ALEXANDRIA, Va., June 8, 2010 — The Retail Agent E&S Initiative (a collaboration of the Independent Agents & Brokers of America’s Agents Council for Technology (ACT), the American Association of Managing General Agents (AAMGA), the National Association of Professional Surplus Lines Offices (NAPSLO) and the Association for Cooperative Operations Research and Development (ACORD)) today announced that Lloyd’s of London has joined the group.
“We are pleased to add Lloyd’s to the list of U.S. retail agents, brokers, MGAs, carriers and vendors currently involved in the process,” says Angelyn Treutel, Retail Agent E&S Initiative co-chair and vice president of the Treutel Insurance Agency in Bay Saint Louis, Miss. “Our goal has been to ensure that all components of the transaction are involved in our discussions and Lloyd’s joining the process helps us meet that goal.”
Lloyd’s will be coordinating efforts to improve the efficiency of electronically transferring data from MGAs in the U.S. to the London market.
“North America is an important component of business for the London market and Lloyd’s is working on improving the electronic transaction of data on both binding and open market business, and thus believes it is important to be part of this joint industry group,” says Adam Stafford, senior project manager of Lloyd’s market operations.
The Retail Agent E&S Initiative also announced that it will sponsor the following free webinar in which Lloyd's would present its current proposals to standardize data collection from its MGAs in the U.S.
TITLE: “Lloyd’s of London US Distribution Initiatives – Standards and Technology”
AUDIENCE: GAs, wholesalers, retail agents, carriers & vendors participating in the E&S, program and broker markets
PARTICIPANTS: Adam Stafford, Lloyd's of London
Sarah Thacker, Lloyd’s of London
Mike Roy, CRC Insurance—Alabama
Angelyn Treutel, Treutel Insurance Agency
John Deibler, JBD Consulting
Jeff Yates, ACT
DATE: July 13, 2010
TIME: 11:00 a.m. – 12:00 p.m. EDT
REGISTRATION: Click HERE or go to https://www1.gotomeeting.com/register/234333792
The Initiative has subgroups where retail agents, MGAs, wholesalers, carriers and vendors are working together to foster methods to transfer data electronically and to standardize the supplemental applications used in the E&S industry. A third subgroup recently completed a report on moving general agents from using static websites to sites with real-time interface with retailers and now works to promote the group’s efforts and accomplishments. Visit www.iiaba.net/act and click on “E&S Program & Brokerage Market Efficiencies” for information on how to become involved in the Initiative.
The Retail Agent E&S Initiative was formed in 2008 and is led by four industry associations: IIABA’s Agents Council for Technology (ACT), American Association of Managing General Agents (AAMGA), National Association of Professional Surplus Lines Offices (NAPSLO) and ACORD (Association for Cooperative Operations Research & Development) to improve the efficiencies for Retail Agents (RAs) interacting with managing General Agents (GAs) and wholesale brokers in the Excess & Surplus (E&S) market and to promote the electronic exchange of data between the partners.
ACT: Established in January 1999 by the Insurance Agents and Brokers of America (the Big “I”), ACT provides a candid, action-oriented forum to address the critical workflow and technology issues facing the Independent Agency System. ACT helps participants understand the perspectives of the other stakeholders in the process and provides excellent networking opportunities with the participants who are shaping the future for the industry on these issues. For more information about ACT visit www.iiaba.net/act.
AAMGA: Since 1926, the American Association of Managing General Agents (AAMGA) has served as the trade association to international wholesale insurance professionals, and as a leader representing the interests of its members before the federal, state and local governmental and regulatory agencies, to elected officials and other industry trade associations in the US, Canada and Europe. Through its focus on fostering relationships, conducting market-wide meetings and educational sessions throughout the year, the AAMGA has earned its trusted reputation by serving as the catalyst to industry practitioners focused on the wholesale insurance marketplace. See www.aamga.org for more information.
NAPSLO: Founded in 1974, NAPSLO is a national trade association representing the surplus lines insurance industry. Surplus lines is a specialized segment of the insurance business that is also referred to as non-admitted, specialty and/or excess lines. Risks are placed with the surplus lines market when they cannot be placed in the admitted/licensed market. NAPSLO represents surplus lines insurance agents/brokers and surplus lines insurance companies. NAPSLO has over 1,600 member offices in the United States, Canada, Germany and England. NAPSLO is on the web at www.napslo.org.
ACORD: This global, nonprofit standards development organization serves the insurance industry and related financial services industries. ACORD’s mission is to facilitate the development of open consensus data standards and standard forms. ACORD members include hundreds of insurance and reinsurance companies, agents and brokers, software providers, and industry associations worldwide. ACORD works with these organizations towards a goal of improved data communication across diverse platforms through implementation of standards. Visit ACORD’s website at www.acord.org.
IIABA: Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.iiaba.net.