Faraday, the Lloyd’s and Companies insurer and reinsurer, have today announced that they have taken a major step forward in streamlining their operations through their partnership with Sequel, the leading (re)insurance software specialists. During August 2009 all Faraday business users went live on Eclipse Underwriting – Sequel’s market leading software, which delivers control and management over their entire London Market business.
Eclipse Underwriting provides Faraday with a secure, integrated, end-to-end solution and is the only application available in the market to support the full lifecycle of all insurance and reinsurance business (inwards and outwards) across the Lloyd’s, Companies and non-Bureau markets, in one system.
During 2008, Faraday conducted a system review project with the aim of replacing a number of their in-house systems and, following an extensive selection process, chose Sequel and Eclipse Underwriting for their powerful software and their track record for delivering successful projects within wider business transformation programmes.
John Connors, Head of Operations at Faraday, comments: “The implementation of Eclipse Underwriting has been a major success, a direct result of the well planned and collaborative approach to a business focussed project. Sequel are a straight-forward company to deal with, they are professional, knowledgeable and responsive. This has allowed us to establish a very strong partnership based on open communication and trust.”
Connors continues: “Eclipse Underwriting gives us a modern, functionally rich and easily configurable system which provides full support to our multiple business lines. This project has been delivered within the time and cost boundaries we planned, which is a tribute to everyone involved.”
David Smith, Sequel’s managing director adds: “Companies in the insurance industry need the right kind of partnership – one that brings them great people who understand their business and great systems that are innovative, well designed and deployed in collaboration with them. Our solutions are used by world-class carriers and brokers in the London Market. The power and flexibility of Eclipse Underwriting is evidence of our continued commitment to help our clients meet the challenges they face in the insurance market place. We are delighted to be working with Faraday and look forward to working with them for many years to come.”
The Faraday Group comprises two risk bearing entities, Faraday Re, a AAA rated London Market reinsurance company, and Faraday Syndicate 435 at Lloyd’s; both part of General Re Corporation, a wholly owned subsidiary of Berkshire Hathaway.
Business is underwritten through three teams: Aviation, Casualty and Property, supported by experienced Actuarial, Claims, Loss Modelling, Operations and Wordings personnel. Faraday’s business is sourced from both the Lloyd's and company markets and a diverse range of worldwide insurance and reinsurance classes.
Founded in 1993 and headquartered in the City of London, UK, Sequel Business Solutions Ltd (sequel.com) are leading insurance and reinsurance software specialists. Sequel’s customers are underwriters and brokers within the Lloyd’s and London insurance/reinsurance sector. They include the following companies:
• Willis Group Holdings Ltd.
• Brit Insurance Holdings Plc
• Faraday Underwriting Ltd
• RJ Kiln & Co. Ltd
• Ascot Underwriting Agency Ltd
• Canopius Managing Agents Ltd
• Novae Insurance Company Ltd
• Max at Lloyds Services Ltd
• Jubilee Managing Agency Ltd
• New India Assurance Company Limited
• Argenta Syndicate Management Ltd
• Global General & Reinsurance Co. Ltd
• COBRA London Markets Ltd
• Spectrum Syndicate Management Ltd
• Dashwood Brewer & Phipps Ltd
• Omega Underwriting Ltd
• ACE INA Services UK.
Sequel are known for their professionalism, industry expertise and track record for delivering on time and on budget.
Sequel deliver three powerful software solutions for insurers, reinsurers and intermediaries – Eclipse Broking, Eclipse Underwriting and Eclipse Annual Accounting.
Eclipse is a strategic suite of business applications built with 100% Microsoft technology that share a common business and technical architecture – all of our products have been designed with open architecture to enable easy access to information and simple connectivity with other systems. This enables customers to have a comprehensive, holistic view of their business.
Sequel’s products (sequel.com) have been designed and developed by our insurance experts, in partnership with underwriters and brokers. By combining process efficiencies with innovative analysis and reporting capabilities, Sequel’s products give customers control over their business information so they can make decisions quickly and with confidence, as well as taking market and regulatory changes in their stride.