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LMG Forum June 2011

LMG Forum June 2011. Christopher Croft, LMG Secretariat Mark Chapman, eAccounts Management Group Lee Elliston, Catlin. Agenda. Modernisation update eAccounts release 2 Using ECF2. ECF2 Current Status 23 June 2011. 17 carriers receiving live messages 5 fully integrated into own workflow

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LMG Forum June 2011

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  1. LMG ForumJune 2011 Christopher Croft, LMG Secretariat Mark Chapman, eAccounts Management GroupLee Elliston, Catlin

  2. Agenda • Modernisation update • eAccounts release 2 • Using ECF2

  3. ECF2 Current Status 23 June 2011 • 17 carriers receiving live messages • 5 fully integrated into own workflow • Other carriers to join by arrangement with Xchanging Claims Workflow Triggers (CWT) • CAS & SSO are live • 5 carriers plus XCS using in production • Rollout in progress with Liberty & Hiscox going live w/c 27 June 2011. Claims Agreement Services (CAS) & Single Sign On (SSO) Document File Viewer (DFV) • DFV is live • Documents are being processed online • Rollout in line with CAS & SSO schedule Claims Workflow Services (CWS) • Service Deployed to production • Backload process being tested • Rollout from late July onwards Claims Data Warehouse (CDW) • MAT for ECF001, ECF004 & ECF005 starting 6th June • Baselined plan in place and being delivered • New infrastructure been installed. • Go Live Phase 1 Sept 1st

  4. Endorsements • On target for 1st July • Property • PI • Specie • Open now for all classes • For more info see newsletter

  5. Version 1.42011 New MRC version • New version anticipated – version 1.4 • Release later in the summer for implementation by 1st January • Guidance changes only – no changes to headings anticipated • Principal changes • Dodd/Frank Act and changes to surplus lines regulation • Guidance to reflect usage of Lloyd’s pilot claims scheme • Some other minor changes to guidance to align different MRC standards (open market, binder etc) and for clarification

  6. Non bureau progress • Pilot implementing • Developing model to discuss with other firms

  7. Future process • Next steps • Future process narrative • Addressing issues raised in the consultation process • Highlighting differences between current and future process • Fleshing out the proposals in more detail, via process narrative documents. •  And then: •  Infrastructure, service provision and systems implications of the future process •  Cost benefit analysis and client service impact assessment

  8. Questions?

  9. LMG Forum – 29 June 2011 Associations’ Administration Committee ‘Finish What We’ve Started’ eAccounts Release 2 Implementation Options

  10. Current Status 10 eAccounts • January • Release 1B puts Miller & ACORD messaging live • June • Miller – 270 contracts (10% of their business by premium) • Price Forbes and UIB in production • Aon/Aon Benfield start testing • Review of R2 scope completed – 6 CRs identified • July • Guy Carpenter move to production • September • Aon/Aon Benfield go-live • Discussions on-going re: next broker convoys

  11. eAccounts R2 11 eAccounts Deferred Scheme Autoload DRI Slice Non-Fundamental Splits

  12. Options Considered 12 eAccounts EAMG reviewed 6 options for moving forward: 1. Withdraw the eAccounts Service 2. Cease further development. Rollout R1B as-is. 3a. Extend R1B functionality (Deferred Scheme, Autoload and DRI Slice) but no support for Non-Fundamental Splits 3b. As 3a with a manual Splits Service based on the Marsh solution (no ACORD data messages). 4. Full R2 scope plus 6 CRs 5. As 3a with a manual Splits Service accepting ACORD data messages

  13. eAccounts Options – Process Efficiency 13 eAccounts

  14. Benefits of continuing with Release 2 14 eAccounts • Transmission of ACORD structured data instead of electronically scanned Premium Advice Notes (PANs) • An accounting interface (eBOT) that is in line with international markets (e.g. Europe) • Easier electronic access to the London Market for Brokers in remote locations • Eliminates Londonisms (i.e. removes need for non-fundamental splits from Brokers) • Autoload capability improves XIS’s efficiency and reduces their error rate • Delays in current process cost insurers circa £3.5m pa in lost investment income (based on 2% interest rate) [source JMD] • Brings Deferred scheme into eAccounts scope

  15. Recommendation LMG Approved 15 eAccounts • Choose Option 4 (Full Release 2 scope plus 6 CRs) • Allows market to finish what we started • Carriers (Lloyd’s and some companies) need Splits service • Manual options too expensive • Deliver Release 2 in two releases to minimise delivery risk and ensure project focus • Deferreds, Autoload and DRI Slice • Non-fundamental Splits • Delivery dates to be confirmed by XIS

  16. ECF2 Lee Elliston 29th June 2011

  17. ‘’Change is the law of life. And those who look only to the past or present are certain to miss the future’’ John F. Kennedy

  18. ECF2 – What’s New? • Claims Workflow Triggers (CWT) • Claims Workflow Services (CWS) • Claims Agreement Screens (CAS) • Document File Viewer (DFV) • Single Sign On (SSO)

  19. What is CWT? • The first linked ECF2 functionality – went ‘live’ in October 2010 • Replaces previous daily data (CSV files) • More detailed claims ‘awaiting action’ data feeding workflow systems • Transaction-by-transaction data held in Lloyd’s, ILU and LIRMA versions of CLASS • Output received for all bureaus (Lloyds, ILU and LIRMA) • 6 MA’s and/or Companies are fully live; 8 intending to ‘go-live’ in the near future

  20. Why is ECF2 important to the market? ‘’As from the cradle to the grave, it is but a succession of changes so gentle and easy that we can scarcely mark their progress’’ Charles Dickens • Enhances Service to Brokers & Clients: • Live triggers of actions undertaken by brokers and carriers • Improving turnaround time and settlement of claims • Improved functionality to navigate, review and respond • Offers an embedded workflow application (CWS): • Benefiting carriers with or without their own workflow system • Enhances data & enables transparency: • Enhanced data within trigger files leading to useful and insightful MI • Allows greater transparency across bureaus and throughout the Market

  21. Implementing CWT – 5 Steps for Preparation • The individual carrier should decide: • How does your current internal workflow receive and accept claims data from Xchanging? • Frequency of data / triggers • Review naming of received CWT files, format and data fields to align with internal systems and workflow • Update internal system/s or workflow to pick up relevant fields within the CWT file • Consider a testing / parallel run phase of the new CWT and current CSV • Plan for the first CWT load (‘CWT Backload’) • Taking into consideration ‘in flight’ transactions, ensuring duplicate data is not entered

  22. Further Information • London Market Group’s website: Please visit www.londonmarketgroup.co.uk to access ECF2 user guides, functional spec’s and the SP&P

  23. Questions

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