Challenges
Insurers and brokers rely on Velonetic to provide high-quality core London Market Central Services, along with tailored professional support.
Velonetic's current systems has provided the market with back office, streamlined processing services since 2001.
Overtime, the platforms and applications have increased the complexity of the legacy platforms, limiting the opportunity to scale, introduce efficiencies, and modern infrastructure architecture and upgrades.
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100+ complex interdependent applications.
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Legacy architecture that limits agility and innovation.
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Multiple technology stacks.
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Slow batch processing leads to delayed completion.
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Unstructured data increases inefficiencies.
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Late-stage identification of errors causes delays.
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Key information is not captured at the point of bind, requiring additional broker effort post-bind.
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Length processing due non-standardised documentation and multipole applications.
Innovation
Velonetic is delivering the future of insurance
Under the Blueprint Two programme, Velonetic is transforming the London insurance market by building the new Digital Processing Services platform (or DPS) – a modern cloud-based platform designed to replace legacy infrastructure, consolidating premiums, claims, and settlements into a unified system and enhance data integrity through centralised systems and enhance data integrity.
Cloud based Architecture
Scalable and resilient modern infrastructure
Real-time processing
Eliminating batch delays
Enhanced security
Encryption at rest and in transit
Standardised APIs
Seamless integration across applications
99.8% Availability
Ensuring continuous system uptime
Scalability and resilience are at the heart of the DPS to support peak demand.
Benefits
Centralised data sources to improve reporting and compliance.
Pre-populated digital data fields and drop-down selections in portals to reduce manual entry errors.
Market-wide Management Information (MI) from centralised and pooled data.
Always-on processing, increasing real-time processing, and reducing downtime from nightly batch processing and bi-annual disaster recovery testing.
Adoption of common messaging standards to support efficient business processes and opportunities for innovation.
DPS underpins the market’s long-term digital-first strategy, providing the foundations for digital transformation of the London Insurance Market allowing: Automation and AI-driven workflows to streamline claims handling and greater market agility with a future-ready technology stack.
Join the journey as we collaborate with industry leaders under the Blueprint Two programme to achieve unprecedented efficiency, security and innovation by setting a new benchmark for global insurance processing.