WCL provides the Structured Data Capture (SDC) messaging service to Lloyd’s, enabling Carriers to streamline post-bind data capture.
SDC is an online service that converts the content of various market documents into consistent, electronic data after the risk placement process. Documents can be submitted via various methods including WCL’s enabledPlacing and directly from PPL. An ACORD Global Placement Message (GPM) is then returned to existing Policy Administration Systems.
SDC is also a business condition for Managing Agents using Lloyd’s Brussels (LBS). SDC users can select to submit binding authority contracts directly in DA SATS, providing a single, consistent and efficient way of processing delegated authority business in the London Market.
The introduction of SDC saves multiple carriers re-keying data. Consistent data is shared throughout the placement process, improving data quality and reducing future, downstream errors during renewals or claims. Automated, low cost data capture has improved productivity, enabling market practitioners to concentrate on higher value activities and potentially reduce costs.
For market practitioners paper documents are automatically digitised, so less data entry is needed and completed risks can be seen in their PAS faster than relying on manual data input. Importantly, more accurate data means being able to make better underwriting decisions.
For further information, please contact one of the WCL team today:
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