Duck Creek enhances Reinsurance Cloud Platform with Lloyd’s integration
By Gloria Methri
Duck Creek Technologies has announced its support for and integration into Lloyd’s Outwards Reinsurance Scheme (LORS) for its ceding reinsurance customers using Duck Creek Reinsurance.
With this latest functionality, Duck Creek Reinsurance continues to offer global carriers the necessary tools to integrate into the world’s leading reinsurance market.
The LORS capability within Reinsurance offers all the code sets used in LORS and USM messages, enabling Lloyd’s members and Duck Creek customers to directly connect to and interact with Lloyd’s technology platform and processes.
Duck Creek Reinsurance is equipped with the required data structure to support LORS Outward Reinsurance Advice Message to advise underwriters of transactions that are new, amended, or replaced by brokers, as well as Underwriter Response Messages which are used to advise underwriter authorisations, objections, and data changes.
Duck Creek’s LORS integration also will confirm successful batch processing or report errors and will automatically notify insurance carriers regarding ceding movements and processing status.
“The LORS integration demonstrates our commitment to the London reinsurance market. As we build upon over three decades of market-leading reinsurance management capabilities, Duck Creek Reinsurance is delivering the core functionality and innovation to enable global growth for our reinsurance customers,” said Julien Victor, managing director, reinsurance management. “We are also involved in the Lloyd’s Blueprint 2 initiative, and we are proud to lead the market with cloud-based technology that supports many of the world’s most prominent insurance carriers’ reinsurance programs spanning the London, European, APAC, Bermuda, and USA territories.”
Duck Creek Reinsurance is a SaaS-based cloud platform that connects with any policy or claims system, data warehouse, and downstream general ledgers to track all the information related to reinsurance contracts (treaties and facultative contracts), claims, accounting data, technical data, auxiliary data, financial data, and more). It has built-in reporting and can also connect to popular corporate reporting solutions. It is a flexible solution tailored to international organizations using multiple currencies and multiple GAAP requirements.
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