Overview of phase one & two
What is phase one?
In phase one, Velonetic (previously London Market Joint Ventures) will move transaction processing from the current legacy mainframe systems onto new digital cloud-based platforms, IPOS and ICOS, and the Market Gateway (ASG Adept) will be introduced. Phase one is planned to go live as a single market even on 1 July 2024.
Following the single market event, IPOS, ICOS and the Market Gateway (ASG Adept) will come into service, while legacy mainframe systems will be retired from the market. Historical data will still be available via the Reach Back service that will pull information from the retired legacy systems when needed, for example, in the case of a new transaction on an old policy.
The details of the cutover process will be published by Velonetic nearer the time.
What is phase two?
Phase two will add additional capabilities: CDR, Digital Gateway (IROS), EBOT, ECOT and supplementary APIs from IPOS and ICOS. All the digital services introduced in phase one (Market Gateway (ASG Adept), IPOS and ICOS) will remain.
Phase two capabilities will be available from Sep 2024. It is NOT a requirement for insurers to move to phase two in a single market event like with phase one, so insurers can move from phase one to phase two at a pace that works for their individual circumstances.
Individual market participants are expected to move to phase two at different times. Therefore, regardless of the phase they are in, insurers should be clear on how they need to operate with brokers who could be in either phase one or phase two. For more information on the various permutations, please review the journey links on the phase two overview page.
As market participants adopt phase two, Velonetic will be able to digitise its processes, which is expected to result in more data-rich outputs to insurers. As more and more market participants adopt phase two and old messaging types are used less, it is the Velonetic’s intention to turn these off eventually. However, there is currently no planned date for turning these off.
The changes for which insurers need to prepare when they choose to adopt phase two digital opportunities are covered in the following section: ‘What is changing in phase two?’