Claims payments able to move faster through the market
On the 7th March 2017, claims payments went live in the next stage of development in the Central Services Refresh Programme (CSRP), building on the success of the premiums launch in 2016. The system significantly improves broker access to the London Market by using global standard messaging.
Later this year, the system will also be able to process legacy claims – that is claims where the original premium was not processed via the new channel. These releases provide core premiums and claims functionality. CSRP is working on delivering other important functionality later this year.
More information on how the new claims release for post-bind submission might affect carriers is available here.