Structured Data Capture (SDC)
A key step towards straight through processing
What is it?
SDC is a simple online service that converts the content of various market documents into consistent, electronic data during the risk placement process. Documents can be submitted via various methods including an online portal and directly from PPL. A Global Placement Message (GPM) is then returned to be ingested into existing PAS systems.
SDC is also a business condition for Managing Agents using the Lloyd’s Brussels Subsidiary (LBS) and a Brexit-only SDC service is available in addition to the full SDC service. SDC users can also select to submit binding authority contracts directly in DA SATS, another LM TOM solution that provides a single, consistent and efficient way of processing delegated authority business in the London Market.
What are the benefits?
- Data does not have to be repeatedly re-keyed by multiple carriers.
- Consistent data will be shared throughout the placement process, improving data quality and reducing future, downstream errors during renewals or claims.
- Automated, low cost data capture will improve productivity, enabling market practitioners to concentrate on higher value activities and potentially reduce costs.
- ACORD standard data contributes to straight-through processing across the market.
For market practitioners:
- Paper documents are automatically digitalised so less data entry is needed
- Completed risks can be seen in my Policy Administration System faster than relying on manual data input
- More accurate data means better underwriting decisions
Key progress to date
Original scope of project now completed
Over 50 carrier firms at various stages of on-boarding
Integration with PPL live
Document Types Currently Included:
The current SDC service includes the following document types:
- Market Reform Contracts (MRCs), Single Section and Multi Section
- MRC Exempt Contracts (in MRC format)
- Endorsements (single section only)
- Delegated Authority Contracts
- Binding Authority Contracts
- Line Slips
- Master Policies
Functionality currently supported
- All Classes of Business
- Word, PDF and TIF document types
- Data extracted in ACORD GRLC (GPM) XML format & CSV
- Portal, e-mail, PPL and ACORD Gateway submissions (TMEL)
- PPL Integration for Firm Order contracts
- DA SATS Binder submissions
- Brexit (Lloyd’s Brussels Subsidiary) submissions
- Management Information
The service is continually adding more functionality based on market feedback.
SDC and Brexit
SDC is a business condition of the Lloyd’s Brussels Subsidiary. If you submit an MRC containing EEA lines (including multi-section) to SDC the service will automatically submit the relevant sections of an MRC to LBS.
There is a Brexit-only option to use SDC only for LBS risks but the carrier will not receive the GPM to be ingested into their existing policy administration systems.
As the SDC Service continues to evolve throughout 2019, the team will be focusing on…
- Endorsements - Phases 2 & 3
- Limits, premiums and tax enhancements
- MI Dashboard
- Conditional Discounts (e.g., NCB)
- Multi-Year policies
- ACORD 2016-10 upgrade and adoption
- LIMOSS Handover
The following additional developments may be reviewed in 2019:
- Schedules (embedded and external)
- Broker use of SDC
- SDC Bureau Integration (DXC)
- Consortia – submitting data to consortium members