What is CSRP Post-bind submissionA 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
What are the benefitsFOR BROKERS
- 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.
- This year will see increased adoption activity, as brokers and their software houses begin to complete their system and business process changes to enable integration with the PbS solution.
- Implementations in 2018 will include some key brokers, as well as a number of other brokers plus Lloyd’s service companies, who will use the electronic Submission Portal (eSP) to achieve their premium and claim submissions.
- A list of customers with their planned go live date and adoption take up plans will be added to this website and regularly updated.
PbS Plans for 2018 and 2019
- Release 1.3 scope has been agreed by the Steering Committee and is scheduled for the 26th November 2018.
- During the 1st quarter 2019 there will be an upgrade to the ACORD standards used in the central services, to “2016.10”, which will enable the Proportional Treaty implementation to occur as this is dependent on the ACORD upgrade.
- 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 launched in April 2016.
- Portal delivered in December 2016 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 the first tranche of claims code in November 2016. Remaining functionality delivered in March 2017.
- 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