The Central Services Refresh Programme (CSRP) announced today that its new submission channel into the XIS Bureau (Central Services) has achieved ACORD compliance. The channel was launched in April 2016, focussing on premiums submission and with Aon Benfield as the early adopter.
By using global insurance messaging standards (ACORD EBOT & ECOT), the channel allows brokers to operate with a single approach to submitting premiums and claims to both the bureau and non-bureau markets – streamlining processes and enabling brokers to concentrate their efforts on servicing their clients. The use of ACORD messaging will also reduce errors and improve processing turnaround times.
CSRP continues to work closely with both ACORD and the Ruschlikon community of brokers and carriers that are taking action to improve their back office processes for technical accounting, claims and settlement by adopting ACORD standards.
Commenting on the process, Bill Pieroni, CEO at ACORD said: “You have made a significant achievement in successfully implementing ACORD’s premium reinsurance non-proportional, facultative, and commercial insurance standard. This was an incredibly high hurdle and positions your solution strongly for uptake by stakeholders”.
Malcolm Beane, Market Operations consultant at the LMA and interim CSRP Sponsor commented: “The London Market is committed to using the same data and process standards as other markets. This will reduce the unique and very significant administrative burden of trading in London – making us an easier and more attractive place to do business. Achieving ACORD compliance for premium processing is an important confirmation of this commitment."
For further information please contact Stuart McPhee, Programme Director, CSRP.
Tel. +44 (0)20 7327 6251
Mobile: +44 (0)7768 102262