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London Market Central Services

Precision at scale for the London Market

Velonetic’s London Market Central Services simplify the downstream process for premium technical accounting, the agreement of claims, and cash settlement using a combination of centralised business processing services and technology.

The services also act as a business enabler for brokers operating in the subscription market, allowing them to deal with multiple participants in a cost-effective manner.  Velonetic provides established, standard processing services to over 400 (re)insurers and brokers across all classes of businesses.

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Explore the range of central services we provide 

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Premium Processing 

  • Single interface for brokers –Accounting and Settlement (A&S).
  • Checking of broker premium submissions and any query resolution
  • Creation of an accurate electronic technical account
  • Provision of the technical account in an electronic message format (e.g. ACORD XML) for downloading onto re/insurers back office underwriting and acounting applications
  • On-line browser service for review of these transactions
     
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Settlement  

  • Net settlement occurs in 14 currencies.
  • Liaison with Lloyd’s Settlement and Trust Fund Office (STFO) & with the Royal Bank of Scotland (RBS) to ensure daily settlement process runs smoothly.
  • Provision of Settlement data in electronic formats for auto-reconciliation
  • Conduct daily audits / reconciliation of settlement data.
  • Add / amend bank accounts for customers.
     
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Claims Processing & Agreement 

  • Claims platform for agreement, processing and settlement – Electronic Claims File (ECF)
  • A unique system that the brokers can load with electronic claims transactions supported by electronic claims file documentation for view and response by re/insurers
  • Velonetic technical processing for Lloyd's but not for carriers in the Company market
  • Provision of the claim technical account in an electronic message format (e.g. ACORD XML) for downloading onto re/insurers back office underwriting and accounting applications
     
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Data and Information

  • Provision of MI reports either standard and bespoke from the data created as part of the premium, policy and claim processes
     
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Policy Signing 

  • Technical checking of standard and bespoke policy wordings.
  • Creation and signing of the London Market policy.
     
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Xchanging Distribution Hub 

  • Delivery mechanism of electronic data via SFTP, SOAP or email.
  • Translation capability to change electronic message outputs to any customer required format e.g. ACORD XML.
     

Benefits 

Our London Market Central Services are designed to streamline operations, reduce costs, and enhance service quality for all market participants. By centralising key functions, we help the market operate more efficiently and transparently.

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    Reduced Cost


    •    Benefit from economies of scale—shared services mean lower costs for everyone.
    •    We act once on behalf of many, reducing duplication and administrative overhead.
    •    Banking and credit control costs are minimised through consolidated processes.
    •    Free up internal resources by relocating operations to lower-cost centres.

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    Improved Quality

     

    •    Structured platforms for claims management and accounting and settlement ensure consistency and accuracy.
    •    Standardised inputs and outputs reduce errors and improve data integrity.

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    Operational Efficiency


    •    Our services help reduce unallocated cash, improving financial clarity.
    •    Enhanced cash liquidity supports better capital management across the market.

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    Transparent Pricing


    •    A consumption-based pricing model ensures you only pay for what you use.
    •    Our services are independently audited under ISAE 3042, providing confidence and accountability.