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.

Before modernisation

  • 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.

After modernisation

  • 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.