17 November 2008

Faraday and Sequel Business Solutions have completed the first phase of Faraday’s strategic, end-to-end underwriting system, on time and on budget.

We needed a modern, flexible system which would integrate with all our business systems and place us in the best possible position to trade and connect electronically with our external counterparties

John Connors, Faraday Lloyds and London Market insurer/reinsurer Faraday signed a contract for the implementation of Sequel’s Eclipse Underwriting software solution in April this year. The decision followed an extensive selection process and a three-month ‘model office’ project, which determined the size, shape and cost of the full implementation.

“We chose Eclipse Underwriting as we needed a modern, flexible system which would not only integrate seamlessly with all our other business systems, but would also place us in the best possible position to trade and connect electronically with our external counterparties,” said John Connors, head of operations at Faraday.

The character of the solution provider was equally as important as the system functionality, said Connors. “Sequel has an excellent reputation for delivery and has demonstrated this quality in the recently completed first of two phases. Together, we undertook an enormous amount of planning and preparation, which gives me confidence that the programme will continue to run to schedule. We now focus with confidence on the final deliverable – live rollout to all users across Faraday’s London Market operation in summer next year,” he said.

“Faraday is taking a forward-looking but lower risk approach to software replacement by partnering with Sequel,” said Sequel director Michael Graham, who believes more companies should follow Faraday’s strategy of replacing core processing systems. “We are leading insurance software specialists and have been in the market for over 15 years. Our Microsoft-based systems are being used by world-class carriers and brokers in the London Market. We offer our clients high levels of service and an unrivalled track record for delivery, so we can mitigate the risks and headaches associated with system change and allow companies to focus on their core business – insurance, not software.”

“We are delivering innovative and well-designed software solutions through collaboration with our clients," concluded Graham. “Eclipse Underwriting is further evidence of our continued commitment to help our clients meet the challenges they face in the market.”

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