What is the Digital Gateway?
The Digital Gateway, sometimes referred to as the digital risk service, is an automated risk data validator that also derives data for central processing. The data captured in the placement process will flow through the Digital Gateway where it is automatically checked for completeness, and that it aligns to the Core Data Record (CDR) standard for both Company market and Lloyd’s business.
For Lloyd’s business, it will also check taxes and regulatory alignment to offer the broker and insurer real-time validation results.
Reduces manual effort, improves consistency and accuracy of data.
Improved data validation
Reduces processing queries by having more complete data validated at bind.
Processes and confirms transactions to all participants more efficiently.
Improves the ability to match policies and claims through the lifecycle, reducing reconciliation effort for insurers.
The Digital Gateway is used in the open market placement journey.
Open market placement
Submission and quote
Broker builds out the risk contract details with the clientDigital Gateway not applicable to this step
Broker presents the risk to the underwriters in the market
A 'soft call' option pre-bind is available to test and validate the data in the Core Data Record
Underwriter reviews the contract, negotiates the risk with the broker, and provides a quoteDigital Gateway not applicable to this step
Firm order and bind (written lines)
Underwriter conducts relevant compliance reviews of the contract pre-bindDigital Gateway not applicable to this step
Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk
The accredited platform submits the full Core Data Record to the Digital Gateway
Signing down and contract complete
Broker signs down the placement for risks that are oversubscribed, to ensure it adds up to 100%Digital Gateway not applicable to this step
If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)Digital Gateway not applicable to this step
Premium processing and payment
Accounting and settlement
Broker creates the accounting instructionsDigital Gateway not applicable to this step
Broker provides relevant information for processing
The Digital Processing Platform (IPOS) takes the Core Data Record securely from the Digital Gateway and validates the accounting instructions efficiently and effectively
Broker may receive queries for more informationDigital Gateway not applicable to this step
Once the premium is paid by the client, the broker triggers payment of the premium to underwritersDigital Gateway not applicable to this step
Underwriter receives a notification when the funds have been settledDigital Gateway not applicable to this step
The Corporation receives the relevant tax and regulatory dataDigital Gateway not applicable to this step
What's been delivered
In December 2022, the foundational capabilities (in sequence one) that will be used across the broader technology build were delivered by Velonetic
The new global premiums and claims processing service (sequence two) is live and in service, utilising this service lays the foundation for the build of the London market premiums and claims processing service (sequence three) that will interface with the Digital Gateway (sequence five)
What we’re working on right now
The Digital Gateway (including the ACORD Contract Risk and Pre-accounting) is being developed (sequence five) and will be live and in-service from September 2024
Defining the Digital Processing Services Agreement (DPSA) framework with market participants, including service definitions and pricing approach
Working closely with vendors, (including accredited placing platforms) to raise awareness of technical changes needed, and ensure timelines are aligned for the cutover to new digital processing service in 2024
Defining and agreeing the deployment approach, and contracting for the delivery of market testing, to support the ability for firms to adopt a full digital approach using the Digital Gateway (sequence five) from September 2024
Find out more about the sequence build of the core digital solution