"Our Insurance platform is an established provider of business processing, products, services and software in international commercial insurance markets. We have over 900 customers worldwide and have 1,800 dedicated employees internationally, including the UK, USA, India and Malaysia. "
Xchanging divides its Insurance products and services into five categories:
Premium Processing:
Service provided to both the Lloyd’s market and the London Companies market. Premium transactions are checked to ensure that appropriate authorisation for the transaction has been received and transaction data is entered, as appropriate, into the Lloyd’s market premium processing system and the London Companies market system where further automated validation is performed. Customers receive electronic signing messages for all valid transactions.
Claims Processing and Agreement:
Electronic data capture service provided on specific claims files.
Claims Agreement for Followers:
Xchanging undertakes the review of claims on behalf of Lloyd’s market underwriters subscribing to the risk, to ensure that claims are valid, according to the terms of coverage and are being handled to an appropriate professional standard. This is under-pinned by the Lloyd’s claims scheme.
Policy Checking, Signing and Sealing Service:
Service provided to the Lloyd’s market and the London Companies market. Policies prepared by the broker are technically checked to ensure completeness and accuracy and are returned to the broker upon completion. Where both the Lloyd’s market and the London Companies market share risk, separate policies are issued. The Lloyd’s market premium processing system and the London Companies market system are updated to reflect policy issuance.
Policy Preparation:
Policy preparation service provided to the Lloyd’s market. Policies are prepared, checked, signed and sealed on the basis of slips submitted by the broker and are returned to the broker on completion. This service is supported, as appropriate, by the use of wordings held on the model wordings library and the Lloyd’s market premium processing system is updated to reflect policy issuance.
Market Infrastructure
The market infrastructure services include:
Market Repository: Document management systems to enable the electronic distribution, storage and sharing of structured and unstructured insurance documentation
Messaging: Core market messaging systems to enable the electronic agreement and distribution of premium and claim information
Data Warehouse: Data management, information and reporting services.
Accounting and Settlement
The third category of services within the Insurance platform is accounting and settlement,
which includes:
Premium Settlement: the processing and distribution of settlement messages between brokers and insurers for premiums supporting settlement to a diversified market
Claim Settlement: the processing and distribution of settlement messages between brokers and insurers for claims supporting timely settlement to a diversified market
Accounting: the processing of accounting information supporting insurance transactions, including tax and regulatory data
Payment: the direct settlement of insurance transactions
Software and Related Business Support
Xchanging provides a suite of software products and related business support services to support all of its Insurance services offerings. The software products cover insurance companies, reinsurance companies and insurance brokers.
Please click here to download our core services brochure.