Central Services Refresh Programme (CSRP)
Making transactions in the London Market more efficient
What is CSRP post-bind submission
A submission channel that makes transactions in the London Market more efficient and reduces market effort around London-specific accounting transactions systems and processes.
- Brokers can submit accounting and claims movement data in a consistent format that is in line with global insurance messaging standards (ACORD, EBOT/ECOT) through an online submission portal or through brokers’ own systems.
- Brokers are exposed to London-specific processes when making post-bind submissions to the Bureau.
- Multiple processes and submission methods are used.
- After modernisation, London specific processes will be removed making broker post-bind submissions consistent
- Use of global processes and messaging standards will result in fewer queries and related administration
- Use of alternative post-bind submission channels, such as Accounting & Settlement (A&S), paper and eAccounts is reduced
- Reduced broker administration and lower cost of doing business in the London market due to automated submissions and reduced query numbers.
- Eliminates London specific processes, moving them away from brokers, e.g. it is possible to operate with no dependency on bureau signing number and dates, carriers become responsible for resolving carrier queries.
- Reduced reconciliation issues as no bureau re-keying of broker references or amounts.
- Reduced broker effort through the accounting split process being absorbed by the bureau, less reconciliation and a reduction in broker transaction numbers.
- Brokers can act in line with internationally accepted processes and messaging standards (ACORD EBOT & ECOT).
- Queries directed to the relevant party means they can be resolved quicker and all parties will have accurate MI on the types of queries being raised.
- One way of working reduces London specialisms and training overhead.
- Makes the broker experience of dealing with London simplified and aligned to global processes.
- Improved broker access to the market will protect existing business and potentially attract new business.
- Enhanced data and fewer queries will reduce trapped premium.
- Queries routed to the resolving party, rather than always through the broker.
- Adoption of the Post-bind Submission service (PbS), introduced as part of the Central Services Refresh Programme (CSRP) within LM TOM, is now beong managed by DXC. DXC manages the onboarding of firms.
- DXC is working with the major brokers who have expressed an interest in adopting PbS to firm up their plans, including software and business readiness. There is also a pipeline of brokers and service companies planning to use the electronic submission portal.
- HW Wood is now live on PbS and we expect to announce other brokers going live in November.
PBS plans for 2019
- Release 1.3 is scheduled for May 2019.
- There will also be an upgrade to the ACORD standards used in the central services, to “2016.10”.
- The Proportional Treaty implementation is scheduled for November 2019.
- This will conclude the CSRP deliveries, leaving only minor enhancements, to be managed under business as usual change management, customer demand led and where there is cost/benefit justification.
Key progress to date
- Capability to submit original, addition and return premiums electronically using ACORD standard messages.
- Portal delivered for brokers without their own EBOT / ECOT systems to enter their premium transactions directly to the Bureau, manually or by uploading a spreadsheet / data.
- Delivered claims code and remaining functionality.
- Build for standard premium and claims submissions via PbS complete.
- Binding authority premiums business now available.
- Query portal live directing queries to the resolving parties.