Specialist insurance technology provider DOCOsoft has developed and delivered a new claims management system (CMS) based on ACORD GRLC messaging for the Bermuda reinsurance subsidiary of a leading (re)insurance carrier which manages two Lloyd’s Syndicates.
This partnership between the leading (re)insurance carrier and DOCOsoft builds on a longstanding association between the two companies that goes back to 2008, when the carrier first turned to DOCOsoft to provide a document management system, before coming back in 2011 for a claims management system.
The new ACORD-standards-based CMS that DOCOsoft has developed represents a significant step forward for both organisations. Integrating ACORD eBOT and eCOT messaging with the DOCOsoft CMS enables users to achieve significantly faster claims settlement and greatly reduce administration costs.
The development work that went into providing the carrier’s Bermuda-based operation with a bespoke state-of-the-art CMS that incorporates ACORD Standards messaging leaves it well positioned to thrive in tomorrow’s claims technology environment. It also serves as an important demonstration of DOCOsoft’s capabilities around insurance technology incorporating ACORD GRLC messaging.
The creation of this innovative new full-function state-of-the-art CMS lays the groundwork for both the carrier and DOCOsoft to take full advantage of the positive changes expected to flow from ongoing market developments like the Future at Lloyd’s and Blueprint Two initiatives.
DOCOsoft CEO Aidan O’Neill comments:
‘This project was an exciting new development for our client, for DOCOsoft, and for the market as a whole. Our aim here – as with everything we do for members of our extensive global community of insurance and reinsurance carriers – was to maximise the client’s ability to leverage leading-edge technology solutions, operate more efficiently, deliver enhanced service, and build competitive advantage.
‘DOCOsoft was selected to develop this new claims management system for the Bermuda-based entity partly on the strength of on a high level of trust built up with the carrier in London over many years and its faith in DOCOsoft’s ability to deliver the innovative but robust technology solutions insurance businesses need to succeed in today’s increasingly competitive (re)insurance landscape.’