Kiln, the international insurance and reinsurance underwriting group has used Sequel’s Eclipse Underwriting application to automate and speed up its PMD reporting.
PMD reports are used to benchmark and monitor performance against business plans and peers, and are a requirement of all Lloyd’s Managing Agents. They concentrate, in detail, on premium income reporting and give Lloyd’s a clear understanding of the movements in premium volumes in the market and in particular the causes of rate movements.
The joint project, which ran through the last quarter of 2009, replaced spreadsheet-based manual processes. It integrated the PMD process into Sequel’s Eclipse Underwriting software which Kiln use to record the data behind their underwriting activity. Kiln is the Managing Agent for five syndicates at Lloyd’s.
Kiln’s Group Director of Underwriting, Richard Lewis, says: “We have worked with Sequel on a number of projects over the years, and I felt confident that they would produce a good result. They were able to look at everything in depth, often foreseeing problems and solving them before they arose. The result is a significant gain in terms of accuracy, reliability and efficiency. There is no question that we have made significant man hour savings but, more importantly, we can rely on the fact that we will have these reports on time.”
“We believe other Managing Agents could benefit from the work Sequel has done for Kiln, and help them to meet Lloyd’s premium income reporting requirements. Lloyd’s now requires a greater level of detail for these reports,” says Michael Graham, Director, Sequel.
“Carriers without fully automated PMD systems are under pressure - most are struggling to produce accurate and timely reports. Manual processes typically rely on re-keying data into error-prone spreadsheets.” Graham concludes.
Kiln is an international insurance and reinsurance underwriting group with a portfolio of specialist risks. Since 1962, it has built its business on the strength of its underwriting and its relationships.
Kiln is part of the Tokio Marine Group. Its UK operating company, R J Kiln & Co Limited, currently manages five syndicates at Lloyd’s and, in terms of capacity, is one of the largest agencies trading in the Lloyd’s insurance market. In addition to the UK, Kiln has offices in Hong Kong, Singapore, South Africa, Belgium and Brazil.
A recognised leader in each of the six main business areas in which it operates: reinsurance, accident and health, aviation, marine, enterprise risk, and property and special lines, Kiln syndicates benefit from a security rating of ‘A+’ (Strong) assigned to Lloyd’s by Standard and Poor’s.
Founded in 1993 and headquartered in the City of London, 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., New India Assurance Company Limited, Brit Insurance Holdings Plc, Argenta Syndicate Management Ltd, Faraday Underwriting Ltd, Global General & Reinsurance Co. Ltd, RJ Kiln & Co. Ltd, COBRA London Markets Ltd, Ascot Underwriting Agency Ltd, RenaissanceRe Syndicate Management Ltd, Canopius Managing Agents Ltd, Dashwood Brewer & Phipps Ltd, Novae Insurance Company Ltd, Shelbourne Syndicate, Management Ltd, Max at Lloyds Services Ltd, Omega Underwriting Ltd, Jubilee Managing Agency 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 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.