General Insurance Article - Five year IMR extension for Xchanging

 Xchanging has been awarded a five year extension to its current contract to operate the Insurers' Market Repository (IMR).

 The IMR is a key piece of infrastructure for the London Market which supports the electronic processing of premiums, policies and claims through Accounting and Settlement, eAccounts and Electronic Claim File services.

 The competitively priced deal gives customers the certainty of fixed transaction costs for the next five years.

 The IMR was originally developed by Xchanging in partnership with the Market as part of the Modernisation Programme championed by the London Market Group.

 Electronic Services Director Geoff Kennard said “Following robust negotiations including a competitive benchmark exercise, Xchanging has concluded an agreement with the Market that provides excellent value for IMR users. The IMR is a central piece of processing infrastructure which underpins the successful transition of the market’s premium accounting and claims processes from being largely paper-based to being 98% electronic. We are delighted to have been awarded this deal and are privileged to have a key role to play in the market’s plans for the future.”