HW Wood is live with LM TOM’s Post-bind Submission channel
HW Wood went live in August with the Post Bind Submission channel (PbS) introduced by the LM TOM’s Central Services Refresh Programme (CSRP). PbS makes post-bind processing in the London Market more efficient and reduces effort around London-specific accounting transactions systems and processes.
The PbS service, managed by DXC, enables brokers to submit accounting and claims movement data in a consistent format in line with global ACORD messaging standards through an electronic Submission Portal [eSP]. HW Wood is live with premiums.
The complex nature of some of HW Wood’s risks result in a high number of London Premium Advice Notes (LPANs). PbS allows the broker to send ACORD standard XML messages to DXC to carry out the accounting splits, replacing this largely paper-based process and saving the broker a significant amount of time.
The team at HW Wood is looking forward to gradually increasing the volumes processed via eSP. Liz Derbyshire, HW Wood’s Technical Accounts Manager, says: “We are looking forward to using the system. It is a good solution for us and will really assist us in the way we work.”
Integrating own systems
While HW Wood chose eSP as its route into the PbS service, other brokers are integrating their own systems with the PbS service. For example, Capsicum Re, the Reinsurance Treaty team at AJ Gallagher, is currently going through an upgrade to its Trace application alongside business validation testing with DXC in order to integrate to the service.
DXC is looking 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.