Delivering processing services and expertise to support our customers today, and in the future
Our talented experts have decades of experience to provide proven, trusted, and dependable services to over 400 customers in the London market. Alongside our existing services, our position as a global insurance services and technology provider gives us the ability to lead, shape, and build the digital future of the global insurance marketplace.
Comprehensive services for the London insurance market
The ‘London market’ is a complex ecosystem of brokers, managing agents, syndicates, companies and experts, who all use shared services to underwrite premiums and pay claims when they arise. It includes the Lloyd's and Company markets, insurance and reinsurance business.
We have over 500 employees helping insurers compete in a fast-changing, and competitive market. We're supported by around 1,400 affiliates in DXC Technology to facilitate our processes and systems, and we partner with organisations including ActiveOps, Amazon Web Services, and Vitesse to ensure our services are smarter, swifter, and smoother.
Our services for the Lloyd's and Company markets, for insurance and reinsurance business are split into two categories.
Leading, shaping, and building the digital future of the global insurance marketplace
Velonetic is delivering the future of insurance today. In May 2022, Velonetic's shareholders - DXC Technology, the International Underwriting Association, and Lloyd’s - agreed an extension of the contract with DXC Technology to build the digital platform that will underpin the London market's transformation. This included a set of services that will create the foundation to safely transition approximately 400 London market insurance companies over to the cloud-native digital platform running on AWS. The single digital platform will transform legacy systems to modern applications using AI, automation, and the cloud, bringing significant improvements in speed and efficiency. Velonetic’s new digital premium and claims processing services will bring straight-through processing and reduce resource intensive tasks.
The ‘build’ is made up of five sequences. We have delivered the first two sequences:
- foundational capabilities; and
- our 'Global premium and claims processing service' which is live and in-service for customers now. We are excited at the opportunities our new service offers us to explore new territories where our services can deliver real value.
We are on track to deliver the remaining sequences in two phases for adoption in 2024.
Are you ready to adopt the new services in 2024?
Phase one digital services will go live in a single market cutover on 1 July 2024, and phase two digital services will be available from September 2024.
As part of the Blueprint Two initiative, Velonetic is working with market participants to inform and support the adoption and implementation of our new digital processing services.
A robust and well-defined testing plan will support the adoption of phase one services. This includes testing with the Vanguard group of market firms, and our approach to broader self-testing by market participants.
The first market training material, published on 1 November 2023, focus on helping you to understand the changes coming in cutover to phase one services on 1 July 2024.
The material provides information and techniques to get ready for the change in your organisation linking to the key aspects of the digital processing services lifecycle:
- Market Reform Contract v3 (MRC v3)
- Premium submissions
We strongly encourage you to identify the stakeholders impacted by the upcoming changes and ensure that training material are shared with the right people. Please provide us with feedback.
For more information and resources to get ready for adoption, including API and EDI technical specifications, customer journeys, and material from the jointly co-hosted market working sessions, please visit the Blueprint Two section of our website.
Why should you use Velonetic?
Our simpler, faster, automated services, together with our extensive experience of the insurance marketplace can help businesses soar. Resources held in the insurance lifecycle can be freed up for growth and innovation.
Over 20 years of experience and expertise in the insurance market.
Strong market presence and collaborative relationships with market bodies: Lloyd’s, the IUA, Lloyd's Market Association (LMA) and London & International Insurance Brokers' Association (LIIBA).
Extensive market contacts in underwriting, broker, and third-party organisations.
Holistic view of the insurance lifecycle and the end-to-end process, from risk and premium placement to claims and settlement.
Specialist Lloyd's and Company market knowledge and experience, including insurance and reinsurance business.
Proven record of robust Business Continuity Planning (BCP) – continuing to serve the London market during the COVID-19 pandemic and ransomware events with no contract breaches or delays.
Productivity planning, monitored and supported by ActiveOps Management (AOMi) tools
Lean Six-Sigma methodology to support process re-engineering.
Leading market in-house RPA (robotics) capability – to assess, design, deliver and run.
Find out how we can help your business to soar.