June 28, 2018 - The London Market Group (LMG) is pleased to announce that Chubb has now integrated the Structured Data Capture service (SDC) from the LM TOM, making it the first company to go live on a ‘business as usual’ basis. Chubb has started with Market Reform Contracts and is reviewing the use of additional document types.
SDC enables data from documents such as Market Reform Contracts (MRCs) and binding authorities to be entered only once and then re-used many times. It extracts the relevant data from the documents and passes that to the carriers, allowing them to ingest electronic data into their own systems and dramatically reducing the need for re-keying, saving time and money. Around 70 other carriers have engaged with the service and are progressing their fully integrated solutions.
Michael Gould, COO of Talbot Underwriting Ltd and project sponsor commented: “Having the first carrier integrate on the SDC service is an important milestone for the programme. With new document types such as binding authorities, lineslips, master agreements and endorsements being added and good progress being made on integration into carrier systems, we expect to see many more customers using the SDC service. This will avoid significant duplication of effort across the market and take it much closer to one touch data capture.”
Peter Houston, Head of Field Services - Europe, European Operations, Chubb said “We are delighted to be live on the service and for it to be integrated into our processes. Our focus is delivering efficient and effective service for our clients, so the more seamless and accurate we can make it by removing unnecessary data entry, then the more time we can spend on activities that improve client service.”
Through integration with the Placing Platform Limited (PPL), another LM TOM solution, the SDC service brings the market one step closer to straight-through processing.
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158
Press Release - here
Full Press Release here
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