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CLASS - Advices and Settlements

© Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
 Systems using CLASS Database

Broker

CLASS at Lloyd’s ECF

CLASS

Database
Xchanging
Company

XCS CLASS or
Company CLASS Converged CLASS
or CLASS

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 Syndicate Claims Message (SCM)

09.00
Create claims information
Amend claims information

End of Working Day

Incorrect information can be reset

up to 7pm when system goes down
Overnight Run

If settlement involved
Syndicate
Claims Broker Underwriter
Message (SCM) Signing Signing
(Every syndicate / every claim) Message (BSM) Message (USM)

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 Creating a new claim

(page 2)
Claims Claim
Policy/Risk Market Financial
Transaction Continue Continue Continue Details Continue
Details Details Details
Creation (page 1)

Informs syndicates using SCM to

First Advice
make sure that sufficient funds
“Movement” Reference AA are available in GBP account for
e.g. Reserve £10,000,000 their share of claim.
(SCM Breakdown)

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 Creating a further advice

• Find claim

AA Movement

• Create Subsequent Advice

AA AD
AB AC

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 Claims Office Reference (COR)

• Allocated by System when claim is created

• Claims Office Reference (COR)

• Used for searching

• Written in brokers file for future use

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 COR Format

Currency
1
3 1 = GBP
M 07/02 12345 5 3 = Convertible
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Year Month 5 = USD
7 = CAD
N 2
4
6 1234 / 420107 Sequence no for this
A 8 currency during this month /
year
Market

Currency Date with 40 added

2 = GBP to day
4 = Convertible
Sequence no for
6 = USD this currency on
8 = CAD this day

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 Xchanging Claims Reference (XCR)

• Allocated by system when claim is created

• Format
Date
Year / month / date

X / XCHU / 061106000101 System generated number

Always begins X/XCHU for

paper files

• XCHU will be replaced with CONV for claims converted from the old COSS system. For
example, X/CONV/061100000101

• May have any number of COR’s within a single XCR

• May be written on brokers file for future use (COR must be written in brokers file)

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 High-level and low-level information

High-level
(XCR)

Low-level
(COR)
AA Movement AB Movement (SCM AC Movement (SCM AD Movement (SCM
(SCM breakdown) breakdown) breakdown) breakdown)

• Diagram shows simplest format

• Once AA movement is advised (i.e. SCM sent) lots of high-level fields can not
be changed

• Changing low-level data (SCM breakdown) does not automatically filter to

higher level. Need to change twice if required.

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 Supporting Documentation

Procedure manual found on K Drive – shortcut should be on your desktop

‘Entry of claims on CLASS’ and ‘settlements’ are both under ‘Contract Schedule 1’

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© Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.