Polaris is owned and controlled by the UK insurance industry
and focuses on improving the efficiency and reducing the costs of transacting
business involving insurers and intermediaries. The company seeks to facilitate the introduction of an electronic
marketplace in retail insurance products by:
Working with the market to develop business process models
for both point of sale (ie simpler business which can underwritten on an
automated basis) and complex business (ie where an underwriter must analyse the
risks and terms and conditions are individually determined).
Developing standards as appropriate to support these methods of working and emerging new technologies (eg Internet/WAP technologies) to ensure that the benefits of e-commerce can be realised.
Providing software for both product definition by insurers
(ie ProductWriter) and rate provision for intermediaries at the point of sale
(ie the Run Time Environment or RTE).
Adopting existing EDI standards or building these where no suitable standards for the transmission of data between intermediaries and insurers exist. As technology advances this area will be re-assessed and new means of information exchange, such as XML, will be introduced.
Polaris are working with various UK insurers and international insurance standards bodies to develop suitable XML standards. Further details of these can be found in the XML Overview paper.
In 1998 CLMI Ltd (The Commercial Lines Market Initiative) merged with Polaris. Prior to the merger, the latter had focused exclusively on point of sale business but now its remit covers both this area and bespoke or negotiated business.
During 1997 the company appointed LogicaCMG to handle its technical development, implementation and customer support activity.
In June 2001 the Association of British Insurers' InStep services were transferred to Polaris following an internal reorganisation. This brought all the UK general insurance standards work under one roof.
Polaris UK Ltd is located at:
1st Floor
100 Fenchurch Street
London EC3M 5JD
Telephone: 020 7265 5750
Fax: 020 7265 5770
Service desk and general enquiries: 0845 456 1956
(last update 8/08/06)