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BenefitsBenefits

Benefits to Brokers

CSRP enables:  

  • Brokers to reduce their own costs of doing business in the London Market through increased automation. This improves the broker experience of dealing with London.
  • Brokers to operate with a single approach to submitting premiums and claims to both bureau and non-bureau markets by using the internationally accepted EBOT/ ECOT standards.
  • Additional services to be offered to brokers, for example, Central Services processing of non-fundamental splits rather than these being completed by the brokers.
  • A reduction in the number of queries received from Central Services due to increased Right First Time submissions and the assignment of a significant proportion of queries to the lead carrier rather than the broker.
  • Settlement of premiums outside of the deferred scheme, which is not used where submissions have been made through the new channel.
  • Brokers to achieve significant improvements in cash matching.

 

Benefits to Carriers

CSRP enables:

  • Improved broker access to the London Market, supporting carriers with protecting existing business and attracting new business.
  • Improved client satisfaction levels from London being an easier marketplace to trade with.
  • A reduction in trapped premium, shorter settlement cycles and improved cash flow which result from improved data accuracy and fewer settlement queries
  • An improved submission channel for Service companies via the provision of the Online Portal, providing an alternative to the existing options