IBM and ATOS Origin link up with TriSystems to make effective electronic trading a reality.
TriSystems announce breakthrough for London Insurance Market reform
TriSystems announce a major breakthrough for London Insurance Market reform: easier trading through peer-to-peer messaging. TriSystems the messaging specialists have joined forces with IBM and Atos Origin, the global leaders in messaging hubs to perfect this process and will be demonstrating it at the Xchanging Conference in Brighton 7-8th November.
“We will show the proof that peer-to-peer trading is now ready to roll out to the London Market” says Jeff Ward, Business Development Director, TriSystems. “Peer-to-peer messaging - the exchange of placing, claims and financial transactions directly between brokers and underwriters - has been, until now, the holy grail of the post-Kinnect London Market technological reform agenda. At last, with just one connection point for the customer, the hub manages the transmission and receipt of all messages - irrespective of the number or location of trading partners.”
At the Xchanging Conference in Brighton 7th/8th November, TriSystems will demonstrate ACORD business messages flowing live between their Universal Messaging Gateway (UMG), Atos Origin’s WritePlace and IBM’s Insurer Messaging Network services. The two global messaging hub specialists have been working closely with TriSystems to deliver seamless integration of their messaging hubs to the TriSystems UMG, the market’s most powerful ACORD messaging gateway.
Xchanging conference delegates will be able to send ACORD messages live via either the IBM or Atos Origin hubs, simulating a broker-underwriter exchange of placing and endorsement data. This is further evidence of TriSystems’ ground-breaking demonstrations to Lloyd’s Director Sue Langley and ACORD CEO Greg Maciag at ACORD’s recent London Forum.
“Having languished in the technological dark-ages for too long, the London Market is at last able to move forward. Now it can exploit the proven power and reliability of these world-leading messaging companies to help it implement rapid change to achieve its reform objectives while maintaining the security, safety and cost-control demanded by the business,” Ward concludes.
TriSystems’ business and technical expertise in peer to peer communications in both insurance and reinsurance has allowed them to create the most comprehensive Acord specific London market gateway – the TriSystems’ Universal Messaging Gateway (UMG). Customers already include: Lloyd’s, ACORD, Brit and Zurich London. TriSystems are an international software specialist headquartered in London known for their long history of service and support in the London market.
TriSystems’ products and services help customers transact better business allowing them to communicate most effectively using ACORD/London Market specific XML messages. They bring to the market the technologies that allow disparate insurance systems, be they broking or underwriting, to trade electronically with each other – and the experience and expertise needed to implement and run them.
While previous attempts at providing an electronic trading platform across the London and international markets have failed, TriSystems’ tried and tested approach works – and is available now.
For press enquiries please contact;
Jeff Ward, TriSystems
T: +44 (0)20 7264 0440