Any transformation programme needs to engage with experts that are currently using the existing systems and processes to make sure that the future solution takes into account their experience and insight. This is especially important when making changes across systems and processes that will be used by the whole of the London market.
As previously announced, Lloyd’s, IUA and DXC signed a contract to deliver a new digital solution for the London market that will see a cheaper, faster and better service for market participants and the market’s customers. These services will be delivered across four core sequences of work:
- Foundational – Development of the core common components and infrastructure
- Global – Premium and claims service designed for global business which underpin the requirements for the London market
- London Market – Premium and claims service designed for the London market
- Delegated authority – Premium and claims service designed specifically for delegated business in the London market
The foundational sequence is largely complete and work on the global sequence is progressing at pace, with work on the London market elements due to start in Q3 this year. The build is broken down into 10, three month build phases or ‘programme increments’. The programme is currently at programme increment 5, equivalent to approx. 30% of the way through development, demonstrating the progress made so far. The majority of the work so far has focused on the first two sequences, including the core digital solution for accounting and settlement processing and claims processing.
Securing market practitioner input into the analysis and design activity is essential in ensuring that the solution meets the needs of the market. For programme increments 5 and 6 the programme has run a series of Market Access Groups with practitioners nominated by the market Associations. In each session, the design team walk through proposed functionality, discuss requirements documented to date and request feedback. Key insights are then reflected in updating plans that are built as part of the joint venture delivery.
To date 10 sessions have been held with attendance from brokers, carriers, coverholders and software providers. Topics covered have included:
- Claims – processing, settlement notifications and data requirements
- Premium – processing, settlement and notifications
- Party management – how market firms interact with the new services.
We are thankful to all market practitioners who have attended to date and look forward to continuing to work together to build a solution that works for the market.
Download sequence overview