How does SDC work
The SDC solution uses Optical Character Recognition (OCR) software to extract data items from documents and structure the data to conform to the ACORD GRLC 2013-06 standard.
The data extracted by the OCR process is then quality checked by Operators to ensure the OCR is accurate and complete.
The OCR process and Operators validate against extraction ‘rules’ for each data item that gets extracted. See the SDC Extraction and Mapping document for these rules and the ACORD data mappings.
SDC is designed around the MRC standards which allows SDC to extract information from fixed ‘headings’ within the document, e.g., SUM INSURED and PREMIUM. The Service is therefore reliant on documents complying with the guidelines. Not following the guidelines will likely result in a poorer quality extraction or even a rejection.
Where documents cannot be processed, they will be rejected with a reason for the rejection.
The following are the more common rejection reasons:
- Invalid Document Type for a Lloyd's Brussels submission
- Unsupported Document Type
- Not a Recognised MRC Structure
- More than one MRC in the document submitted
- Lloyd's Brussels Only Subscriber - No LB Stamps found
Document to data turnaround
The turnaround of documents to data available to carriers is often under four hours.
The published SLA’s for the SDC service are:
- The target turnaround for documents is by 6pm the same day if submitted before 2pm
- If submitted between 2 pm and 6pm the target turnaround is 8am the next business day
- After 6pm Monday – Thursday the target turnaround is 6pm the following business day
- After 6pm on Friday, the target turnaround is 6pm the following business day
Business days taking into account all weekends and bank holidays.
Read the guidelines for all documents (including Lloyd’s Brussels) on the LMG website.
Go to the SDC Portal.
How can SDC meet my needs
- Data does not have to be repeatedly re-keyed by multiple carriers
- Consistent data will be shared throughout the placement process, improving data quality and reducing future, downstream errors during renewals or claims
- Automated, low-cost data capture will improve productivity, enabling market practitioners to concentrate on higher-value activities and potentially reduce costs
- ACORD standard data contributes to straight-through processing across the market
- Paper documents are automatically digitalised so less data entry is needed
- Completed risks can be seen in my Policy Administration System faster than relying on manual data input
- More accurate data means better underwriting decisions
Find out what document types and functionality are currently supported in SDC.
Visit our contact page if you have a query.