Premium Processing and Payment Analysis Reports for London Market Insurers and Brokers

Overview
Ongoing measurement and monitoring of premium processing and payment performance is important to both insurers and brokers and it is essential in the current climate of Market Reform to understand the impact that market changes are having on their businesses.

The cross market ‘Premium Payment Improvements Working Group (PPIWG)’ have agreed a package of measures to improve premium processes and payment performance. These include the change to the approach to premium payment monitoring and reporting from the current ‘Late Settlement’ basis to comparing SDD with actual payment to underwriters

This package of measures has been endorsed by the MRG.

JMD Reports
JMD produces a comprehensive set of monitoring reports, based on data supplied by Xchanging, for managing agents, IUA companies and brokers, which address the key performance indicators for all premiums processed in the London market by Xchanging.

The standard JMD Market Reporting suite covers:

• Premium payment performance
• Terms of trade
• Delinking
• Bureau processing performance
• Resubmission of rejections
• FDO signing

How do JMD's reports differ from any currently available market reporting?
Traditionally, London market premium payment monitoring has been limited to late settlement reporting based upon the date of presentation by the broker of premium payment documentation to Xchanging.

Summary
Our reports provide London market organisations with the tools to measure and monitor the Key Performance Indicators for premium processing and payment and enable them not only to monitor the impact of the Market Reform changes but also to quantify their effect on their own organisation.