Standards projects
Account Opening
A Standards Development project to develop an Account Opening Standard with a focused data content that will reduce the level of inconsistency experienced under the current FIT-based approach.
Progress
- Technical approach to use a resource based solution was agreed by the working group.
- Business process, requirements and data analysis along with early build activity is underway.
- Regular monthly working group meeting held on 27 June with outputs shared.
Future milestones - July
- Continue business process, requirements, data analysis and use case definition for inclusion in a Business Requirements Document.
- Continue with early build activity in relation to resource definition.
- Regular working group meeting scheduled for end of July.
Underwritten Protection Quotes
A Standards Development project to create a standard set of information to hold an underwriting decision in order that a premium can be generated in an underwritten quote.
Project activity is on hold until adviser demand is fully understood.
Occupation Codes List
Update Implementation Group
Supporting industry adoption of the revised occupation codes standard used in quotations and new business processes.
Progress
The recent RAG status questionnaire highlighted no new issues. Three changes were discussed and the group agreed that further changes should discouraged at this point. One change is to be made now whilst the others were noted for a future version of the lists.
Future milestones - July
- Monthly RAG status questionnaire to be issued.
- Next meeting scheduled on 13 August to track progress towards implementation.
Group Risk Quotes and Placement
Develop Standards for Group Risk Quotes (GRQ); similar Re-Pricing and Rate Review processes; and Placement.
Project activity is on temporary hold until industry demand emerges.
Protection Policy Retention
Develop standards supporting communication to advisers and other distributors of events in relation to protection policies that might put at risk continuing cover.
Project activity is on hold until adviser demand is fully understood and a clear steer on technical delivery is available.
BAU Change Requests
Ongoing activity in relation to maintenance of current Standards via change management process.
Progress
- No CR activity during the month.
Future milestones
- Commence activity to publish solutions for Change Requests (CRs) resulting from abolition of Lifetime Allowance (LTA) but not incorporate into the eight Standards impacted until there is a business need to do so.
