3 February 2014
New Risk Data Capture Service launched
A new shared service to capture insurers' policy information went live as planned on Monday 27 January. Development of the Data Capture Service (DCS), which is provided by Xchanging Ins-sure Services (XIS) has been led by the Lloyd's Market Association and a group of leading managing agents and supported by the International Underwriting Association. The Service has progressed from initial concept to launch within twelve months.
DCS will deliver high quality risk data within hours of service initiation, significantly reducing the current cycle time to within six hours, and delivering risk information to underwriters’ back-office systems much closer to the point of contract agreement.
Rob Gillies, Director of Market Processes at the LMA, explains: "The service will capture and transform information from a variety of input formats into ACORD structured data. After quality checking, the data set will be available at a much earlier stage to all those insurers subscribing to the risk and who have taken the service."
Rob Myers, Chief Operating Officer, Xchanging Insurance Services adds: "DCS naturally builds upon the shared services provided by XIS to the Lloyd’s and London market, delivering early firm order information using structured data.
“We have a clear vision of how we can further develop this release to deliver greater end to end processing efficiencies. XIS is committed to continued investment in DCS and in the development of surrounding services to support customers’ business needs.”
Justin Emrich, Chief Information Officer, Atrium, who was instrumental in the conception of the service along with a number of market practitioners, comments: “I am delighted with the rapid progress that we have made on DCS, which firmly illustrates that if there is a strong enough business case, the market has the capability to come together and do things quickly. Creating the case for data integration into insurers' back offices tackles one of the impediments to insurers getting value from the use of electronic messaging to support placing.”
Rob Gillies concludes: "The development of this service has proven to be an ideal model of the market and XIS working innovatively and cooperatively together to rapidly deliver a service that will drive value into the heart of insurers' businesses.”
- ENDS -
Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
Rob Gillies, Director, Market Processes
Lloyd’s Market Association
T 0207 327 8377
Xchanging Ins-sure Services
T 020 3604 5010
About The Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £26 billion per annum.