Polaris has updated the business process and data standards to support the use of Flood Re’s services. These include the changes to ProductWriter data dictionaries and EDI standards.
Flood Re is a Government and Insurance industry solution that covers households at high risk of flooding. This scheme will launch in April 2016, and testing by integrators is due to commence at the end of September 2015.
This initiative has an impact on both broker systems and insurer systems. Many of which rely on Polaris’ e-trading Standards and ProductWriter software.
Polaris’ Managing Director Martin McLachlan commented: “Polaris has worked closely with Flood Re to provide a specification of changes to standards. Agreeing the e-trading process and facilitating the collection and transfer of Flood Re data are instrumental to its successful launch. Polaris welcomed the opportunity to work with Flood Re to develop the standards.”
Rakesh Krishnan, Polaris Standards manager added: “Our experience of developing process models and identifying data requirements put us in an ideal position to assist Flood Re. Additionally, the existence of our Personal Lines Electronic Trading Practices Group which comprises of insurers, broker software providers and larger brokers ensured that data required by Flood Re to place risks was identified, captured and passed to insurers.”
Andrew Creedon, Flood Re’s Insurer Engagement Director concluded: “Flood Re became involved with Polaris in the very early stages of this initiative, given the role they play in the industry especially around the broker distribution channel. This helped us to reach out to the various stakeholders to discuss and obtain industry feedback. Polaris did a great job of facilitating these discussions and I was impressed by the diligence and effort put in by their staff.”
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