ROOM Solutions, a global software and services partner to some of the world’s leading non-life commercial insurers, today announced its launch of an online knowledge sharing portal.
The vehicle has been created for ROOM Solutions customers, specifically in response to new Performance Management Data (PMD) legislation. It will provide a single platform for users to access a central repository of reference data documents, share working practices with their peers, and provide valuable feedback on PMD-compliant products currently in production.
ROOM Solutions is developing a single reporting solution for its Subscribe customers, to manage the complexities of the new requirements. “Our product architecture and design allows us to react rapidly to new market forces”, said Ameet Dave, Commercial Director. “We continue to take a collaborative approach with our clients on product development to ensure a strategic fit, and this forum will be instrumental in gathering input”.
The new reporting directive has been brought about to support the strategic objective of prudent cycle management. It supersedes the Premium Income Monitoring (PIM) return, and relates to four cumulative monthly reports: 163, 186, 187 and 188, with the first submission due on 15 April 2009.
“Any change in legislative reporting challenges even the most dynamic of organisations”, said Marcus Broome, CEO at ROOM Solutions. “We hope that this portal will ultimately will steer best practice and, coupled with the consultative efforts of the Lloyd’s PMD team, make the transition as trouble-free as possible for our customers.”