Data exchange to drive the business with Etuity Core

Today marine insurance professionals spend too much time retyping data they have received. It can be data required to quote on a risk, bind a risk or do premium settlement. Retyping is time-consuming and error prone, which again is costly in terms of manhours and slows down the entire handling process, and at the end of the day is probably not the most interesting part of the job. 

Other industries, such as banking and securities trading, have removed most of the manual handling of data in their processes. Data is automatically exchanged between the parties involved in a process, also making Straight-Through-Processing (STP) possible. This is made possible through agreed upon data standards. The standards define how data is exchanged and how the data is formatted.  

As part of the development of Etuity Core, Instech will address this challenge. When a broker sends a quote submission to a carrier, the exposure values and schedule data will be automatically transferred to the carrier. The underwriter will then, without any retyping of data, be able to do risk assessments, evaluate premium rates and eventually send his quote back to the broker without the use of e-mails with attachments and so on. It might sound magical, but it is possible. 

You might raise the question; “but this will only work if both parties are using Etuity Core?”. If Instech made its own proprietary solution yes, but Instech wants to leverage industry wide standards. More specifically cooperate and utilize standards from Acord, that Instech believes has the potential to be adopted by the industry. The answer would then be, “yes, for everyone that use Etuity Core and solutions that have adopted Acord standards”.  

The upside is that you as a user of Etuity Core immediately can exchange data with parties that are Instech customers, but also in the future with any party that utilize systems that have adopted the Acord standards. 

Instech will prepare the community for the future!