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Advisen targets London with Web Connectivity tie-up

Market information and analysis firm Advisen Ltd has teamed up with XML messaging specialist Web Connectivity Ltd in a combined offering it says will increase transparency and efficiency in the London market.

Under the partnership, Advisen will license Web Connectivity’s Gateway software, enabling the communication of data in and out of its information platform.

Mason Power, managing director of Advisen’s European operation, commented: “Others have produced electronic trading systems to help the industry reform. To date, the market has not embraced those products.

“Web Connectivity is not about replacing anyone’s process or systems – it is about enabling existing systems to talk to each other in a standardised and agreed format, ACORD.”

The company’s CEO, Tom Ruggieri, said the partnership would “transform” the closing process and the pre-placement submission.

New York-headquartered Advisen, which recently established its London office, was strongly linked with Kinnect after Lloyd’s pulled the plug on its electronic trading platform project in January this year.

The company is also understood to have looked at other potential tie-ups, including RI3K’s Brit-backed platform.

In a statement earlier this month as it opened its London office, Advisen said it was looking to expand its current product offering “to enable all parties to an insurance transaction to communicate terms and conditions and exchange documents electronically through the agreed ACORD standards”.

Advisen, which provides information and analytics to help brokers, underwriters and buyers validate underwriting decisions, is well established in North America.

The company says it is “actively expanding” its database to include more coverage of UK and European private and public risks.

Web Connectivity includes Benfield and Aon in its client list.

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