Claim Accounting & Settlement, Broker phase one, Insurer phase two

Managing Agent playbook – phase two

The managing agent playbook is a time stamped document published in September 2023. For more up-to-date information please refer to version three of the adoption guide for brokers and carriers.

In this scenario, the Insurer has adopted phase two solutions while the Broker has only adopted phase one solutions

Step 1 & 2

Step 1 & 2 can be viewed here:

Step 1 & 2

Step 3: Settlement

Velonetic Technician

A Velonetic (previously London Market Joint Ventures, or JV) technician will manually process the agreed Lloyd’s claim in order for it to go through to the settlement stage.

Netting off services, Central Settlement

Claims netted settlement will still occur through Central Settlement. Central Settlement is not changing and will still work via STFO for Lloyd’s and via RBS for the company market.

It is expected that there will be no changes to Central Settlement bank accounts. Central Settlement is expected to work as it does today but with feeds from the new digital services rather than the existing ones.