SDC launches Endorsements and Delegated Authority documents
The Structured Data Capture (SDC) service, which transforms market documents into ACORD standard data to enable straight-through processing, went live with Release 4 on June 25th.
Building on the current service, which processes single section and multi-section Market Reform Contracts (MRCs) for all classes of business, the service now accepts Endorsements and Delegated Authority documents.
For single-section Endorsements in ‘MRCE’ or similar format, the service captures a range of information including:
- Endorsement Header Fields (and sub fields)
- Endorsement Common Fields (and sub fields)
- Endorsement body copy
Delegated Authority documents that can now be processed by the service include:
- Binding Authorities (Binders)
- Line slips (bulking & non-bulking)
- Master Policies
Additional enhancements in this release mean that MRCs will no longer be rejected if there is a missing segment (except Risk Details). Furthermore, SDC output messages will also highlight items for carriers’ consideration, eg, policy effective date and expiry date are identical on the MRC. This evolution in the SDC functionality, along with others, makes the service easier to use and more market-friendly.
Carriers across the market were involved in the development of this additional functionality and Market Acceptance Testing (MAT) took place in June. The next SDC release, due Q3 2018, is set to include further enhancements including integration with DA SATS (another LM TOM initiative). This release also included enhancements required by the Lloyd’s Brussels Subsidiary as SDC is a business condition for carriers wanting to use the Brexit solution.