19th January 2022
Ecliptic, the dedicated technology arm of Advent Insurance Management, has announced the launch of global collaboration platform ARIES, providing oversight of the entire delegated authority(DA) stakeholder process on a single system.
ARIES offers dramatically improved efficiency over existing cumbersome and complex processes that are prone to inaccuracy and delay. The benefits for insurers, brokers, and MGAs include:
-A single global platform to manage all aspects of DA stakeholder relationships
-A single global process for assigning contracts, relationship management and managing performance
-A complete audit assignment and completion tool with the ability to adapt and apply scoring to meet specific requirements
-A single source of data, management information and insights for all delegated contracts and all parties involved (MAs, broker, coverholders, TPAs).
TPAs also benefit from the single point of access that allows multiple insurers to view and undertake their due diligence. It also allows TPAs to receive and manage all delegated contracts and authority, as well as management information insights about insurers, MGA and broker relationships, panels, and usage.
ARIES was developed in collaboration with the market and DA stakeholders at Ecliptic’s recently launched Inov8ionLab on Lime Street, as part of its commitment to enable the London Market to realise its ambitions through technological innovation.
Paul Bermingham, managing director of Advent and ceo of Ecliptic, comments “ARIES extends the concept of expert management system GEMINI; a marketwide solution built and administered by Ecliptic and funded by the Lloyd's Market Association(LMA). If GEMINI is the platform enabling end-to-end collaboration between insurers and experts, ARIES is the platform that enables end-to-end collaboration between all stakeholders in the DA process. ARIES will deliver significant benefits for all by reducing the error, complexity and inefficiency that for too long have dogged DA, causing many TPAs to turn to local markets. ARIES provides a complete visibility to all parties within the DA world.”
Advent Trends(24 articles)