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.
- Incorporates 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 to 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;
- a fully integrated Lloyd’s 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
- 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.