Faraday, the Lloyd’s and London Market Company insurer and reinsurer has, together with City of London UK headquartered Sequel Business Solutions Limited, completed a major milestone in their plans to deliver a strategic, end-to-end underwriting system.
In April this year Faraday signed a contract for the implementation of Sequel’s Eclipse Underwriting software solution to replace Faraday’s incumbent in-house system. Prior to signing the contract, there was an extensive selection process and Faraday and Sequel completed a three month ‘model office’ project. The model office phase was designed to determine the size, shape and cost of the full implementation.
John Connors, Head of Operations at Faraday, comments: “We chose Eclipse Underwriting as we need a modern, flexible system which would not only integrate seamlessly with all our other business systems, but would also place us in the best possible position to trade and connect electronically with our external counter parties.”
Connors continues: “However, equally important as system functionality is the character of the provider company. Sequel has an excellent reputation for delivery and has demonstrated this quality in the recently completed first of two phases. Together we undertook an enormous amount of planning and preparation which gives me confidence that the programme will continue to run to schedule. We now focus with confidence on the final deliverable – live rollout to all users across Faraday’s London Market operation in summer next year.”
Michael Graham, Director at Sequel believes more companies should follow Faraday’s strategy for replacing their core processing systems. Graham comments: “Faraday is taking a forward-looking but lower risk approach to software replacement by partnering with Sequel. We are leading insurance software specialists and have been in the market for over fifteen years. Our Microsoft-based systems are being used by world-class carriers and brokers in the London Market. We offer our clients high levels of service and an unrivalled track record for delivery. We can mitigate the risks and headaches associated with system change and allow companies to focus on their core business – insurance not software.”
Michael Graham concludes: “We are delivering innovative and well-designed software solutions through collaboration with our clients. Eclipse Underwriting is further evidence of our continued commitment to help our clients meet the challenges they face in the market. We are very pleased to have secured Faraday as a client, and we look forward to a long term relationship with them”.
The Faraday Group comprises two risk bearing entities, Faraday Re, a AAA rated London Market reinsurance company, and Faraday Syndicate 435 at Lloyd’s, both part of General Re Corporation, a wholly owned subsidiary of Berkshire Hathaway.
Business is underwritten through three teams: Aviation, Casualty and Property, supported by experienced Actuarial, Claims, Loss Modelling, Operations and Wordings personnel. Faraday’s business is sourced from both the Lloyd's and company markets and a diverse range of worldwide insurance and reinsurance classes.
Founded in 1993 and headquartered in the City of London, Sequel Business Solutions Ltd (sequel.com) are a leading insurance and reinsurance software specialists. Sequel’s customers are underwriters and brokers within the Lloyd’s and London insurance/reinsurance sector. They include the following companies:
Willis Group Holdings Ltd, Brit Insurance Holdings Plc, Faraday Underwriting Ltd, RJ Kiln & Co. Ltd, COBRA London Markets Ltd, Dashwood Brewer & Phipps Ltd, Jubilee Managing Agency Ltd, Spectrum Syndicate Management Ltd, GG & Re Co. Ltd, Argenta Syndicate Management Ltd, Ascot Underwriting Agency Ltd, Novae Insurance Company Ltd, Imagine Syndicate Management Ltd, Canopius Managing Agents Ltd, Omega Underwriting Ltd, ACE INA Services UK.
Sequel are known for their professionalism, industry expertise and track record for delivering on time and on budget.
Sequel deliver three powerful software solutions for insurers, reinsurers and intermediaries – Eclipse Broking, Eclipse Underwriting and Eclipse Annual Accounting.
Eclipse is a strategic suite of business applications built with 100% Microsoft technology that share a common business and technical architecture – all of our products have been designed with open architecture to enable easy access to information and simple connectivity with other systems. This enables customers to have a comprehensive, holistic view of their business.
Sequel’s products have been designed and developed by our insurance experts, in partnership with underwriters and brokers. By combining process efficiencies with innovative analysis and reporting capabilities, Sequel’s products give customers control over their business information so they can make decisions quickly and with confidence, as well as taking market and regulatory changes in their stride.