P&C solutions provider Duck Creek Technologies has announced its latest advancement in supporting the Lloyd’s Outwards Reinsurance Scheme (LORS).
The new functionality is integrated into Duck Creek Reinsurance, enhancing capabilities for ceding reinsurance customers.
As per a news release, the LORS feature within Duck Creek Reinsurance includes all code sets used in LORS and USM messages. This allows Lloyd’s members and Duck Creek customers to directly connect with Lloyd’s technology platform and processes. The system is designed to support the LORS Outward Reinsurance Advice Message, which informs underwriters of new, amended, or replaced transactions by brokers. Additionally, it handles Underwriter Response Messages for authorizations, objections, and data changes.
Duck Creek’s integration with LORS also facilitates error reporting and batch processing confirmations. It automatically updates insurance carriers about ceding movements and processing statuses. The module includes a full audit trail, enabling insurers to delete or amend pre-authorized items and request cancelations of signed items.
“Duck Creek’s LORS integration demonstrates our commitment to the London reinsurance market. As we build upon over three decades of market-leading reinsurance management capabilities, Duck Creek Reinsurance is delivering the core functionality and innovation to enable global growth for our reinsurance customers,” Duck Creek reinsurance management managing director Julien Victor said.
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