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The journey so far…..

London Market – Setting the pace MRO Briefing 15 April 2009 Roger Oldham Head of Market Practice HSBC Insurance Brokers Limited. The journey so far…. Contract Certainty – BAU Market Reform Contract 1.2 – BAU Market Reform Contract Endorsement ACORD international standards

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The journey so far…..

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  1. London Market – Setting the paceMRO Briefing 15 April 2009Roger OldhamHead of Market PracticeHSBC Insurance Brokers Limited

  2. The journey so far….. • Contract Certainty – BAU • Market Reform Contract 1.2 – BAU • Market Reform Contract Endorsement • ACORD international standards • Electronic Claim File • Accounting & Settlement • IMR • Lloyd’s Exchange • Electronic Messaging/Placements 2006 2009 2012

  3. Global Vision… Our Approach • To be Contract Certain in all of our operations: • Business process review and GAP analysis • Impact on business • Market consultation and acceptance • Process re-engineering • Education and training • System of measurement, check and supervision • Client consultation and acceptance • Contract Certainty was a “dirty word”

  4. Market Reform Contract – GPD Benefits • Replaces existing “Slips” used in many territories • Improves quality of placing – benefits clients, underwriters, brokers • Creates consistent standards across entire organisation • Brings about a need for retraining – never a bad thing • Use as Evidence of Cover – improves speed of communication

  5. Why has this been possible…….. • 3 years down the track, early lessons learned • London seen as leading the charge with reform • Regulators taking a closer look at ways local markets operate • Contract Certainty starting to be introduced overseas • A need to change and enjoy the efficiencies • Allows inter-office communication with ease

  6. Hurdles and barriers • Overcome reservations/cultural/historical issues held by international colleagues and make them aware of the benefits • Convince our trading partners and clients of the benefits • Re-engineer processes, train our staff, introduce checks and controls

  7. What’s next ? • More widespread adoption of Contract Certainty internationally • Increased use of electronic messaging, creating significant opportunities and a truly global marketplace • Other markets closely monitoring how we have modernised our placing, premiums, accounting and claims processes

  8. Thank you • Any Questions?

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