Building on the success of the premiums launch in 2016, CSRP went live for claims on March 7th 2017. The system improves broker access to the London Market by allowing claims submissions to be made into the XIS Bureau electronically, to globally agreed ACORD standards.
The launch of this new channel took place as planned in April 2016. Aon Benfield made the first premiums submissions into Central Services which was followed by the related payments being made to the carriers. Since the launch, Aon Benfield has processed more than 1,850 messages and achieved its business targets. There will be a continuing progression to other more complex submission types and to further books of business.
In addition, on 7th March the online portal, for use by brokers to make bureau submissions, was extended to support the submission of claims as well as premiums.
In 2017, CSRP will also deliver the capability to process claims where the premium or first claims advice was not submitted through the new channel (May 2017). Our plans for further releases in 2017 have been developed in the knowledge that we need to align around the delivery plans for the IMR Refresh Programme. Assuming no changes to the IMR plans, the capability to support binders and a range of other submission types will be implemented in November 2017, along with the changes to involve carriers more directly in the resolution of queries. This additional functionality will also be supported by the online portal.
We are also continuing the focus on market adoption, with further brokers preparing to submit to the new channel through either their own software or the online portal. The next brokers expected to go live on CSRP are Besso (March 2017) and Miller (end of Q2 2017).
We continue to work with broker software houses as they progress their own build activities which will enable further broker adoption.