TOM: continued progress with moving funds
Today the London Market Group announced further progress on a key part of its growth and modernisation agenda, the Target Operating Model programme (TOM) – with the launch of an online portal which will enable more brokers and service companies to submit premiums electronically. By allowing brokers to generate the required electronic global standard messages without having to build software systems of their own, the number of brokers and service companies that can interact with the XIS Bureau using ACORD standard messaging will significantly increase. The portal has undergone market acceptance testing with three brokers during the second half of 2016. An online portal for claims will be launched in Q1 2017.
Shirine Khoury-Haq, London Market TOM Sponsor said: “We have been making strong progress in refreshing our central services so that money can flow through the market faster and more accurately. By using the same ACORD data and process standards that have been implemented outside London, we are taking more positive steps towards making London an easier place to do business.”
By 30th November the foundational work required to support the launch of a new system which enables brokers to make claims submissions using global standard messages was complete. Further market testing will take place before the new system goes live in Q1 2017 when brokers will be able to submit claims. This is the first in a series of incremental changes which will add further claims functionality.
In 2017 the system will also be able to process legacy claims - that is claims where the original premium was not processed via the new channel.
For more information please contact: Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158