Buyers access a front-office web application to make the management of insurance and reinsurance purchasing more efficient and compliant.

Buyers can bring together their departmental teams to prepare submission files and collect exposure data. Once prepared the documents can be distributed to brokers for review and edit before they go out to the market.

All placements can be managed on a direct basis or through brokers, monitored real-time with each step of the process recorded in one project file.

Copies of bound contracts and wordings are stored in a company library. ACORD GPD standard contract templates are available for companies wishing to create their own documents. The library can also interface with wordings repositories.

With an integration in place, buyers' repositories and processing systems can be synchronously updated as risks are quoted, bound and closed.

Brokers access a customisable electronic trading environment for their people, customers and markets. The broker services support client enquiries, risk distribution, placing, contract production and endorsements.

Before going to market, brokers can manage enquiry forms from overseas offices or customers and prepare submission files in an electronic broking room. Risks are distributed to global markets and the full placement lifecycle supported for either simple or complex negotiations, including the management of subjectivities.

A library service is directly accessible for brokers to find the right forms and documents for their placing files (in MRC and ACORD GPD formats).

A virtual underwriting room distributes copies of the broking files to underwriters. All communications are recorded and copies of bound lines appended to the contract.

ACORD messages will update broking systems with quote, written and signed lines data. Documents can be delivered to company document repositories .

Underwriters access a virtual underwriting facility to trade with their clients and broking communities. The facility removes the cost of developing 2-way ACORD workflow applications and managing multiple integrations.

The virtual underwriting service provides standardised workflow, a document library and ACORD data messaging. Each underwriter has an on-line submissions desktop where risk information can be accessed, messages sent to teams or customers, contracts can be downloaded and quotes or bound lines authorised.

With an integration, a carrier's middle and back-office applications will be synchronised to ensure enquiries are captured quickly. As written and signed line data is authorised, processing systems can be updated or outsourcing companies alerted to deliver contract production or back-office services.

Carriers using the virtual underwriting service can literally plug in brokers and clients one by one, either by integrating their systems into the framework or by offering them ACORD placing workflow services.