Agile Data Pipe

Leverage London Market Messages to reduce your cost base

Business Agility has worked extensively with London Market insurers; implementing leading claims processing solutions, enhancing business intelligence capabilities and delivering bespoke business process automation systems.

During this time it has amassed a significant amount of experience around London Market Messaging; giving it an unparalleled insight into how insurers can use the data within the various messages to initiate and augment business processes to improve timely decision making, reduce claims leakage and their cost base. With this in mind, Business Agility has constructed a module called ‘Agile Data Pipe: London Market Message Enhancer (LMME)’.

Overview

The Agile Data Pipe: LMME is a tool to enhance a London Market insurer’s claims processing and business decision-making ability.

It does this by leveraging incoming London Market Messages, consuming and processing their residing data, applying configurable business rules and initiating relevant workflow/updating relevant Claims and other systems.

Although insurers can vary in how they intend to align actions to messages, Agile Data Pipe: LMME focuses on the clearest set of possible actions, namely recording the message, creating claims, creating exposures and creating activities/workflow. These actions are the least likely to vary from insurer to insurer and provide good examples for how additional actions can be implemented.

Agile Data Pipe: LMME is specifically aimed at London Market insurers; however it does have the ability to interrogate, consume and process non-London Market Messages, such as messages from third party adjusters.

The solution

Agile Data Pipe: LMME is technically agnostic and acts as a framework. It can be configured to integrate with any bespoke internal systems as well as industry standard claims management products eg, Guidewire ClaimCenter.

The solution harvests data from incoming London Market Messages and can go onto feed any component within an organisation’s ERP system. Eg;
• Claims Handling System
• Policy Management System
• Financial Reporting System
• Document Management System
• Data Warehouse and General Reporting System
• Email and workflow platform

Message handling

The following functionality is available for various messages;
• Recording the message (SCM, LIMCLM, CWT, USM, DSIGN, ILUCSM)
• Creating claims (SCM, LIMCLM, CWT)
• Creating exposures (SCM, LIMCLM)
• Updating claim and exposure data (SCM, LIMCLM, CWT)
• Setting (and resetting) reserves (SCM, LIMCLM, CWT)
• Creating payments upon settlement (USM, DSIGN, ILUCSM)
• Closing exposures and claims (USM, DSIGN, ILUCSM)
• Creating activities (SCM, LIMCLM, CWT, USM, DSIGN, ILUCSM)
• Setting the message “in suspense” where manual intervention maybe required (SCM, LIMCLM, CWT, USM, DSIGN, ILUCSM, WSETT, ILUCSM)

Agile Data Pipe: LMME is built as two components

;
Functional Component 1 – Agile Data Pipe Data Server Tool
This tool performs the ‘grunt work’. It runs as a separate service and periodically consumes and processes new messages based on rules defined in the configuration tool (see below).

It provides a User Interface that shows failed messages and successfully processed messages.

Functional Component 2 – Agile Data Pipe Configuration Tool

This tool will enable the configuration of a discrete set of rules, unique for each LM message. The configuration of these rules can then define the criteria used to drive the resulting actions taken when the Agile Data Pipe processes an individual movement, settlement of workflow trigger message. Examples of the actions could include:-
• First Notification Of Loss
• Notification of a Large loss based on the incurred amount or proportion of risk
• Claim Review tasks
• Settlement actions
• Reconciliation of a financial transaction
• Claim Assignment based. Examples include segment, claim complexity or policy type.

The tool will also enable the configuration and management of a set of interfaces that can be used to offer the resulting data to the appropriate recipient software.

The tool will also provide rules on how to correct and validate messages. This component can be enabled, disabled or enhanced based on the need of the user.

Fig. 1. Illustration of how Agile Data Pipe: LMME works

Benefits of Agile Data Pipe: LMME

1. Enables early visibility on claims
2. Initiates claims processes within a structured, proactive, rule-based environment
3. Provides automated and early notification to the Claims team
4. Provides collated information (via linking with the EDW/Reporting tool)
5. Automatic updating for Claims Handlers/Claims Processors of changes to the claim
6. Automatic scheduling for claim reviews
7. Early definition of claim relevant KPIs
8. Supports Lloyd’s minimum standards
9. Generates comprehensive, detailed Business Intelligence reporting
10. Achieves agility in the claims process and responds to change during the claims lifecycle

Need more details? This is something that can be eloquently explained by one of our senior consultants. If you are a Lloyd’s Insurer, or dealing in the Lloyd’s insurance market then this is solution that could benefit you. Please contact us on info@business-agility.com

Digital enablement in a legacy environment

This white paper has been written to explore the concepts and scenarios in which an insurer could maintain its existing architecture and still be able to deliver important facets of a digital strategy – namely, multi-channel delivery and end-user self-service. 

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