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Front-End Reconciliations

Market Services>Front-End Reconciliations

Front-End Reconciliations

Front-End Reconciliation refers to the process of comparing the transactions in a Claims bordereaux (BDX) with the corresponding payments in the associated FCP cashbook. Any discrepancies must be resolved to the satisfaction of the Lead MA, with any unresolved discrepancies accurately recorded for future resolution.

Front-End Reconciliation Services are designed to automate FCP bordereaux management and enhance reconciliation processes. They provide Managing Agents, brokers, and DCAs with structured, real-time data to support FCP bordereaux processing and reconciliation against the Vitesse cashbook.

Front End Rec Panel
The LIMOSS Front-End Recs panel is an elective (optional) service available to members of the Underwriting and Claims Management community in the London insurance market. The panel offers multiple BDX data management services from different vendors under one, over-arching contractual framework. A Carrier/MA can choose to use some, all, or none of the services on the panel – paying only for the services they select. This model was setup at the request of the LMA Claims Committee to provide options and choice, providing a greater breadth of insights for the London Market.

The panel’s key terms are:

  1. Services on the Front-End Recs panel can complement, or compete with, existing panel services.
  2. The panel is available to LMA members, IUA members and non-IUA company market.
  3. Each vendor’s charging approach is transparently presented to the market but exact charges for a specific Carrier/MA are confidential.
  4. LIMOSS collect MA’s charges via STFO using the standard LIMOSS Market Service Funding Model.
  5. A proportionate LIMOSS service wrapper is provided for each panel service. Carriers/MAs should note that the key terms for each panel member may vary significantly from LIMOSS core market services and from other panel services. Further details on request.

Panel Members
The current panel members are:

Existing Lime IQ users
Current LimeIQ users have the option of continuing under a direct contract with the relevant vendor or joining the LIMOSS Front-End Recs Panel. New users also have the option to contract directly or via LIMOSS. Advantages of using the LIMOSS panel include Market-wide contractual negotiation; centralised and proportionate market governance; centrally collected payments (MAs only); LIMOSS Service Desk escalation pathway.

New Panel Members
Carriers/MAs who would like to see additional Front-End Recs services added to the LIMOSS panel should contact the  servicedesk@limoss.london.