Jeff Yates reports. "Two years ago, ACT, AAMGA, NAPSLO and ACORD banded together to start the E&S Joint Working Group to bring much needed efficiency to the E&S market. We realized that many of the efficiencies we take for granted in the standard market were possible for excess and surplus lines as well, such as—use of ACORD standard applications, real-time uploads of data, downloads and general agent websites with more functionality. We also understood that the E&S market is really important to the independent agent with the mean agency placing 29% of its commercial lines revenue and 16% of its personal lines revenue with a market access provider, such as a general agent or wholesale broker (“GAs”) (2009 figures, 2010 Future One Agency Universe Study)."
"The E&S Joint Working Group & industry have made good progress over the last two years, but we stand at a crossroads right now. As I will describe further below, we have developed some standard ACORD E&S application supplements, created “proof of concepts” for real-time upload and download and published a roadmap for general agents on needed functionality for their websites. Now we need to take these standard applications and technology demos and put them into practice throughout the E&S industry."
Here is the full report from Jeff Yates, ACT Executive Director.