One of the most interesting things at this year’s American Association of Managing General Agents (AAMGA) conference (March 3-6) was the number of excess and surplus (E&S) lines carriers that now produce online quotes via XML. A few years ago, it was difficult to find any carriers that supported online quotes; this year, there was a panel of 6 carriers all supporting web services. There was even talk of including underwriting in the web services to improve the accuracy of quotes and so that quotes will not be declined. It seems that the excess and surplus lines carriers have come from behind the standard lines markets to take the lead. The ACORD standard for E&S lines products is also maturing and becoming more widely adopted. In contrast, the panel of Lloyds markets indicated that standards don’t help them differentiate their products and are not something they are considering. The Lloyds markets sound like the E&S markets of 5 years ago.
March 07, 2013