What is the Digital Processing Platform for claims (ICOS)?
The Digital Processing Platform for claims, previously referred to as ICOS (International Claims Orchestration Service), is the core digital solution for claims. When full phase two functionality is available, it will enable automated validation of claim submissions against policy information, leveraging the Core Data Record (CDR).
Benefits
Accurate and faster claims settlement processes
Enables faster claims settlement with a reduction in errors, duplication and queries.
Real-time digital orchestration service
Automates the claims process and supports integration with broker and insurer systems.
Improved operational efficiency
Removes standing legacy issues, with flexibility for future improvements to the platform.
Standardised and structured data
Increases automation of workflow by using a single source of structured data.
Parallel UCRs
Following consultation with market associations and technical working groups, specifically discussing parallel UCRs and the impact of removing these, Velonetic have agreed that for phase one all external interfaces and messages (including Write Back and EDIs) will retain parallel UCR (P-UCR) references and functionality as per today.
This means:
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Write Back messages, P-UCR references and associated original UCRs will continue to be supplied in their current format
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EDI messages will continue to use P-UCRs as per today, including BSM in their current format
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Each UCR and each P-UCR will continue to be separate and have its own sequencing as per today, and will need to be responded in the same transaction sequencing as per today
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Reachback will be consistent; P-UCRs will be associated with the original UCR both in the data databases and user interfaces this will then flow through to messaging
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Central Settlement payment options and referencing will remain as today
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Reserving will be maintained as per today with fees being able to be added and updated by Experts
In addition, an Expert profile will be created for organisations with a Central Settlement Number (CSN) and this profile will be separate and different to the broker profile, but it will remain a ‘broker role’ in the Write Back message (retaining a broker-initiated actor code). This maintains document and data security and enables only authorised users to see relevant information, while allowing downstream processing to remain as per today.
Carriers will be able to view each UCR (parallel and original) in the ICOS portal with the ability to aggregate the view at a UCR level.
Progress update
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Velonetic’s 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 new London market and delegated authority premiums and claims processing services (sequence three and sequence four)
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The Application Programming Interface (API) schedule has been updated to reflect the availability of London market contract specifications from Q1 2023 to Q1 2024
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Building the new London market premiums and claims processing service (sequence three) and the new delegated authority premiums and claims processing service (sequence four) as part of the cutover to phase one digital processing services
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Defining the Digital Processing Services Agreement (DPSA) framework with market participants and customers, including service definitions and pricing approach
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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 services
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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)
