Section” capability has been added;
- Corrections are now possible for non-material changes; and
- Changes to the documents automatically generated to exclude all but the Broker Security details, the Carrier now also has the option to generate their own Security Details.
- A contract can now be flagged as ‘Vertical Placement’ enabling data and documents to be managed on a per-Carrier basis.
- The Broker may choose to endorse the contract document while the placement is still ‘in flight’, it is now possible to do this prior to signing down lines.
Supply Additional Information Message
- Ability to send additional information / documents on request from Carrier.
All or Nothing Acceptance
- A flag that all sections presented to a Carrier must be accepted or nothing moves forward. This excludes email carriers where the Broker will record the response on behalf of the Market.
Binders /Master Contracts/Declarations
- Ability to place a Binding Authority / Facility / or Lineslip using the full process, iPlace has been enhanced to allow a ‘Master’ contract to be set up and each individual Declaration to be set up and placed independently.