Solutions

Digital Processing Platform for premiums (IPOS)

A digital premium accounting and settlement processing service

Develop – In progress

What is the Digital Processing Platform for premiums (IPOS)?

The Digital Processing Platform for premiums, previously referred to as IPOS (International Premium Orchestration Service), is the core digital solution for open market and delegated authority accounting and settlement. It enables automated validation of submissions against policy information, leveraging the Core Data Record (CDR).

A computer with a document, a money symbol and a settings icon on it

Benefits

Automated validations

Improves consistency and reduces human error through automation.

User-friendly

Improves end user experience through modern and intuitive user interfaces.

Enhanced integration

Integrates with market participants’ systems which can lead to internal savings.

User journey

The Digital Processing Platform is used in the open market placement journey.

Open market placement 

Risk placement

Submission and quote

  • test illustration
    Broker builds out the risk contract details with the client
    IPOS not applicable to this step
  • Two people in the Lloyd's underwriting office with the bell
    Broker presents the risk to the underwriters in the market
    IPOS not applicable to this step
  • Two people sat at a desk talking about quotes
    Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote
    IPOS not applicable to this step

Risk placement

Firm order and bind (written lines)

  • A man sat at a desk on a computer with a checklist
    Underwriter conducts relevant compliance reviews of the contract pre-bind
    IPOS not applicable to this step
  • Two people shaking hands
    Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk
    IPOS not applicable to this step

Risk placement

Signing down and contract complete

  • Group of men and women discussing risk
    Broker signs down the placement for risks that are oversubscribed, to ensure it adds up to 100%
    IPOS not applicable to this step
  • Tax and accounting data
    If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)
    IPOS not applicable to this step

Premium processing and payment 

Accounting and settlement

  • A woman at a desk on a computer with finance icons above her
    Broker creates the accounting instructions
    IPOS not applicable to this step
  • A woman holding a loading sign with a cloud above it
    Broker provides relevant information for processing

    An Electronic Back Office Transfer (EBOT) message is sent to the Digital Processing Platform (IPOS), which contains the technical account, and is validated against the Core Data Record

  • A woman sat at a desk with a question mark above the computer
    Broker may receive queries for more information
    IPOS not applicable to this step
  • A woman on a laptop sending money
    Broker builds out the risk contract details with the client

    An Electronic Back Office Transfer (EBOT) message is sent to the Digital Processing Platform (IPOS), which contains the financial account. The submission is validated against the technical account 
    automatically, enabling faster processing

  • A man receiving a notification on an iPad
    Underwriter receives a notification when the funds have been settled
    IPOS not applicable to this step
  • The industrial Lloyd's building
    The Corporation receives the relevant tax and regulatory data
    IPOS not applicable to this step

Progress update

What’s been delivered
  • 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 London market and delegated authority premium and claims processing services (sequence three and sequence four)

What we’re working on right now
  • 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 in July 2024 

  • Defining the Digital Processing Services Agreement (DPSA) framework with market participants and customers, including service definitions and pricing approach 

  • We’re 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 in July 2024 

  • We’re 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 April 2025 

Find out more about the sequence build of the core digital solution