Straight Through Processing – devours digital data
Shirine Khoury-Haq in her ‘Blueprint’ speech and presentation at the London Market Group Forum in July 2016 reminded us all of the importance of straight through processing (STP) and data being entered once and used many times. It is a vital underpinning to key market services, such as PPL and the XIS bureau in order to really start to prove that data can move straight through our market processes and enhance efficiency.
A vital first step on that journey is Structured Data Capture (SDC), a service that will ultimately convert information held in a variety of formats, using a blend of software tools and manual processes, in a way that makes it universally accessible using an industry-standard placement message.
An initial proof of concept earlier this year showed that it could deliver key documents, such as Market Record Contracts (MRCs) and then return a corresponding electronic message back to carriers. Having proved and demonstrated the technology solution, 10 carriers have agreed to participate in a more in-depth six week trial starting on 17 October. The purpose of the trial is to refine the capabilities and service proposition.
The trial objectives are to enable the London Market carrier community to engage with the SDC service as early as possible and experience the benefits that utilising common standards will bring: improved efficiency, increased data accuracy and an eye line through to reduced costs and the ability to reinvest capacity on value add tasks.
Carrier feedback will help the SDC team continue to develop and enhance the overall service proposition, and enable cost estimates for the service to be refined. The trial will also enable the progression of engagement with carriers and their policy administration software vendors in development of their chosen automated data loading tools.
For further information contact Stuart.McPhee@lmtom.london or Oscar.Patrick@lmtom.london.