A quick history of the Binder management system arms race:
2007: Hiscox strikes first by signing with Agencyport for its Hiscox Data Exchange
2008: Agencyport and Hiscox donate exposure data model to ACORD, published as the ER 3001 standards
2009-2010: Other managing agents in Lloyd’s evaluate vendors; scope of binder management system requirements expands; Lloyd’s acts to provide information and support for managing agents, wholesale brokers and coverholders
2011: Lloyd’s Coverholder Technology Forum features nearly 30 vendors; Managing Agents publish tenders for binder management systems; Agencyport launches Alchemy 2.0 to combine the leading functions of bordereau processing (formerly CoverIQ) and binder management (based on years of experience with syndicates at Lloyd’s and companies in London)
2012: Two vendors emerge as finalists in most selections: Agencyport and Watertrace.
May 2012: Agencyport releases Alchemy 2.1 which adds more functionality that is unique to Alchemy (not in other vendor systems but required in every tender we see) and also adds functionality Alchemy had been missing relative to Watertrace and other vendors.
With 2.1, Alchemy is more complete than other products, the Alchemy web offers the best web user experience (based on Agencyport’s twelve years of building web solutions) and with the Agencyport team in the UK and the US ready to support carriers and their coverholders, we invite you to learn more and see Alchemy 2.1 in action.