DOCOsoft is a well established supplier of Claims Management, Document Management and Workflow software solutions in the London Insurance market. Our clients rely on our experience from previous market implementations to assist in the processes and final architecture of the solution.
It is becoming increasingly important for trading companies in the London Insurance market to exchange documents electronically. There are various technical initiatives operating to enable effective communication of documents and we have already developed solutions for this market that comply with the emerging standards and regulations.
Our insurance clients include :
DOCOsoft creates unique products that transform the efficiency of the claims management and document handling processes in the Lloyd’s syndicates.
Case Study – The Insurance Sector
For insurance companies who are using the London Market Claims Repository (also known as the Electronic Claims File Repository ECF), our automated Claims Management solution pinpoints what claims need to be handled urgently. We are first to market with this claims workflow solution and have deployed it successfully in various Lloyd’s syndicates over the past four years. We have reduced their average claim handling time from seven days to two and a half days.
This workflow product was runner up in 2008 in the Document Management Awards in London.
Our Document Management solutions are ACORD compliant, supporting the DRI interface and our workflow solutions are fully integrated to the ECF (Electronic Claims File) project. ACORD is an international organisation promoting a set of standards for the insurance industry and these standards are used within the ECF project.
DOCOsoft are also part of the advisory team with Lloyds & Xchanging Insurance Services (XIS) on testing the Claims Workflow Triggers (CWT) for the Market Claims Repository (ECF2) for the London Insurance Market.
Claims Management Solution for the London Insurance market
DOCOsoft have developed an ECF claims management solution for companies that are participating in the Electronic Claims File initiative, whereby advice of a new claim or a subsequent claim movement can be done via the ECF web application rather than by a broker walking the files around the market.
ECF2
ECF2 Reporting will deliver the up to the minute, granular Management Information that has not previously been available.
DOCOsoft’s ECF2 Claims workflow system processes Claim Workflow Trigger (CWT) files
The CWT files contain multiple triggers representing various claims. The processing of the trigger files by our ECF2 Claims Workflow System can be configured to occur at regular intervals throughout the day (e.g. Every 15 minutes, 30 minutes or 1 hour).
Compliant with the Document Repository Interface (DRI) standards
DOCOsoft plans to establish and maintain access to the Market Repository using Xchanging’s implementation of the ACORD Document Repository Interface (DRI) standards. DRI is the method by which documents can be exchanged electronically between repositories and is the method supported by the Market Repository. As part of Phase One, DOCO system solutions plan to achieve compliance with the London definition of DRI, as part of the TIG.
Formed in November, 2005, the London Market Technical Implementation Group (TIG) is the owner of the London Market definition of the ACORD Document Repository Interface (DRI) standards. TIG is a working group made up of representatives from all aspects of the London insurance market and ACORD.
The London Market definition of the DRI standards is to be implemented by any trading party that wants to exchange documents electronically using the ACORD DRI standards with any other trading party in the London Market. Trading parties are advised to ensure that their solutions adhere to these standards and match the evolution timetable of counterparties.
Solvency II
With the implementation date set for late 2012, Solvency II is fast approaching and bringing with it a number of challenges. Many insurance companies are already preparing market consistent balance sheets and using economic capital to manage their business, but Solvency II will introduce a new level of rigour.
DOCOsoft are currently working with industry leaders to incorporated Solvency II into workflows to enable a smooth change over for the insurance market.