LMG and LM TOM News

CSRP - premiums and claims submissions completed

The latest release of CSRP means that the build for standard premiums and claims submissions to be made into the XIS Bureau electronically to globally agreed ACORD standards has been completed. Binding authority premium business is now available, so that most types of business are now supported. In addition, a new query portal has been launched that directs any remaining queries to the person best able to resolve it, so process times can be reduced and transparency increased.

Build phase almost complete
Shirine Khoury-Haq, sponsor of the Target Operating Model (TOM), says: “The new developments mean that the build phase of CSRP is almost complete and we have delivered a system that uses the same data and process standards that have been successfully implemented in other markets. This has removed significant barriers to doing business in London. By basing the processes on validated ACORD messages, the ‘right first time’ ratio has also increased significantly.
“Adoption is increasing with more brokers going live in the new year, and we are focusing on accelerating that process more widely across the market. As take up improves, this will provide the opportunity to withdraw paper submissions.”