Known unknowns

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

  • The deadline for phase two adoption is currently unknown. 

    •  Velonetic (previously London Market Joint Ventures) intends to discontinue EDI, CWT and DRI messages when the market deems they are no longer necessary, but no sunset date has been announced. 

    •  Similarly, the longevity of Writeback after phase two goes live is to be confirmed, but there are currently no plans for decommissioning Writeback.

  • It is expected that as more and more market participants adopt phase two, Velonetic will be able to automate more and more of its processing, which should result in a lower cost to the market. However, no further details about the cost structure of phase two are currently known.

  • Velonetic intends that any field available in EDI messages today will continue to be available via supplementary APIs from IPOS and ICOS, but this will have to be confirmed once APIs are built.

  • Specific EBOT/ECOT fields necessary for London Market processing have been in discussion with the ACORD standard group (BIG), which has accepted some additions but other fields have not been approved and will require manual workarounds. More details will be provided in Q4 2023.

  • 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.

  • The timeline of the testing window for phase two is currently to be confirmed, specifically when the testing window will close.

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