E-Trading for Insurance and Reinsurance

Synergy Gateway is an electronic messaging hub enabling insurance businesses to trade electronically

Synergy Gateway electronic messaging hub

The insurance sector is moving towards the general adoption of electronic trading. High profile initiatives announced by leading reinsurers, industry bodies, initiatives provided by global organisations and the emergence of expertise in the field have made electronic trading shift from concept to reality.

Synergy Gateway is an electronic messaging hub that has been developed to overcome the challenges of working with diverse communications protocols and messaging standards. The gateway is uniquely positioned to deliver an electronic trading enabler that supports existing and emerging communication technologies so that insurers can enter the e-trading arena with confidence.

The Gateway design utilises adaptors to facilitate communication between placing platforms, brokers, agents and existing back office systems. This proven technology coupled with the facility to enable real-time interaction between underwriters and business partners, provides Eurobase customers with the capability for rapid and low-cost expansion into the e-trading environment and to offer their distribution network value added services and streamlined business processing.

The Gateway has the capability to execute business processes in connected systems according to user defined criteria, which is unique amongst messaging gateways. This function is further enhanced with automated exception handling through referral for “underwriter intervention”. This unique capability ensures superior customer service because it permits intervention for higher-value customers where normal rules based execution would simply reject a transaction.

Key features of the system include:-

• Single integrated solution for e-trading that connects multiple in-house and external systems and services
• Rules engine for straight through processing, with exception handling through “underwriter intervention”
• Gateway adaptors that allow translation of messages from one language, standard or protocol to another
• Rapid connectivity with new business partners and services
• Cost-effective deployment without modifying back office systems
• Platform independent technology

Synergy Gateway is ready to deliver significant business advantage today. If you would like to understand more about how we can do this, then please contact one of our consultants.

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