Benefits to Brokers
- 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
- 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