This is being looked at through a body of work by Velonetic [1] covering service definitions and digital processing service agreements. We will confirm the cost structure for services once this work is complete and how contracting for the new services will work.
[1] On 18 September 2023, XIS & XCS Limited (London Market Joint Ventures) rebranded to ‘Velonetic – Powered by DXC Technology, the International Underwriting Association, and Lloyd’s of London’, see the news release at https://www.velonetic.co.uk/news/launch-news-item
Moving to phase one digital services should not require a huge level of change as the market will still be using EDI messages but via a different gateway, and training will be provided for the new portals. Velonetic is now looking to include some customised EDI messages. We have already provided market firms with the detail of known customisations and will now focus on our approach to these in Q4 2023. All market participants need to be live in the new platforms to be able to transact business in the new marketplace. We have a market engagement team that is supporting market firms in their readiness activities and tracking the progress the market is making. Every market firm will need to have made the relevant changes by the launch of phase one of the new digital services.
Phase two digital, with the release of the Market Gateway (ASG Adept) , will be available from April 2025, as per the timeline communicated in June 2023, and market firms still have the choice to move to a full digital approach at that time.
If your vendor is unable to support transition to phase one, you’ll be able to access your data and complete your steps in the process via the new portals. This would, of course not be an ideal outcome as it would result in rekeying of data, so please work with your vendor to ensure readiness.
Screenshots of the portals will be available from Q4 2023, with final versions available from Q1 2024.
