What is the Digital Processing Platform for premiums (IPOS)?
The Digital Processing Platform for premiums, previously referred to as IPOS (International Premium Orchestration Service), is the core digital solution for open market and delegated authority accounting and settlement. When full phase two functionality is available, it will enable automated validation of submissions against policy information, leveraging the Core Data Record (CDR).
Benefits
Automated validations
Improves consistency and reduces human error through automation.
User-friendly
Improves end user experience through modern and intuitive user interfaces.
Enhanced integration
Integrates with market participants’ systems which can lead to internal savings.
Progress update
-
Velonetic’s 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 and delegated authority premium and claims processing services (sequence three and sequence four)
-
Building the new London market premiums and claims processing service (sequence three) and the new delegated authority premiums and claims processing service (sequence four) as part of the cutover to phase one digital processing services
-
Defining the Digital Processing Services Agreement (DPSA) framework with market participants and customers, including service definitions and pricing approach
-
We’re 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 services
-
We’re 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)
