The subscription nature of the London insurance market is a core strength, allowing the placement of some of the world’s most complex risks. However, the current legacy process relies heavily on duplicate keying of data into separate systems.
Once an insurance risk is underwritten it is sent by the producing broker to Lloyd’s and processed by a central back office known as the “Bureau”. The bureau then sends confirmatory electronic messages describing the transaction (for both policies and claims) to each insurer subscribing to the risk. This creates an ongoing data quality challenge for London Market operations teams as they seek to match policy and claims information to their own records. In fact, the process has been embedded for so long that the astonishing cost has long become normalised into day-to-day operations – between £500k and £1.5M annually for the average London carrier.
Furthermore, manual methods of checking data require the addition of headcount as the business grows, whether in-house or an outsourced off-shore operations team.
Where DQPro Can Help:
DQPro’s Market Standard rule set contains over 150 of the most essential rules for 200+ London Market data items – allowing carriers to quickly automate their checks and simplify their workflow.
By addressing many of the key data issues that have plagued the London insurance market for years, carriers can make significant savings in risk processing whilst gaining unprecedented clarity on the frequency and volume of these issues.
Implementing DQPro monitoring and workflow helps carriers to proactively manage the most common bureau related data issues including:
- Year of Account discrepancies
- Written vs Signed line variance
- Risk code variance across complex, multi-sectional risks
- Missing or incorrect location data
- Data quality issues related to “split risks” across multiple stamps
Implementation of our Market standard ruleset and workflow for the ten most frequent bureau data issues saves the average mid-sized London Market carrier an estimated 55+ days a year in FTE time to detect, manage and resolve these efficiently.