WCL’s Managing Director, James Willison recently attended the 67th Monte Carlo Rendev-Vous de Septembre to contribute to industry innovation and digital transformation. Innovation doesn’t happen in a vacuum; it requires open discussion and collaboration to be successful. The RVS event facilitates these discussions, and WCL is at the forefront of digital change in the market.
At the event, WCL’s impact was clear in the key area of digital distribution. The conversations held with WCL demonstrated clearly that industry players are stronger when they work together to achieve outcomes to benefit everyone.
Distribution: Bermuda Initiative
Bermuda has become leading light in digital transformation and better data sharing practices. Several reinsurance brokers – including Aon, Guy Carpenter, and Lockton– have developed their own trading platforms to provide a single process for distribution of risks to their carriers. While convenient for brokers, reinsurers are required to log into multiple systems to access relevant placing submissions from different brokers.
WCL saw the need for a unifying solution. In November of last year, WCL arranged a workshop inviting brokers and reinsurers to come together to discuss the future of digital distribution. A subset of this group that agreed to work together with WCL on a solution to bridge this gap.
The end deliverable was to utilise a placing aggregator which allows reinsurers to view submissions from different brokers in a single platform. Additionally, supporting documentation is also accessible in one place.
Distribution: Breaking Down Platform Barriers
Improving efficiency is top of mind for everyone as the risk trajectory continues to escalate. Successful organisations will find ways to sharpen their operations, and better digital processes can help. Currently, insurers are often interacted with digital placements multiple trading platforms – including Whitespace, PPL, Placing Hub.
WCL is changing this by providing technology to connect insurers directly into these platforms, eliminating the need to sign in multiple times. This enabled Placing platform streamlines and enhances digital placement, allowing carriers to have a single interface to access pre- and post-bind data and documents from multiple individual platforms.
The result is interoperability, speed and a seamless electronic placement experience that matches the industry’s call for efficiency.
Transforming the Market
The Monte Carlo RVS event confirmed the market’s priorities: seamless digital distribution, system interoperability and readiness for industry-wide transformation. These goals are the realities that WCL delivers every day by not just keeping pace with the market’s evolution but accelerating it.