New Xchanging e-accounts to take premium splits from London brokers
Xchanging has unveiled a deal with the International Underwriting Association of London (IUA) and the Lloyd's Market Association (LMA) to build enhanced electronic accounting within the existing Insurers' Market Repository (IMR) infrastructure.
Under the new system, the London market business process outsourcer will provide a carriers' accounting entries service that will create premium accounting splits - an often onerous task currently undertaken by brokers.
Xchanging claimed the new system will facilitate earlier settlement of cash items through faster, standardised processes...
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