#London #United Kingdom #Chaucer Group #WCL #Velonetic

Chaucer Group Adopts WCL's Alternate Solution

In a significant development for the insurance industry, Chaucer Group, a prominent reinsurance firm, has gone live with Web Connectivity Limited’s (WCL) innovative messaging solution known as 'Alternate'. This strategic move comes as Chaucer prepares for Blueprint 2, Phase 1, a pivotal project aimed at overhauling the central messaging infrastructure within the London market. The implementation of Alternate allows Chaucer to process previously unsupported messages from Velonetic, a leader in insurance technology solutions.

Hayley Spink, the Chief Operating Officer of Chaucer, emphasized the importance of this technology: "Alternate has provided Chaucer with a robust and reliable solution to process messages from Velonetic that would otherwise be unsupported. By adopting this technology, we're equipping ourselves to continue writing business as we transition into the phases of Blueprint 2."

As companies prepare for the go-live of Blueprint 2, Phase 1, they are faced with critical decisions regarding their business operations. With many bespoke market messages from Velonetic becoming obsolete, firms must either halt certain lines of business or commit to an extensive update of internal policy systems. This shift underscores the necessity for companies to find updated solutions that meet the new messaging requirements set forth in the Blueprint.

WCL, recognized as a leading messaging specialist in the London market, has partnered with Northdoor to develop the Alternate solution specifically to handle ACORD eBOT and eCOT messages. These messages, which Velonetic sends via the ACORD4ALL service, are systematically updated into the latest ACORD versions. The updated format enables Chaucer to seamlessly incorporate these messages into their policy systems.

The benefits are substantial. As a result of this partnership and innovation, Chaucer will have the ability to process messages related to Blueprint 2’s Phase 2 when they become available. This forward-thinking approach is distinctly beneficial in a rapidly evolving market landscape.

James Willison, WCL’s managing director, commented positively on the long-standing partnership with Chaucer, stating, "WCL first started supporting Chaucer with ACORD messaging back in 2007, so it’s incredibly rewarding to continue our collaboration to ensure they can adapt to the upcoming changes brought by Blueprint 2."

Currently, Alternate is fully operational and accessible to any Lloyd's managing agent or London market business whose previous messaging protocols will no longer be guaranteed support with the advent of Blueprint 2, Phase 1. The prompt implementation of this solution signifies a proactive step towards ensuring compliance and enhancing operational efficiency as the insurance sector undergoes this transformative period. For additional details about WCL’s Alternate solution, interested parties can visit their website.

About WCL

Founded in 2020, WCL operates as a subsidiary of Zywave, which is an industry leader in the insurtech sphere. WCL specializes in messaging and gateway technologies for (re)insurance purposes, bringing more than 20 years of experience to the table. They offer ACORD messaging capabilities to over 80 partners and have established connections to all major digital platforms and systems utilized within the London market.

About Chaucer Group

Chaucer Group is recognized as a leading specialty (re)insurer that collaborates with brokers and clients globally, offering protection and support for various business activities. Leveraging its affiliation with the China Re Group, Chaucer benefits from robust financial backing and operational resources.

About Northdoor plc

Established in 1989, Northdoor plc has made significant strides in insurance technology innovation, addressing the complex needs of the insurance sector during its digital transformation. With a focus on delivering tailored solutions, Northdoor continues to serve as a trusted technology partner for numerous insurance organizations.

In conclusion, the launch of WCL's Alternate solution marks a crucial step for Chaucer in preparing for an upgraded market communication framework, reinforcing its commitment to both business continuity and adaptation to the evolving demands of the insurance industry.