It looks like global insurance giant Chubb is moving ahead of the pack – becoming the first carrier to integrate the Structured Data Capture (SDC) service into its processes as part of the London Market modernisation programme.
Announcing the development, the London Market Group (LMG) said Chubb is the first company to go live on a ‘business as usual’ basis, starting with market reform contracts. The LM TOM service reduces the need to re-key data from documents and, through integration with the electronic placing platform, brings the market closer to straight-through processing.
According to LMG, around 70 other carriers have engaged with SDC.
“Having the first carrier integrate on the SDC service is an important milestone for the programme,” commented project sponsor Michael Gould, chief operating officer of Talbot Underwriting Ltd. “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.”
Chubb’s Peter Houston, head of field services - Europe, noted: “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.”
