Placement

Managing Agent playbook – phase one

The only change arising is the fact that the DRI messaging will now be routed through the new Market Gateway (ASG Adept), which means reconfiguring end point URLs.

Phase one, placement one diagram

Step 1: Pre-Bind & Bind

There is no change to the pre-bind process: document exchanges are expected to happen as they do today, using the same placing platforms or other channels between brokers and insurers.

Step 2: Post-Bind

Actor Broker Insurer NoChange

MRC v3 & Supporting documents

Brokers will continue to originate the MRC documents during phase one.

The adoption of MRC v3 is pivotal in enabling the delivery of Blueprint Two. It is the Data Council’s intent that at least 80% of in scope lines of business incepting from 1 Jan 2024 will be conformant to the MRC v3 guidance. Until MRC v3 is fully adopted, all of the Blueprint Two objectives and potential cannot be fully realised.

Some brokers have already begun issuing MRC v3. Insurers should familiarise themselves with the MRC v3 guidance in preparation for receiving the new templates from brokers in Q4 2023.

There is separate MRC guidance for binders which has not been updated yet. Whilst there have not been specific amendments made for treaties and line slips, as per the MRC guidance, it is recommended this is used. There is no specific agreement for consortia - however as per the CDR/MRC guidance, a consortia could be added as a market on the contract. 

The MRC guidance can be found here

Broker, Insurer and Central Services potential change

IMR / IMR Portal

The IMR will continue to be the platform that will store the MRC. The IMR portal will remain available to use by insurers in phase one and phase two; however, the look and feel of the portal may change. The IMR portal will remain with the same interfaces as today.  Elements of the functionality will be moved to IPOS and ICOS.

A more detailed view of the changes is expected by mid-October 2023.

Actor Central Services DefiniteChange

Market Gateway

The only change to the Placement process arising out of phase one is the fact that the DRI messages to the IMR will now be routed through the new Market Gateway (ASG Adept), which means reconfiguring end point URLs.

Everyone will have to use the Market Gateway (ASG Adept) for phase one; however, this does not mean that you have to comply to the ACORD standards as EDI messages have their own set of standards that will be used for phase one. 

The old gateways will be no longer available (XAG, XDH and XSH).

Submission at bind through the DRI would utilise the Market Gateway (ASG Adept).

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