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e-Accounting A Market Reform Initiative

30 th April 2008. e-Accounting A Market Reform Initiative. Brian Austin – Lloyd’s Corporation - Market Operations. Direct messaging. Messaging hub. Trading platform. Email. Electronic Form. Electronic Form. e-Accounting What options do you have?.

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e-Accounting A Market Reform Initiative

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  1. 30th April 2008 e-AccountingA Market Reform Initiative Brian Austin – Lloyd’s Corporation - Market Operations

  2. Direct messaging Messaging hub Trading platform Email Electronic Form Electronic Form e-AccountingWhat options do you have? Communication directly between trading partners Communication between partners managed by external provider Transaction processing or workflow provided by external provider Data package creation from screen entry or integration Email between trading partners with or without external provider support Carriers Brokers

  3. ExchangeFunds e-AccountingWhat’s the process? Process Transaction ReceiveTransaction Acknowledgement ACORD TA UpdateTransaction ProcessTransaction Business Response ProduceStatement ReceiveStatement ACORD FA Acknowledgement UpdateStatement ReconcileStatement Business Response

  4. BureauA&S ACORD A&S EBOT Electronic Placing Bureau ECF Xchanging LPAN e-AccountingWhat’s happened so far?

  5. e-AccountingWhy? Economy Reduce cost of processing No re-keying of data Increase cash flow Efficiency Increase Process Efficiency Speed up transaction cycle Reduce query delays Effectiveness Improved Client Experience Increase quality & accuracy Reduced errors Reduce re-work Ethical No more paper No more vans

  6. e-AccountingWhat Now? • Cross market group • coordinated by Guy Carpenter & Company • To gain significant increase in e-Accounting by the end of 2009. • Communication and engagement • Brokers • Managing Agents • Insurance Companies • LMA • IUA • LMBC • Lloyds Corporation • Xchanging

  7. e-AccountingWhat should it mean to firms? Internal change programmes are the key to benefits realisation Sponsor it Use standards don’t tweak Measure & target Resource it

  8. e-AccountingWhat can you do? • Find out what your firm’s plans are • Identify your firm’s e-Accounting champion • See what you can do to get things moving

  9. www.guycarp.com

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