Making the London Market more attractive for coverholders
What is Chorus?
- A centralised platform streamlining and fully automating the business processes of application, approval and compliance of delegated authorities and enhance DA contract generation.
- Includes incorporating current offline items (e.g. Decision Papers written by Carriers for Due Diligence) into the systems for approval and utilising hierarchical Coverholder entity structures to speed up approval and Compliance.
- Creation of Binding Authority contracts to ensure a right first time electronic contract
What are the benefits
- One touch data capture across Approvals and Compliance resulting in the acceleration of the end to end business process and reduction in duplicated data entry.
- Enable straight through processing by generating the first record of the binder to be consumed.
- Reduction of duplicated data entry by streamlining approvals and compliance activities for market stakeholders and reduce administrative burden and cost.
- The current Approvals and Compliance process does not support all processes in a centralised manner.
- Data is entered manually into the contract and then again in BAR, then checked later.
- Data quality errors are encountered as data will need to be re-keyed.
- Enhanced application and approvals process to capture Delegated Authority data once.
- Coverholder data can be utilised for compliance checks and then maintained and reported from as part of the Compliance initiative.
- Cornerstone for One-Touch-Data visualised for DA – creates the record which underpins the other initiatives.
Key progress to date
- The market has defined requirements to modernise the platform as part of the LM TOM programme: provide new functionality to support the end-to-end process for ‘Delegated Authority’ applications to be made and for approval / post-approval to be managed; provide a fully integrated Lloyd’s OCO platform for Compliance; enable Delegated Authority contracts to be produced upfront in an electronic manner with automated data validation checks being conducted as the contract is being produced and provide input and output data interface mechanisms to enable data flow through LM TOM and market platforms without the need for re-keying.
- The project is in development and test phase.