Arch joins ‘Sequel6’ initiative to facilitate market digitisation
Arch Insurance International is excited to announce its participation in Verisk’s ‘Sequel6’ collaborative market initiative.
At Arch, we are committed to playing a proactive role in the ongoing digitisation of the insurance market and to supporting initiatives that facilitate the acceleration of this critical transition. Developments such as the Blueprint Two initiative at Lloyd’s are vital to creating a digital framework which will make it faster, more efficient, and more cost-effective for both practitioners and clients alike to conduct business.
Key to any market transformation is the need for market-wide standardised processes which make the shift to a new operating environment as seamless and ‘glitch-free’ as possible. The Sequel6 group, which spans several of our peers in the London Market, is focused on creating data and application programming interface (API) standards for the market.
As Verisk explains in its recent release, “Standardising data and APIs across the market allows underwriters, brokers and coverholders to communicate directly from within their own systems in real-time, removing the need for individual or centralised market portals.”
This collaborative effort is designed to enhance every stage in the distribution chain and by so doing also facilitate the implementation of the Blueprint Two initiatives. It is far-reaching in its ambition, with work also focusing on automating certain underwriting and rating processes for commercial and specialty business. The group are also working with the insurance industry data standards body, ACORD, on the development of the API standards.
Commenting on our decision to become part of Sequel6, Ian Summers, CEO of Verisk Specialty Business Solutions, said: “It is great to have more leading insurers join the founding six members. All the members recognise the benefits data standards bring and deserve great credit for working together for the greater good of the London Market and supporting the objectives outlined in Blueprint 2.”
There is no doubt that by combining digital technology and common data standards, we can significantly improve speed and efficiency in the market. More importantly, taking a collaborative approach and aligning digital solutions will crucially improve the customer journey for all parties involved, making it easier for our brokers to serve their clients. This is a key market initiative, and we will play our part to the full in helping to deliver on its aims.
Read the Verisk press release for more about our participation in the Sequel6 initiative.