In July 2024, Velonetic (previously known as the London Market Joint Ventures) will move all customers to a new single digital platform and processing services for open market and delegated authority business. There will be minimal impact to brokers and insurers.
What is phase one?
Phase one provides a set of capabilities that will enable a data-focused, agile and secure way to conduct business. In July 2024, we’ll release the London market premiums and claims processing service (also referred to as sequence three of the digital build) and the delegated authority premiums and claims processing service (sequence four).
All market firms must adopt phase one by 1 July 2024.
From 1 July 2024 market firms will:
Be working on Velonetic’s new digital platform
Send and receive information in existing formats (e.g. EDI messages)
Have access to a new digital service portal, replacing heritage platforms and applications
Continue to receive processing outputs and notifications in transition EDI messaging channels
Receive a digital record from Velonetic technicians who will process transactions using the new digital platform
Find out more about Velonetic’s new digital processing services.
How to get ready
For more detailed adoption criteria, please refer to the adoption guide.
There are lots of additional resources available to help you get ready for phase one.