Updated: Feb 5, 2022
January 17, 2022: Ecliptic, the dedicated technology arm of Advent Insurance Management, today announces the launch of global collaboration platform ARIES, providing oversight of the entire delegated authority (DA) stakeholder process on a single system.
ARIES offers dramatically improved efficiency over existing cumbersome and complex processes that are prone to inaccuracy and delay. The benefits for insurers, brokers, and MGAs include:
A single global platform to manage all aspects of DA stakeholder relationships
A single global process for assigning contracts, relationship management and managing performance
A complete audit assignment and completion tool with the ability to adapt and apply scoring to meet specific requirements
A single source of data, management information and insights for all delegated contracts and all parties involved (MAs, broker, coverholders, TPAs).
TPAs also benefit from the single point of access that allows multiple insurers to view and undertake their due diligence. It also allows TPAs to receive and manage all delegated contracts and authority, as well as management information insights about insurers, MGA and broker relationships, panels, and usage.
ARIES was developed in collaboration with the market and DA stakeholders at Ecliptic’s recently launched Inov8ionLab on Lime Street, as part of its commitment to enable the London market to realise its ambitions through technological innovation.
Paul Bermingham, managing director of Advent and CEO of Ecliptic said: “ARIES extends the concept of expert management system GEMINI; a marketwide solution built and administered by Ecliptic and funded by the LMA. If GEMINI is the platform enabling end-to-end collaboration between insurers and experts, ARIES is the platform that enables end-to-end collaboration between all stakeholders in the DA process. ARIES will deliver significant benefits for all by reducing the error, complexity and inefficiency that for too long have dogged DA, causing many TPAs to turn to local markets. ARIES provides complete visibility to all parties within the DA world”.
For further information please contact:
David Haggie / Richard Adams, Haggie Partners +44 20 7562 4444
Ecliptic is the dedicated technology business of Advent Insurance Management, which offers a highly-collaborative approach; part building solutions for potential clients to prove a concept will work in practice before they commit to buying the end product. Ecliptic partners with and constructively challenges Lloyd’s and London market businesses to help realise their ambitions to modernise through technology. Ecliptic products include LIBRA (previously DA Portal), which manages loss funds, claim management and bordereaux production, and GEMINI, the LMA’s expert management platform; a market-wide solution Ecliptic administers on behalf of the Lloyd’s market. As part of its collaborative approach, Ecliptic recently launched Inov8ionLab at 24 Lime Street to make its deep industry knowledge highly accessible, allowing London market business to quickly obtain the support they need to realise their ambitions through technological innovation.
About Advent Insurance Management
Advent Insurance Management provides consulting, global claims services, back-office outsourcing, and technology solutions to London market brokers, carriers and their coverholders which alleviate regulatory and competitive pressures and allow delegated authority underwriting businesses to thrive.