How placing risk is changing
Explore how placing risk is changing for both open market and delegated authority business.
The placement of risk has relied heavily on paper based and manual processes. This has worked well – but not perfectly.
Our systems don’t always
speak to one another.
Information has to be input multiple times.
Managing tasks beyond the binding of risk is largely manual and human-intensive.
But the world and our ways
of working have changed.
We expect data to flow seamlessly between systems and people, for checks to run automatically, and information to be updated in real time – like the phones we carry in our pockets.
To enable this in the London market, we’re introducing:
One solution for the whole London market, harmonised around ACORD Global Data Standards.
A new Digital Processing Platform (known as IPOS for premium services) that integrates data standards and automates processes supporting placement, premiums, accounting, and settlement.
In open market we’re delivering:
The Core Data Record (CDR)
– a single digital record of the risk elements required for processing, that assists the validation of premium and claims information.
The Market Reform Contract (MRC) v3 – which embeds the
relevant elements of the Core Data Record and ensures that contracts are kept in line with that data; providing customers, brokers, and insurers with the same view of key information
– at the same time.
A Digital Gateway, a real time validator of data, that will reduce
errors that typically take weeks
or months to be reported.
In delegated authority we’re delivering:
Digital solutions for managing the lifecycle of a binder from contract registration to endorsements, renewals and reporting, and simplifying the management
of delegated authority business.
Open market placement
View how the open market placement journey is changing at a high-level and through a more detailed lens.
Delegated authority placement
View how the delegated authority placement journey is changing at a high-level and through a more detailed lens.
Solutions
We’re delivering several solutions which are transforming how we’re placing risk. Learn more about these solutions, including our progress, benefits and where to find out more.
