As part of its modernisation agenda, the London Market Group (LMG) recently launched a new online portal that enables more brokers and service companies to submit premiums electronically.
According to LMG, the online portal allows brokers to generate the required electronic global standard messages without having to build software systems of their own.
The market-wide body said this will significantly increase the number of brokers and service companies that can interact with the XIS Bureau using
ACORD standard messaging.
The portal underwent market-acceptance testing with three brokers during the second half of 2016.
“We have been making strong progress in refreshing our central services so that money can flow through the market faster and more accurately,” said Shirine Khoury-Haq, sponsor of the LMG’s Target Operating Model programme.
“By using the same ACORD data and process standards that have been implemented outside London, we are taking more positive steps towards making London an easier place to do business.”
The LMG also announced that an online portal for claims will be launched next year following last week’s completion of the foundational work to support the new system, which enables brokers to make claims submissions using global standard messages.
Further market testing will take place before the new system goes live in the first quarter of 2017 when brokers will be able to submit claims.
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