Claim Accounting & Settlement, Broker phase one, Insurer phase two

Managing Agent playbook – phase two

In this scenario, the Insurer has adopted phase two solutions while the Broker has only adopted phase one solutions

Phase two CAS three diagram

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 NoChange

Direct Settlement

Direct Settlement will remain unchanged from phase one.

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Managing Agent playbook links