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Canopius Insurance Nods For Open Text ECM For Electronic Trading

To improve processes, reduce filing costs and support the implementation of electronic trading

Canopius, a UK-based insurance and reinsurance group that operates at Lloyd’s, has selected the Open Text ECM Suite to improve processes, reduce filing costs and support the implementation of electronic trading.

Following an evaluation process, Canopius chose the Open Text ECM Suite, particularly for its business process management and document management capabilities.

Canopius signed the agreement at the end of March, 2008 and has since taken up the document management and initial core workflows to all underwriting teams.

Owing to the increasing market demand for electronic trading, Canopius sees the need for a document management and workflow system. The company expects that the system would enable it to exchange information electronically with brokers and third parties all over the world.

Linda Stannard, Head of IT and Business Change at Canopius, said: Currently, underwriting processes are paper based with ‘face to face’ meetings held, even to manage administrative tasks. However, with technical advances in communications, the London Market has commenced a market improvements initiative to reduce administrative overheads and improve servicing times.