If you are interested in attending one of the Structured Data Capture (SDC) demonstrations, please visit the LMA website.
What is it?
- A simple online service that converts the content of a Market Reform Contract (MRC) into consistent, electronic data in line with ACORD standards. SDC is also looking at the digitisation of other document types such as endorsements and schedules.
- Documents can be submitted through PPL, email, TMEL or via an online portal. A Global Placement Message is then returned via email or integrated with existing carrier systems.
- Digitised data is supplied to carriers, contributing to straight-through processing across the market.
- For more information, click here.
- Information from MRCs is repeatedly re-keyed by multiple carriers associated with the risk.
- Time and resource is spent rectifying inaccurate, inconsistent or poor quality data.
- MRC data is digitised and aligned with 120 master fields, including over 275 data items.
- An ACORD Global Placement Message is created and delivered to carriers for automatic consumption into their policy admin system.
- Consistent data is available to all carriers involved in the MRC.
- Time is freed up to concentrate on value-add activities.
What are the benefits?
- Data does not have to be repeatedly re-keyed by multiple carriers.
- The same MRC data will be shared through market place processes improving data quality and reducing future, downstream anomalies during renewals or claims.
- Automated, low-cost MRC data capture will improve productivity, by reducing the duplication of MRC data entered by multiple firms. This enables market practitioners to concentrate on higher value activities and potentially reduce costs.
- Electronic data conforming to ACORD standards is delivered by and contributes towards straight-through processing.
- Eventually, further opportunities for cost savings may be realised, for example, the use of SDC data for Bureau processing to unlock efficiencies.
- Carriers can be confident that SDC is aligned to processes being introduced by Lloyds Europe S.A.
What are the key dates in 2018?
|Release 4 - includes additional document types such as quotes, schedules and Delegated Authority documents||Q2 2018|
|Release 5 - includes further document types||Q3 2018|
Key Progress To Date
- All classes of business live for Market Reform Contracts (MRCs)
- Multi-section capability for MRCs live
- Treaty insurance MRCs live
- Original scope of project now completed
- Over 50 carrier firms at various stages of onboarding
- Full market adoption of SDC service
- Supporting firms with Policy Admin Systems (PAS) supplier negotiations
- SDC solution applied to other document types
- Integration with PPL
- Support for market on-boarding