In an ideal world, the Lloyd’s Structured Data Capture (SDC) initiative shouldn’t be needed.
Brokers should be gathering the key data needed by underwriters during the course of the creation of their Market Reform Contracts (MRC) but most are reluctant to expend additional effort to perform the role of data entry for underwriters.
Exari’s powerful document assembly tool, DocGen™, is being increasingly recognised as a happy compromise to generate a document, even a paper document if you must, while capturing key data along the way with no additional effort.
There are, of course, classes and clients that need more creativity and their placement documents cannot be so easily predicted but the majority of the business that is handled in the London Market can be broken down and assembled using modern technologies such as Exari.
The London Market Group’s MRC Guidelines give us the framework for how to structure the MRC with standard sections, headings and rules.
Acord gives us the variable names that need to be captured so that consistent data can move from broker to underwriter.
The Market Wordings Database is a central record of wordings and endorsements that can be used as resources to be included when applicable.
Add in other data sources such as Lloyd’s tax database in Crystal and documents are right the first time.
Start the process from within the existing broker admin systems such as Brokasure to re-use existing data and eliminate any re-keying.
Exari’s platform has the unique ability to apply rules and conditions that bring together all the components that make up an MRC including the data that is needed for processing by broker and underwriter systems.
The process helps the broker by ensuring documents are right the first time with up to date market rules and compliance built in. Brokers would also benefit from dramatically improved management information with every data item, clause and key word from the MRC available within a database to search and report upon.
With Lloyd’s recent announcement mandating the increasing delivery of risks via approved eTrading platforms such as PPL and Ed Broking’s “TradEd,” all brokers will have to increase their online activity. Exari provides them with a way of participating that helps them rather than add to their workload.
With Exari as the MRC builder, the document and its data can flow from broker to underwriter electronically without any additional effort.
For more information about Exari DocGen, request a demo and see how our system can help your team.