A successful year for SDC
Structured Data Capture (SDC) was originally designed to turn MRCs into ACORD-standard data in the form of a Global Placement Message (GPM). Today, SDC has evolved into a service that covers a range of document types and provides vital support to a number of other market processes enabling the market to make progress towards straight-through processing.
As well as being able to receive MRCs directly through PPL, SDC now has functionality to submit MRC data into DA SATS, another LM TOM platform that provides a single way of processing delegated authority business in the London Market.
SDC is also a business condition of the Lloyd’s Brussels Subsidiary (LBS). The relevant sections of MRCs containing EEA lines (including multi-section) will automatically be submitted to LBS. The SDC team has worked incredibly hard to develop this functionality against tight deadlines with impressive results.
Here’s a quick round up what we’ve achieved this year…
SDC in numbers as at the end of November 2018:
50,513…documents submitted to date
21,517… MRCs submitted via email
17,157… MRCs submitted via PPL
6,797… MRCs submitted via the SDC portal
4,748… MRCs submitted via TMEL Gateway
99%... of documents returned within the agreed turn-around time (excluding bulk submissions)
99%+...average extraction accuracy
3…integration points; PPL, LBS, DA SATS
New functionality and document types
The SDC service has continued to evolve to meet the needs of the market with various releases across 2018. The service now covers:
- Market Reform Contracts (MRCs), Single Section and Multi Section
- MRC Exempt Contracts (in MRC format)
- Endorsements – (currently single section only)
- Delegated Authority Contracts
- Binding Authority Contracts
- Line Slips
- Master Policies
As we look ahead to next year, progress is not slowing down. The SDC team will be looking at…
- MRC extraction enhancements (including limits, premiums and tax)
- Endorsements (Multi-Section)
- Quotes via (PPL)
- MI Dashboard improvements
- ACORD 2016-10 standards upgrade and adoption
- LIMOSS Support
Thank you all for your interest in SDC and your support throughout the year. There is one more maintenance release in December in 2019 and then the team will be focusing on further developments as SDC evolves to support straight-through processing across the market.
From 2019, LMA and dual platform carriers (operating in both the Lloyd’s and company market) will be eligible for a volume discount, provided they submit more than 30% of their total Market Reform Contract (MRC) volume to the service. Furthermore, 20% of the 2019SDC subscription charge for Managing Agents will be applied as a credit towards any transaction charges incurred in 2019. This volume discount demonstrates a significant step towards the value of volume transactions that save administration costs and increase efficiencies across the market.
Michael Gould, COO, Brit and Senior Sponsor of SDC said “I am delighted with how far SDC has come. The evolution from its simple roots to a service that provides standardised data to multiple systems and processes across the market has been a great journey to be part of. We’ve come such a long way since we went live with single section MRCs back in 2017.
The fact that SDC is a business condition of the Lloyd’s Brussels Subsidiary shows the value of the service and I am confident it will continue to be a vital part of the modernisation of the London Market. Supporting market modernisation, including carrier commitment to SDC, is more important than ever before and the SDC service will continue to deliver benefits to the market throughout 2019 and beyond.”