1 / 13

Sue Langley, Director of Market Development, Lloyd’s

The coverholder programme. Sue Langley, Director of Market Development, Lloyd’s Adam Stafford, Head of Electronic Distribution, Lloyd’s Stephen Moore, International Markets, Lloyd’s Peter Montanaro, Head of Delegated Authorities, Lloyd’s. The Coverholder Programme:

adah
Download Presentation

Sue Langley, Director of Market Development, Lloyd’s

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The coverholder programme Sue Langley, Director of Market Development, Lloyd’s Adam Stafford, Head of Electronic Distribution, Lloyd’s Stephen Moore, International Markets, Lloyd’s Peter Montanaro, Head of Delegated Authorities, Lloyd’s

  2. The Coverholder Programme: Continuing 2010-2012 programme of initiatives Making it easierto do business with Lloyd’s Developing the channel, subject to proper controls Today’s agenda: Reminder of strategic objectives What have we done this year What is coming up INTRO & AGENDA

  3. A reminder of Lloyd’s strategic plan … Make placing business into the Lloyd’s market more efficient Undertake promotional and educational activities aimed at existing and potential coverholders Provide robust oversight of business written by coverholders To inform our work: - 2010 survey of 1100 coverholders Structured interviews with key stakeholders (brokers, MAs and key country managers) Structured interviews with MGA ‘advisory panel’ Context: - strategic importance

  4. Progress to vision

  5. PROGRESS TO VISION: TECHNOLOGY & STANDARDS VISION: - - Standard data flowing between all parties without re-keying & ACORD XML widely used Starting point No reporting standard for Coverholders, with inconsistent requests to coverholders. XML not used Poor quality data in London Heavy burden on coverholders, lots of rekeying. Today Premium, Claims and US Property Risk Standards, mandated for new coverholders XML property standard live Reporting is becoming easier Coming up Working with coverholder system vendors to deliver standards, measure & promote XML standards for premiums and claims in progress

  6. PROGRESS TO VISION: CLAIMS PROCESSING VISION - Settlement times equal or better than competitor markets, with reliable electronic claims handling Coming up Implement outcome of pilot Measure & promote use of standards - Implement and maintain TPA register STARTING POINT Significant delays for Co-lead claims Poor feedback on settlement time for claims referred to London TPA population not centrally registered today New Co-lead claims process being piloted Claims standard delivered to facilitate use of technology Measurement of processing times underway Larger MA and Binder brokers Implementing new systems TPA register being created

  7. PROGRESS to vision: EDUCATION VISION: - range of guidance & educational offerings - clear pathway from introductory to advanced learning - easy to find & use training & guidance materials COMING UP Explore LLMIT accreditation in key US States and market globally via country managers Delegated Underwriting Module in LMA Academy Inwards visit programme to be considered ACII Diploma to be considered STARTING POINT Many coverholders found Lloyd’s confusing Coverholders interested In learning more, but no accessible training Lack of awareness of Lloyd’s amongst prospective clients and coverholders, especially in 20-35 yr age group CURRENT POSITION Strategic review of educational requirements in 2010 New educational materials available on www.lloyds.com LLMIT on-line training is live The Coverholder Toolkit is live Australian Diploma launched

  8. PROGRESS to vision: the coverholder toolkit Vision:A clear and simple guide to doing business with Lloyd’s - an on-line one stop shop for coverholder information www.lloyds.com/coverholdertoolkit

  9. PROGRESS to vision: MARKETING & COMMS VISION: - Regular targeted communication - Easy to find information to understand & explain Lloyd’s - Coverholders well informed about Lloyd’s COMING UP - Marketing Fact Sheet to help coverholdersexplain Lloyd’s to clients - New branded policy jackets to be piloted ‘Coverholder plaque’ pilot for approved US coverholders STARTING POINT No easy way for retail brokers To find their nearest Lloyd’s coverholder Coverholders lacking the tools they need to promote themselves No consistent communication to coverholders on key issues Confusion over the Lloyd’s brand and when it can be used Today New Coverholder Directory live Lloyd’s Quick Guide explains how Lloyd’s works New e-bulletin:- ‘Coverholder News’ launched New coverholder website Release of new brand Guidelines

  10. PROGRESS to vision: EVENTS & networks Vision:Sense of pride & engagement as part of community - vibrant local associations & networks- varied range of local & London events * = UK, Ireland, France, Sweden, Switzerland, Italy, Spain, Hong Kong

  11. PROGRESS to vision: brand Vision:Sense of pride & engagement as part of community - supported by new Coverholder Sub-Brand Brand guidelines available at : www.lloyds.com/brand

  12. The coverholder model is under threat in some jurisdictions(i.e. brokers holding binding authorities): Switzerland, South Africa & EU (review of IMD) Enhanced conflict of interest arrangements proposed Consultation with BOLT & AAMGA Bribery Act / Money Laundering / Sanctions Legal and IRA teams considering implications for the market Practical guidance and on-line training being developed What is coming up: protecting the model Legal and regulatory considerations

More Related