Novae chooses Salmon for best-of-breed web-based underwriting solution
30 November 2004
Salmon Ltd, the IT services and consulting firm, today announced that Novae Underwriting Ltd, the new specialist liability service company created by SVB Holdings plc, has chosen to develop and use its fully web-based underwriting solution. Salmon began offering this best-of-breed underwriting solution directly to the London market in January 2004 and the Novae implementation will represent its first direct deployment by the company - the system is already in use at WR Berkley and Illium as part of outsourcing deals with Xchanging.
As a fully web-based system written in Java, the Salmon underwriting solution is unique in its ability to link together all elements of an insurer's underwriting business. The solution allows insurers to streamline many insurance processes, to automate paper-based administration processes and allow access to the system from any location and at any time. The thin client and J2EE architecture of the underwriting solution also provide users with unprecedented levels of visibility, flexibility and business agility.
Stephen Fookes, Head of IT at Novae Underwriting, said: "The technology behind our underwriting process is vital to our underwriting proposition, as it provides the foundation from which we effectively deliver our services. The move to a web-based system will enable us to overcome old paper-based inefficiencies and help us provide a higher level of service to our brokers. The knock on effect is that our brokers will be more competitive in their environment."
Simon Ball, Commercial Director at Salmon, said: "Novae is establishing itself in the UK liability market and is successfully using innovative technology to facilitate its business. Novae's decision to deploy Salmon's underwriting solution shows that the company is serious about putting technology at the centre of its business. Novae is the first in what we hope will be a number of organisations that look towards Salmon to implement cutting-edge IT solutions for the provision of high quality insurance services."
Salmon's web-based system includes:
- Integration of all key elements of the business - e.g. claims, reinsurance and management information systems
- Thin client architecture for access anytime, anywhere
- Move from fully paper-based to automated administration
- End-to-end capability to increase efficiency and reduce costs
- Increased network visibility and straight-through processing
- Reduction in duplication of effort and human error