Insurance software specialist, Sequel a Verisk Business, has announced the development of a new solution designed to simplify the distribution of standalone products and delegated authority business.
The solution, called Sequel Hub, will launch with over 10 carriers and two of the top 3 brokers.
Sequel Hub orchestrates messaging between brokers, carriers, delegated authorities, and market systems, enabling intermediaries to place submissions, receive quotes and access capacity from multiple carriers through a single system.
Hosted in the cloud in AWS, Sequel Hub is based on Rulebook Hub, the API hub for global insurance policy distribution acquired by Sequel in 2018.
Notably, users of Sequel Hub will be able to send and receive messages from within their own systems, eliminating the need to maintain multiple direct connections.
Sequel hopes that this will save significant time and resources, increase the speed of doing business and improve the quality of data flowing through the distribution chain.
“The proliferation of point-to-point solutions and lack of coherent placing standards has made distribution highly inefficient in the London Market,” said Ian Summers, CEO of Sequel.
“As an industry under pressure, we can and must do better. Brokers shouldn’t have to manage and maintain dozens of API connections to place risks, and market participants should be speaking the same digital language so they can transact quickly and affordably,” he continued.
“Sequel Hub brings together data standardisation, real-time connectivity and automation with the best available data to make distribution simpler, more efficient and more intelligent.”