1) What is the Central Services Refresh Programme (CSRP)
The Central Services Refresh Programme (CSRP) is a strategic initiative that aims to improve access to the London Market by removing specific systems and processes.
Some of the current challenges are that:
a) Brokers are exposed to London-specific operational processes as London is a complex subscription market, which leads to additional needs compared to some other markets
b) Complex back-office processes lack flexibility and cost efficiency
c) Absence of global processes and standards
Removal of superfluous processes will allow Brokers to concentrate their efforts in servicing their Clients
2) What are the objectives of CSRP?
Post Bind Submission (PbS), the first phase of CSRP, attempts to address the modernisation of the ‘back-office’ shared services landscape known as ‘Central Services’ (or ‘the Bureau’) with the simplification of broker submissions into Central Services.
- To deliver a new channel for post-bind submissions to Central Services based on global messaging standards (or “the Bureau”) with the simplification of broker submissions into Central Services
- To introduce an online all-inclusive submission portal for brokers, service companies, and eBot/eCot channel that do not wish to move to automated, semi, or fully integrated ACCORD messaging capacity
- To restructure the operating model and process transformation within Central Services
- To investigate extending the global accounting message standards (ACCORD, eBot, and eCOT) delivery to carriers
The introduction of global messaging standards into Central Services will allow, subject to market consultation on timing, the eventual retirement of the existing London post-bind submission channels (i.e. Paper, A&S and eAccounts).
3) What are the benefits of CSRP for Brokers?
Brokers will benefit from reduced costs in the post bind administration involved in placing business in the London Market.
- Improved accessibility of the London Market through simplified and standardised broker submissions into Central Services
- Brokers will be able to use internationally accepted processes and messaging standards (ACORD EBOT & ECOT)
- Eliminates a number of London specific processes for brokers (e.g. creating non-fundamental splits), reduces query volumes and assigns queries to the most appropriate party to resolve
- Makes the broker experience of dealing with London better, or at least similar to other global markets, meaning the London Market is able to process financial transactions as efficiently as the banking sector
- Reduced broker administration and attempted lower costs of doing business in the London Market
4) What are the benefits of CSRP for Carriers?
Improved broker access to the London Market from global processes and messaging standards enables carriers to protect existing business and attract new business, while improving client satisfaction levels. This will ensure:
- As a marketplace, London will become easier to use and there will be increased potential for global business to be placed in London
- Increased automation that will result in less trapped premium and improved cash flow
- Shorter settlement cycle times due to improved data accuracy and fewer settlement queries
- Service companies will be able to adopt the online portal; an improved submission channel into Central Services
- Every 1% of retained or gained GWP in London equates to £20 million pre-tax profit p.a. to carriers
5) Who is running the CSRP initiative and how can I support it?
Stuart McPhee is the Programme Director for CSRP and Shirine Khoury-Haq is the Programme Sponsor for CSRP.
Organisations seeking further information on the initiative can request this through their market association:
The key contacts for PPL are:
- LIIBA James Livett James.Livett@liiba.co.uk
- IUA Louise Day Louise.Day@iua.co.uk
- LMA Malcom Beane Malcolm.Beane@lmalloyds.com
Alternatively, please feel free to contact a member of the TOM programme team by posting a comment at the following address: https://www.isupporttom.london/initiatives/tom-overview