What is the Digital Gateway?
The Digital Gateway, sometimes referred to as the digital risk service, is an automated risk data validator that also derives data for central processing. The data captured in the placement process will flow through the Digital Gateway where it is automatically checked for completeness, and that it aligns to the Core Data Record (CDR) standard for both company market and Lloyd’s business.
For Lloyd’s business, it will also check taxes and regulatory alignment to offer the broker and insurer real-time validation results.
Benefits
Increased automation
Reduces manual effort, improves consistency and accuracy of data.
Improved data validation
Reduces processing queries by having more complete data validated at bind.
Faster processing
Processes and confirms transactions to all participants more efficiently.
Enhanced transparency
Improves the ability to match policies and claims through the lifecycle, reducing reconciliation effort for insurers.
Progress update
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In December 2022, the foundational capabilities (in sequence one) that will be used across the broader technology build were delivered by Velonetic
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The new global premiums and claims processing service (sequence two) is live and in service, utilising this service lays the foundation for the build of the London market premiums and claims processing service (sequence three) that will interface with the Digital Gateway (sequence five)
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The Digital Gateway (including the ACORD Contract Risk and Pre-accounting) is being developed (sequence five)
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Defining the Digital Processing Services Agreement (DPSA) framework with market participants, including service definitions and pricing approach
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Working closely with vendors, (including accredited placing platforms) to raise awareness of technical changes needed, and ensure timelines are aligned for the cutover to new digital processing service
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Defining and agreeing the deployment approach, and contracting for the delivery of market testing, to support the ability for firms to adopt a full digital approach using the Digital Gateway (sequence five)
