Duck Creek Technologies, a provider of intelligent solutions in the property and casualty (P&C) and general insurance sectors, has announced a significant enhancement to its Reinsurance Cloud Platform.
The company has integrated support for Lloyd’s Outwards Reinsurance Scheme (LORS), a key component of Lloyd’s of London’s requirements for its member organisations.
This integration is designed to bolster the capabilities of Duck Creek Reinsurance, providing essential tools for global insurance carriers to seamlessly connect with Lloyd’s, one of the world’s foremost reinsurance markets.
Lloyd’s of London mandates robust outwards (ceding) reinsurance strategies from its members, necessitating appropriate systems, controls, procedures, and expertise for effective management.
Duck Creek Reinsurance now facilitates this by incorporating LORS capabilities, offering code sets used in LORS and USM messages. This empowers both Lloyd’s members and Duck Creek customers to directly engage with Lloyd’s technology platform and processes.
The Duck Creek Reinsurance LORS module includes features such as the ability to connect with Lloyd’s technology for Outward Reinsurance Advice Messages, notifying underwriters of new, amended, or replaced transactions.
Underwriter Response Messages are also supported, aiding in advising underwriter authorisations, objections, and data changes.
Additionally, the integration ensures confirmation of successful batch processing, error reporting, and automatic notifications to insurance carriers regarding ceding movements and processing status.
Julien Victor, Managing Director of Reinsurance Management at Duck Creek, emphasised the company’s commitment to the London reinsurance market. He highlighted Duck Creek’s role in the Lloyd’s Blue Print 2 initiative, showcasing their leadership with cloud-based technology that supports reinsurance programs for prominent carriers across London, Europe, APAC, Bermuda, and the USA.
Duck Creek Reinsurance’s LORS integration is positioned to facilitate global growth for their reinsurance customers, building on the company’s three decades of market-leading capabilities in reinsurance management.
