Eurobase International Group, an international software and service provider to financial institutions, has announced that its Synergy2 platform is the first to go into production with integrated Structured Data Capture (SDC), allowing for the delivery of straight-through processing for risk creation via the Global Placement Message (GPM).
SDC is an online service that converts the content of various market documents into consistent, electronic data during the risk placement process.
Meanwhile, straight-through processing allows companies to share information electronically in order to share information in a quicker, more secure and effective manner.
Synergy2 is a scalable web-based platform that incorporates everything needed to manage the full life cycle of a clients’ insurance operations.
The platform covers everything from client management, underwriting, claims, accounting, reporting and (retro)ceding, ensuring business is optimally streamlined for efficiency.
Eurobase has said it’s committed to assisting the London Market in delivering its Target Operating Model (TOM) initiatives and that it is also in the final stages of delivering synergy2’s full integration to Delegated Authority: Submission, Access and Transformation Solution (DA SATS), the delegated authority data standards solution.
Launched in September 2018, DA SATS forms a core part of the London Market TOM, which aims to improve the ease and efficiency of doing business in the London re/insurance market.
“This is just one tier of our digitalisation strategy to deliver automation-based efficiency gains for our customers,” said Kevin Richmond, Head of Product.
“The ability to create a risk with no human intervention is a significant milestone that we are proud to have delivered in step with the London Market TOM.”
The Chairman of the Lloyd’s of London Bruce Carnegie-Brown recently called on the marketplace to innovate in order to improve relevance to customers in the rapidly evolving risk transfer space.
Joe Locke, Chief Executive of Eurobase Insurance Solutions, added, “The London Market remains focused on the delivery of its target operating model and we are ensuring that our synergy2 platform is well aligned to support this.”
“The ability for carriers to consume Global Placing Messages from the Structured Data Capture service is a key part of market modernisation and we are pleased to announce that synergy2 fully supports this service.”