Xchanging signs five-year deal to run IMR

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

The IMR supports the electronic processing of premiums, policies and claims in the London market through accounting and settlement, e-accounts and electronic claim file services.

The IMR was originally developed by Xchanging in partnership with the market as part of the modernisation programme championed by the London Market Group.

Xchanging 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.”