Capsicum Re first broker to submit live PbS claim
Capsicum Re, the specialist reinsurance broker, submitted the first live Post-bind Submission channel (PbS) claim in late December 2018. PbS makes post-bind processing in the London Market more efficient and reduces effort around London-specific processes. Introduced by the LM TOM’s Central Services Refresh Programme (CSRP), the PbS service is managed by DXC and enables brokers to submit accounting and claims movement data in a consistent format in line with global ACORD messaging standards.
Capsicum Re was the first broker to register for the PbS claims service and use the OpenTWINS software from Trace to make PbS submissions.
Andrea Grange, Technical Director at Capsicum Re, comments: “The PbS service will be very beneficial for us and we are keen to roll it out across all teams. DXC will carry out the accounting splits on our complex risks, which streamlines the process and saves us a lot of time. We have received excellent support from DXC whilst on-boarding the service and we also benefitted from a change impact assessment and DXC validating our business processes for an agreed set of scenarios before going live.“
Software providers work closely with LM TOM
Trace is one of the software providers that works closely with the LM TOM to support the integration of modernisation solutions. Trace provides OpenTWINS to brokers - a fully-integrated platform that supports the whole risk cycle for brokers. OpenTWINS enables brokers to adopt the PbS channel for bureau accounting and claims movement data without having to worry about internal integration issues.
Simon Howden, CEO at Trace, explains: “Trace is pleased that brokers like Capsicum Re are benefitting from the investment in integrating PbS and other LM TOM initiatives into OpenTWINS. This will certainly simplify and streamline their business process when dealing with the London Market.”
Other firms preparing to use PbS
BdB is one of a number of other brokers that will soon be going live with PbS. BdB is currently on-boarding for PbS using the electronic Submission Portal (eSP) and should be ready to start using the service in January.
DXC looks after PbS engagement and on-boarding, providing a single point of contact for progressing firms through on-boarding and live use of the PbS service. Any firms wanting to start the on-boarding process should contact Tracey Andrew at DXC (firstname.lastname@example.org).
If your firm would like a demo of the eSP product, please contact email@example.com.