What's the Exit Plan?
In partnership with the LMA, IUA and Lloyd’s, Velonetic has prepared an Exit Plan, which serves as the contractual framework for transitioning from the existing services (Central Processing and Insurers' Market Repository (IMR) and Claims Processing) under the heritage contracts, to the Digital Processing Services (DPS).
The Exit Plan will be distributed to Lloyd’s managing agent and company market re/insurer customers for signature.
What's included?
The Exit Plan:
-
Describes the exit scenario which has been established to navigate the safe, controlled and evidence-based transition to DPS
-
Details the workstreams that will deliver the exit together with a list of documents and formal artefacts that they will produce to the evidence completion of the activity
-
Please note: workstream execution is subject to the market governance and oversight provisions of the existing contracts
-
-
Sets out the agreed Conditions of Service Readiness and Technical Readiness (and their associated artefacts) upon which Velonetic can declare itself ready to commence the DPS and terminate heritage services
-
Sets out the agreed Conditions of Market Readiness which need to be met by Velonetic customers and the actions these customers need to undertake to evidence and declare their own readiness
-
Complies with Velonetic’s exit obligations under the heritage services contracts
-
Includes the pro-forma Termination Letter that consents to the termination of certain existing contracts, which will be issued to the market participants for signature, once the Conditions of Service, Technical and Market Readiness are met
Latest updates
Signature of the Exit Plan by Velonetic customers is crucial to allow Velonetic to progress towards DPS go live. It provides important permissions for the use of customer data on the new DPS platform. The Exit Plan, under the Service Introduction workstream also introduces projects such as Robotics APA implementation and putting the Parties database into production, which, under the oversight of existing heritage services governance, will also de-risk the DPS cutover by establishing, proving and evidencing the DPS platform’s secure and effective operation.
The Exit Plan has already undergone further refinement following feedback from the LMA, IUA and has been shared with a customer panel made up of Lloyd’s and Company market participants for review. It is still under negotiations which will include LMA’s and IUA’s external counsel review with Velonetic aiming to issue the final version to the market for signature once the negotiations and reviews are concluded.
Get adoption ready
Blueprint Two will be delivered in two phases. At phase one cutover, all firms must adopt the new digital services.