DCS and CSRP: The Future Vision. ACORD Club 30 January 2014

Transcription

1 DCS and CSRP: The Future Vision ACORD Club 30 January 2014

2 Agenda DCS Progress Report CSRP Vision How does DCS fit within CSRP Vision? Possible next steps for DCS Feedback from the audience AOB 2

3 DCS progress so far. Pilot commenced as planned Pilot phasing and volume management Phase 1 property terrorism marine casualty Phase 2 all classes Key activities 27 January 2014 Participants feedback and issues management Periodic formal review with Steering Group Data dictionary, logical data model, and data transformation rules Communications and wider market engagement Encouragement of and support for insurers integration of data 3

4 What Is CSRP? A Collaborative cross-market programme involving The International Underwriting Association (IUA), the Lloyd s Market Association (LMA) and Lloyd s. The programme will deliver improved services and infrastructure for the market back office. These enhanced and extended services will make it easier do business in the London Market. They will also enable improvement in the acceptance, capture and srage of more consistent, richer risk and claims data. 4

5 CSRP will deliver these changes through the following key components Carrier Clients Brokers Coverholders Capture data earlier in the process, in whatever format it is submitted e.g ACORD messaging, online forms, EDI, paper Receive & Validate Enrich form a Common Core Record Receive and validate messages using ACORD global standards and The Exchange messaging hub EBOT = Electronic Back Office Transaction ECOT = Electronic Claim Office Transaction Use data structures and referencing suited cusmer needs. Enrich with Lloyd s/london requirements Further enrich the record conform with Lloyd s/london requirements e.g. for tax and regulary returns 5

6 How does DCS fit with CSRP vision?

7 So what part does DCS play within the CSRP vision? Carrier Clients Brokers Coverholders Receive & Validate Genesis DCS is the first of a number of potential future shared services, as described in the Future Service Register (LMG Website) Enrich form a Common Core Record Enrich with Lloyd s/london requirements New Shared Services Genesis Data Capture Credit Control Geo Coding Binder Management Claims Management Sanctions Checking Other Shared Services 7

8 How can we build on the success of DCS? Example 1 DCS for Brokers / Signed Line Advice Carrier submits Carrier MRC submits Carrier MRC submits bind Broker submits MRC pre-bind Data file Service Provider captures data and sends file Data file Broker completes placement and signs lines down Signed down MRC Broker submits signed down MRC Benefits brokers Eliminates need for manual data capture Resolves queries prior traditional bureau submission Ensures a technically correct contract pre-bind Increases data quality and eliminates need for QA checks Benefits carriers Ensures a technically correct contract at point of bind Eliminates reliance on estimated signed line data Faster delivery of DCS data for the initial submitting carrier 8

9 How can we build on the success of DCS? Example 2 Submission / Quote data capture? Carrier submits Carrier Carrier MRC submits submits submission MRC / quote Broker submits submission / quote Data file Service Provider captures data and sends file Data file Submission Data Quote Data Firm Order Data Signed Data Data set increases over the risk lifecycle. The longer the data capture is delayed, the more difficult the job becomes. Benefits Ensures that all placing opportunities are captured consistently Enables accurate and current aggregate exposures Provides MI for pre-quote / quote and quote / bind hit rates Matches current capability of manual data capture services Allows for earlier compliance checking (e.g. sanctions checks) Spreads the load for both data capture and query resolution Reduces renewal season admin peaks and troughs Allows for pro-active workflow management 9

10 Future Opportunities? Service enhancements Quotes/submissions data capture Schedules and data not on MRC Geo-coding Cat modelling data Service additions Process enhancements Signed line advices DCS data for brokers Contract certainty Contract quality Sanctions checking Bordereaux risk data capture Credit control Improving efficiency of technical accounting and other downstream processing 10