Yes, Velonetic will continue to use Syndicate, LIRMA, ILU, Broker Numbers as they do today. If a company market carrier does not want to use Velonetic digital processing services, they will apply their ‘non-bureau’ stamp to the risk, as today.
The Velonetic service and transaction records will (from phase one) also be able to record details additional parties involved in servicing of business, such as coverholders.
Mainframe end-of-day batches will cease to exist in phase one, the new digital platform will operate in real time. For example, as soon as a premium is processed and signed, it will immediately be written in the system of record. However, EDI messages (including USM and SCM) and central settlement are scheduled once a day. EDI messages amalgamate all signings during the day into a single data package. The current frequency of EDI messages won’t change in phase one, they will be delivered in the same frequency and time as in today’s systems. Other messaging, such as EBOT/ECOT, CDR or Write-back are designed to operate in real time only, so the new platform will send those as transactions are processed. Velonetic customers are encouraged to consider the business process impact and opportunities arising from the potential for intra-day ‘real-time’ notifications that come with adoption of these ‘phase two’ services.
This approach will be outlined on the cutover plan which is currently in development, this will be finalised by the end of 2023 and will include how transactions will be handled by business process, services and systems used.
