DOCOsoft – Lloyd’s Brussels Subsidiary Module
In our first two blogs of the year, we focused on the two big C’s – Cloud and Cyber. In this blog which concludes our mini-series looking at how DOCOsoft sees the year ahead panning out, we are focusing on the big B – Brussels! What does Brussels have to do with technology, you may well wonder, but bear with us and all shall be explained!
In 2019 Lloyd’s established a new insurance company based in Brussels, known as Lloyd’s Brussels Subsidiary (LBS), with 19 branches throughout Europe, including the UK, to ensure the corporation would continue to write risks across the EEA countries after the UK left the EU. LBS ensures that all parties in the insurance ecosystem – brokers, coverholders, insureds and underwriters – continue to benefit from Lloyd’s specialist underwriting and claims expertise.
This is where the technology part comes in. DOCOsoft’s Lloyd’s Brussels Subsidiary Module being released this year, will allow carriers to save significant time and money by automating VAT trigger alerts, integrating with policy systems, helping operations to keep on top of business continuity requirements and ensuring adherence to regulatory standards.
Minimise Disruption, Leverage New Capabilities
Lloyd’s Brussels will be the insurer, instead of the syndicate. The LBS module, which is integrated with the DOCOsoft claims management system, ensures that seamless continuity with the pre-2019 distribution model continues with access to Lloyd’s underwriters remaining the same for brokers. The LBS module causes the minimum disruption to the market’s underwriting and claims teams by using existing market systems and processes and leveraging the new capabilities made possible by market modernisation.
Added Value to Valued Added Tax Payments
LBS ensures that the Lloyd’s claims standard is met while offering more added value whether that is helping clients to save money on VAT payment reconciliations or allowing systems to digest data from carriers’ policy systems. Going forward it will be possible to envisage a point where Part VII status data can be populated into a staging table displayed within the Policy Section of the Claim Handler.
An automated field will be populated with Part VII Identifiers including Transferred, Non-Transferred, and Mixed identifiers. Other highlights will include:
- Part VII Status data capture includes status for written and transferred claims and status for non-LBS claims.
- ‘Part VII Status’ assigned to the master claim record stored against the claim in DOCOsoft Data Warehouse
- Allow underwriting and claims teams to digest up to 30 fields of data from the carrier’s policy system
Therefore, working with an insightful InsureTech company such as DOCOsoft, which knows the London market well, ultimately pays dividends. We understand why it is so important to have a one stop shop for Lloyd’s Brussels claims policy data with no need to jump ‘in and out’ of systems. Our research and experience of the market has taught us that clients value the ability to allow their operations teams and claims to understand what the status of a particular claim is. Why?
Because it saves time and significant financial costs through automated reconciliation of VAT duties. It helps to notify adjusters of LBS claims where they were missing them previously and identify LBS status for both written and transferred policies with prompts to act.
More visibility on LBS with automated system updates and seamless workflow is important at the current time as will be the ability to notify action on the claim, reduce workload issues, save time, and feedback out into the data warehouse.
Lead you through the streets of London?
In the brief period walking the streets of the City’s square mile at the end of 2021, DOCOsoft’s team of technologists, business analysts and project managers were busy talking to Managing Agents who informed us of their need to identify the claim location, is it EU or not, or mixed policy?
So, we were able to recognise the importance of achieving the appropriate authorisation from a regulator of a European Union member state as well as the value of achieving adherence to Legal, regulatory and compliance requirements.
DOCOsoft has enabled several Managing Agents to go live with brand new claims management systems during lockdown periods but there is no doubt that we miss seeing our friends and colleagues in and around the streets surrounding familiar City of London landmarks. It is important on a social level and, of course, from a business perspective. With nearly 20 clients, DOCOsoft is playing an increasingly important role in helping Lloyd’s and its ecosystem of Managing Agents, Associations, partners, and suppliers to keep the dream of digital transformation alive.
We will continue to work virtually because we must, but we very much look forward to the return of face-to-face meetings where we can roll our sleeves up and get the lowdown on the next step in our clients’ business and market transformation. Until we meet again, stay safe and good fortune in 2022!