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TOM - Claims payment able to move faster

TOM - Claims payment able to move faster

March 7, 2017

The London Market Group announced today that claims submissions can be made into the XIS Bureau electronically to globally agreed ACORD standards in the next stage of development of the Central Services Refresh Programme (CSRP). In addition, the online portal, used by brokers and service companies, as a simple and effective way to make bureau submissions, has now been extended to support submission of claims as well as premiums.

Shirine Khoury-Haq, sponsor of the Target Operating Model (TOM) said: “With claims now live, we can build on the success of the premiums launch last year. We have delivered a system that significantly improves broker access to the London Market by removing the need for duplication of effort. Interactions with the XIS Bureau use the same data and process standards that have been successfully implemented in other markets. This alignment of premium and claims processes now enables market payments to move faster.

“We are grateful to the many firms of brokers and underwriters who have contributed to the system’s development and testing. However, build is only the first step – we will now be focusing on accelerating the adoption of the system more widely across the market.”

Frank Saunders, Business Analysis Manager at Miller Insurance Services LLP said: “This marks a significant milestone in the modernisation of the London Market and delivers considerable benefits to brokers and carriers. We can now take advantage of a service that makes for a much closer alignment in processes between London and other geographies, as well as ensuring that money can flow through the market faster and more accurately.”

Later this year, the system will also be able to process legacy claims – that is claims where the original premium was not processed via the new channel. These releases provide core premiums and claims functionality. CSRP is working on delivering other important functionality later this year.

ENDS

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