WIN Magazine - Spring 2016 - (Page 30)

FEATURE STANDARDIZING THE NON-STANDARD INDUSTRY: E&S WORKING GROUP CHAMPIONS AUTOMATION AND EFFICIENCIES BY CJ KETTERER L AST Y E A R' S WHOLESALE Insurance News magazine E&S Joint Working Group article pointed out that it is for the benefit of everyone in the E&S marketplace to implement standards based electronic interchange of data. Your role in your respective organizations may be far removed from standards, so I think it's important to relate the benefits of standards to savings in efficiency and cost for your business. From the very beginning the E&S Joint Working Group realized the need to eliminate keystrokes for all involved in the E&S marketplace. We all know entering the same data multiple times is inefficient, costly and prone to errors yet it still continues more than any of us would like. As you read this update on work of the E&S Joint Working Group keep in mind the goal is to reduce or eliminate pain points to the business. Implementing and developing standards to exchange data is part of the solution to reach the goal. To accomplish this will require awareness and involvement from both business leaders and the IT staff in each organization. Efforts of the E&S Joint Working Group over the past year have continued to focus not only on implementation but even more importantly on increasing participation to work on new standards. These efforts have also taken on an international theme as awareness has grown between the U.S. and the U.K. on standards initiatives. This international group understands the importance of working together on standards to reuse work that has already been completed. They also understand the E&S marketplace is truly international and working with this in mind is key to streamline workflows for all involved. Even though international awareness exists it needs to continue to grow. At the 2015 AAMGA Automation Conference during the E&S Joint Working Group presentation an online survey question was asked for all in the audience to respond to. The question asked what line of business the group wanted to see a standard developed for next. It was partially a trick question as one of the lines of business listed was General Liability and that standard is already available. Interestingly enough the answer getting the highest response by far 3 0 | v i e w t h i s i s s u e a t | was General Liability. Here was an audience at an automation conference where a high percentage of the attendees were not aware that the rate and rating standards for General Liability were already available for use. The message was clear that there is a lot of work to be done when it comes to implementation and participation to develop standards. Here are some of the areas the E&S Joint Working Group has been working on to improve the implementation and participation in developing standards. POLICY ISSUANCE Another survey question at the 2015 AAMGA Automation Conference indicated a high level of interest in creating a Policy Issuance standard. The E&S Joint Working Group took this information away and began the process of creating a Policy Issuance Working Group. The goal of this group is to expand the existing ACORD P&C XML data standards to support the issuance of a policy starting with General Liability. Developing this common standard would set the stage for the creation of web services to change the way policies are issued in the E&S marketplace. The time is past

Table of Contents for the Digital Edition of WIN Magazine - Spring 2016

Surviving the Cyber-Liability Avalanche: How Contracts with Business Partners and Vendors Expose Companies to Cyber Liability
Data and Analytics: Another Dimension to Underwriting in the Specialty Insurance Market
Embracing New Technologies & Attraction Marketing Strategies
How the Cloud Levels the Playing Field for MGAs
Staying Agile in an Era of Disruption
Standardizing the Non-Standard Industry: E&S Working Group Champions Automation and Efficiencies
Using Technology Communities to Foster Innovation in the E&S Wholesale Distribution Model
Autonomous Vehicles: Considerations for Personal and Commercial Lines Insurers
AAMGA 2016 HeatMap of Emerging Issues and Trends: Challenges and Opportunities for the Specialty Insurance Industry
A Personal Note on Leadership: There’s Hope in the Young
In the WIN-ner’s Circle: Jim Mastowski and Coryn Mastowski Thalmann of Jimcor Agencies
Index of Advertisers

WIN Magazine - Spring 2016