Media
Xchanging Repository Breaks New Ground in London Market Administration
01 Apr 2002
London, UK - April 2002 - Xchanging, the UK's leading pure-play business process outsourcing (BPO) company, today announces the launch of the London Market Repository. For the first time, this online information store will give risk subscribers secure instant access to all the supporting information needed for risk administration, processing, claims agreement and settlement. The Repository also gives authorised third parties such as legal firms and loss adjusters access to the information.
A key component of the London Market Principles (LMP), the Repository has been operational from last week, meeting the scheduled launch date. There are already 12,000 transactions on the system which has been developed through extensive consultation by Xchanging with the Market, to combine ease of use with a breakthrough in information access.
John Benjamin, managing director, Xchanging Insurance Services, says. "The London Market Repository is another vital step in Xchanging's programme of developments to improve the processes that underpin the efficiency of the market. It is an essential tool for brokers and carriers who want to increase their productivity and their competitiveness."
What used to take days to find, is now instantly available for users via a web browser, significantly reducing decision-making time. No additional hardware or software is needed.
The Repository also has a direct link to Xchanging's claims system (CLASS). When the Market is informed of a claim via CLASS, the underwriters on the risk who subscribe to the repository are automatically given direct access at the Transaction Reference level within the Repository.
Xchanging has a central role in providing services to support LMP giving the market improved business processes which will underpin its future development.