Jargon Buster

We all know that the insurance industry is full of acronyms, and with the ever expanding Insurtech world, new ones are always appearing! So below we have created a Jargon Buster to help you fully understand the wonderful world of insurance technology.
Accounting and Settlement: provides an option for Brokers to submit work packages to the London Market Bureau (DSC) using a proven and secure integration method. The integration service removes the need for a Broker to key in the details manually using the direct load facility.
Application programming interface: is a set of routines, protocols, and tools for building software applications. Basically, an API specifies how software components should interact.
Binding authority registration system: Lloyd’s current binder registration system.
Core data record: The critical transactional data which needs to be collected by the point of bind, in order to drive downstream processes.
Claims Loss Advice and Settlement System: The Market claims system.
Central Services Refresh Programme: CSRP is a collaborative cross-market programme to deliver improved services and infrastructure for Central services (AKA the bureau or XIS).
Delegated Authority: Submission, Access and Transformation Solution.
Delegated contract and oversight manager: Lloyd’s new platform to support coverholder onboarding, facility placement and binder registration, replacing ATLAS and BAR.
Delegated data manager: The centralised coverholder reporting system.
Electronic Back Office Transactions: deals with the usage of ACORD Technical Account and Financial Account messaging.
Electronic Claims File: Is the combination of the Insurers’ Market Repository (IMR) and the Claims Loss Advice and Settlement System (CLASS). It enables Carriers to review and respond to claim documents, claim data and claim financials in an electronic format.
Electronic Claims Office Transactions: deals with the usage of the ACORD Claims Movement message and links with EBOT for completing claims-related payments.
Electronic Data Interchange: computer-to-computer exchange of business documents in a standard electronic format to replace e-mail/post etc.
Future at Lloyd’s: Blueprint One which describes Lloyd’s strategy to build the most advanced insurance marketplace in the world. The blueprint includes details of the initiatives that will be delivered for customers and market participants during 2020.
Financial Account: In EBOT/ECOT – to release premium in to settlement, i.e. usually delinked claims where the premium has previously been reported via TA Technical Account.
Global Placing Message: The electronic output from the SDC process. This is presented in an ACORD XML format.
General Underwriters Agreement: The GUA provides a standard means of defining the processes for agreeing contract changes for business placed on a subscription basis. It includes schedules, specific to classes of business, which define the categories of contract changes that require agreement by the leader only, specified insurers, or all insurers.
Insurers Market Repository: Infrastructure owned and funded by London market insurers, both Lloyd’s and companies, which provides a common repository for documentation to support accounting and settlement and claims processes
London and International Insurance Brokers’ Association: The association representing the interests of insurance and reinsurance brokers operating in the London and international markets
London Market Association The association representing the interests of Managing Agents operating in the Lloyd’s insurance market
Managing General Agent: a company who provide underwriting expertise and bind cover on behalf of their capacity provider (normally an insurer) through a Delegated underwriting Authority agreement / Binder. Referred to as a coverholder in Lloyd’s.
Market Reform Contract: An ACORD-based standard adopted by the London insurance market for risk placement documentation.
Market reform contract: This market reform contract is structured in a manner in which key placement processing data can be extracted.
Market Reform Contract Endorsement: An ACORD-based standard adopted by the London insurance market for endorsement documentation.
Placing Platform Limited: The Leading London market initiative that uses Ebix Europe’s Placing Platform technology.
The ‘Ruschlikon Initiative’ sets out a back office process for premium and claims accounting using the ACORD GRLC standard for global broker and (re)insurers.
Small claims automated settlement: A pilot programme to establish the process and protocols for the automated settlement of low value claims.
Structured Data Capture: enables data from policy wordings to be entered only once and then re-used many times. It also allows data to be passed from one TOM solution to another through the value chain.
Technical Account: Shows the details of a single policy, such as premium, brokerage, underwriter share %, contract period etc.
The Message Exchange Limited: established to own and operate The Exchange, the messaging hub that supports the sending and receiving of ACORD standard data messages between counterparties in the London insurance market.
Xchanging Claims Service: Is the branch of exchanging that provides services formerly offered by LCO, Lloyd’s Claims Office.
Xchanging Ins-sure Service: Is the branch of exchanging that provides services formerly offered by LPSO, Lloyd’s Policy Signing Office.

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