What is CSRP?
The Central Services Refresh Programme (CSRP) is delivering a new channel for post-bind submissions to Central Services, with transactions based on global insurance messaging standards (ACORD EBOT & ECOT).
CSRP, part of the overall London Market Target Operating Model (TOM) Programme, is a strategic initiative and will improve access to the London Market by removing London specific systems and processes (‘Londonisms’). This supports brokers in streamlining their processes to have a single way of making post bind submissions and allows them to concentrate their efforts on servicing their clients. A key attraction of CSRP is that it benefits all of the market’s key stakeholders including brokers, carriers, Lloyd’s and CSC Xchanging.
The London Matters Report (research commissioned by the LMG) identified a series of threats and opportunities that the market should address. At the heart of this is the need to deliver efficient infrastructure consistent with London’s role as the global Centre of Excellence for specialty insurance. Some of the current challenges are that:
- Brokers are exposed to London-specific processes requiring them to operate in a different manner when using Central Services compared with peer to peer transactions
- Complex back-office processes lack flexibility and cost efficiency
- Absence of global processes and standards results in duplication of effort and inaccurate information
- Central Services queries are not directed to the most appropriate party which leads to inaccurate responses, slow query resolution and ultimately settlement delays.
Post Bind Submission (PbS), the first phase of CSRP, is addressing both the simplification of broker submissions into Central Services (or ‘the Bureau’) and the modernisation of this ‘back-office’ shared services landscape.
In July 2014, a Target Operating Model for PbS was agreed by the CSRP Steering Group. An Executive Summary of this is provided here: - CSRP - Post Bind Submission Target Operating Model: Executive Summary
CSRP is a collaborative cross-market programme involving the International Underwriting Association (IUA), the Lloyd’s Market Association (LMA), LIIBA (London & International Insurance Brokers Association), the Corporation of Lloyd’s and our delivery partner, CSC Xchanging. Brokers, carriers and software houses are actively involved in CSRP, in particular through our weekly Process Group meetings.
The delivery includes the following aspects:
- New Central Services Submission Channel - Delivery of an automated electronic channel for post-bind submissions into Central Services based on global insurance messaging standards (ACORD EBOT & ECOT).
- On-Line Submission Portal - Introduction of an Online Submission Portal for brokers and service companies that make submissions to Central Services but are not currently looking to upgrade their own software.
- Restructure Central Services Operations - Operating model and process transformation within Central Services leading to the realisation of further efficiencies.
The introduction of global insurance messaging standards into Central Services will allow the eventual retirement of the existing London post-bind submission channels (i.e. Paper, A & S & eAccounts) subject to market consultation on timing. This will also be the first step towards the introduction of the delivery of global standard messages to carriers.
For more information about the online portal and proposed steps to support brokers with CSRP adoption please click HERE.