Overview
Velonetic’s Core Services are designed to streamline premium technical accounting, claims agreement, and cash settlement through centralized processing and advanced technology. Acting as a business enabler for brokers in the subscription market, our services allow seamless interaction with multiple participants—reducing complexity and cost across the London and Company markets.
For brokers and carriers operating in the insurance subscription market, our standard processes allow them to deal with multiple participants in a cost-effective, standardised manner. We provide established, core processing services to over 400 insurers, reinsurers and brokers across all classes of business.
Our market impact at scale
Premium and Policy Processing
This service provides the foundation for accurate technical accounting and compliance. We handle the technical checking and resolution of broker premium submissions to create an accurate electronic technical account for easy download into re/insurer back office systems. This service also includes the technical checking, creation, and signing and sealing of the formal London Market policy where required.
Claims Agreement and Settlement System (CLASS)
CLASS is the core mechanism for claims finality and technical data generation in the market. It forms the foundation of the Electronic Claims File (ECF). This unique system facilitates the electronic submission of claims documentation from brokers and allows re/insurers to agree claims advices and settlements directly. For settled claims, the system automatically generates and provides the claim technical account and movement data in electronic formats for system download.
Central Settlement (LIPS)
This service provides the streamlined and reliable mechanism for cash flow management across the market. The LPC Irrevocable Payments System (LIPS) facilitates the netted settlement of premium and claims money in 14 currencies. We provide electronic settlement data to customers, enabling automated reconciliation and reducing overall banking and credit control costs.
Supporting Technology and Data
These services ensure data integrity, access, and distribution across the market. The Insurers’ Market Repository (IMR) serves as the central electronic document repository for the market, supporting all premium, policy, and claims processes. The Distribution Hub handles the reliable delivery of all electronic data, with the capability to translate message outputs to any required customer format, such as ACORD XML. Finally, we provide standard or bespoke Management Information (MI) reports derived from the comprehensive data created during core processing.
Value Proposition: How We Support Customers
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.
Reduced Cost and Optimised Resources
Clients benefit from unique, cost-effective central processing where costs are shared, leveraging clear economies of scale. We help remove resource costs from your business by enabling consistent internal processes and the ability to download premium and claims data directly into applications, which takes away manual re-keying activity and the requirement for time-consuming querying with brokers. Furthermore, banking and credit control costs are minimised through consolidated processes, and cash required for balances is generally much smaller, improving financial clarity and cash liquidity while reducing unallocated cash.
Improved Quality and Consistency
Our systems allow clients to connect to circa 400 brokers and process with them using a single, market-standard way. The structured platforms for claims management and technical accounting ensure consistency and accuracy, thereby reducing errors and improving overall data integrity. For added confidence and accountability, our service is independently audited under ISAE 3042 Type II.
Transform your operations
Discover how Velonetic Central Services can convert your manual, disjointed, and complex processes to automated, standardised, and simplified processes.
