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.
- The Online Portal directs queries to the right person for resolution.
- Brokers are exposed to London-specific processes when making post-bind submissions to the Bureau.
- Multiple processes and submission methods are used.
- Broker post-bind submission is more consistent for peer-to-peer and the London Market.
- Usage of alternative post-bind submission channels, such as A&S, paper and eAccounts is reduced.
- Fewer queries.
- Queries are now directed to the correct party for resolution.
What are the benefitsFOR BROKERS
- Brokers no longer have to complete LPANS or non-fundamental splits.
- Reconciliation efforts will be reduced through 100% match rate with no exceptions.
- There will be fewer queries.
- Queries will be directed to the relevant party.
- Settlement outside of the deferred scheme reduces funding risk.
- Optional removal of BSM data (used for signing reconciliation) can avoid the current charge.
- 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 web site and regularly updated.
PbS Plans for 2018 and 2019
- A small Warranty release will occur on 12th February, to address some outstanding MAT defects from the pre Christmas Release 1.2.
- Release 1.3 scope has been agreed by the Steering Committee and is scheduled for the 4th quarter this year. The implementation date will be confirmed once the Association sponsored review of all Market change has completed; due early February.
- The next release will include: addition of Consortium processing, Nil Premium Adjustments, Binding Authority (bulked accounting) claims, settle direct and mid-term broker change.
- In February an assessment will be made as to the potential for a “PbS Tactical Release”, to include some tidy up changes to improve usability, particularly in the area of the Query Portal.
- 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.
- Roadmap established for the remaining release – covering Bulk accounting, Queries, Binders and Other Submission Types. Proportional treaty is under analysis.