Step 1 & 2
Step 1 & 2 can be viewed here:
Step 3: Settlement
Velonetic technician
A Velonetic (previously London Market Joint Ventures, or JV) technician will manually process the agreed Lloyd’s claim in order for it to go through to the settlement stage.
Netting off services, Central Settlement
Claims netted settlement will still occur through Central Settlement. Central Settlement is not changing and will still work via STFO for Lloyd’s and via RBS for the company market.
It is expected that there will be no changes to Central Settlement bank accounts. Central Settlement is expected to work as it does today but with feeds from the new digital services rather than the existing ones.
Direct Settlement
A new method of settlement that will be introduced in phase one. Please see What is Changing for more information.
Managing Agent playbook links
Phase one
Phase two
Preparation
What is changing?
What is not changing?
What to do and when?
Known unknowns
Placement
Broker & Insurer phase one
Broker & Insurer phase two
Claims
Broker & Insurer phase one
Broker Phase two, Insurer Phase one
Broker phase one, Insurer phase two
Broker & Insurer phase two
Premium Accounting & Settlement
Broker & Insurer phase one
Broker phase two, Insurer phase one
Broker phase one, Insurer phase two
Broker & Insurer phase two
Claim Accounting & Settlement
Broker & Insurer phase one
Broker phase two, Insurer phase one
Broker phase one, Insurer phase two
Broker & Insurer phase two