Claim Accounting & Settlement

Managing Agent playbook – phase one

phase 1 claims 1 step 1, 2 and 3

Step 1 & 2

Step 1 & 2 can be viewed here:

Step 1 & 2

Step 3: Settlement

Actor Central Services NoChange

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.

Actor Central Services NoChange

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.

Actor Central Services DefiniteChange

Direct Settlement

A new method of settlement that will be introduced in phase one. Please see What is Changing for more information.

Previous Claims

Managing Agent playbook links