Known unknowns

A list of current knowns and unknowns for managing agents in phase one

  • The list of affected reports is not published yet. It is Velonetic’s (previously London Market Joint Ventures’) intention that all reports that exist today will exist like-for-like in phase one. Details are expected to be known in Q4 2023.

  • Velonetic are currently working on the details of the phase one cutover approach, for example, whether there will be a period of service unavailability and, if so, for how long. Details will be confirmed by Velonetic nearer the time.

  • Velonetic’s approach to in-progress items during the cutover period, e.g., open premiums, claims with partial agreement, and queries, will be confirmed nearer the time.

  • Full details of how individual market self-testing will work are still unknown, they are expected to be released at the end of 2023.

  • LORS capability is moving to the new cloud-based IPOS and ICOS portals, and it is the Velonetic’s intention that the functionality will remain the same as it is today. Details to be provided by Velonetic to the market, target date TBC. 

  • The details of which customised EDI messages (including ACORD4ALL) will and will not be supported and under what commercial terms is to be confirmed, expected by the end of Q3 2023. 

  • In phase one for premium processing, separate LPANs need to be submitted for Lloyd’s, LIRMA and ILU carriers. However, Velonetic to confirm whether claim processing services will offer the capability to process mixed (Lloyd’s &/or ILU &/or LIRMA) market submissions as one transaction in IPOS and ICOS, thus presenting brokers with a process simplification opportunity. 

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