Northdoor, an independent IT consultancy and provider of full lifecycle solutions primarily to the financial services industry, has today announced that when Ark Syndicate Management Limited launched on 19th March, it became the newest customer of the many syndicates and insurers to use Northdoor's N-DEX Suite of insurance underwriting and messaging solutions for the London Market.
Both customised and implemented by Northdoor in just 11 weeks, the solution now handles Ark's policy and claims administration, credit control and transaction processing. It also monitors contract certainty and provides a view of risk performance. Importantly too, it enables Ark to comply with the regulatory information requirements of Lloyd's and the Financial Services Authority (FSA). The solution is itself compliant with ACORD messaging standards.
Ark gained approval from the Financial Services Authority and Lloyd's Franchise Board for Lloyd's Syndicate 4020, and will begin writing policies incepting from 1st April 2007. The Syndicate, which will underwrite a diversified, balanced book of insurance and reinsurance, in marine, energy, property and casualty classes, has a stamp capacity of £114m for the 2007 year of account. Ark's holding company is Bermuda-based Group Ark Insurance Holdings Limited.
"We selected Northdoor as our solution provider because its N-DEX suite supports other syndicates very successfully. We wanted something bespoke, yet based on a solution proven to be robust and scalable - and we wanted it quickly," said Nick Bonnar, Director of Underwriting for Ark Syndicate Management. "We also wanted the solution to be hosted, managed and supported, enabling us to focus on underwriting insurance risks, rather than running IT. For us, Northdoor had all the answers."
Ark was also attracted to Northdoor's N-DEX offering by being able to own the customised solution. Given the critical nature of the software to Ark, this gives it greater control than licensing a packaged solution owned by a vendor. In addition to asking Northdoor to host the solution, Ark has selected Northdoor's Application Line and Managed Line services providing long-term application support, management and piece of mind.
David Ballard, consulting services director of Northdoor said: "Upon deciding to launch a new syndicate, speed of systems development can be critical to the launch date. Northdoor's N-DEX offers new syndicates speedy delivery of an underwriting and messaging solution proven by many other London Market insurers. We are delighted to be working with Ark Syndicate Management."
Northdoor's data warehouse service has been integrated for Ark and Hyperion's Business Intelligence tool will aid management analysis of business performance and risk. The N-DEX Suite is a Microsoft Windows-based solution running under CITRIX which means authorised Ark employees can access the system from anywhere via a web-browser.