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ACORD RLC for 2009 Mike Smith & Puneet Bharal

ACORD RLC for 2009 Mike Smith & Puneet Bharal. ACORD Standards. Agenda. Standards Implementations Implementation Help TCF Communications 2009 Tasks. Standards Implementation. ACORD Standards. What ACORD Insurance data, messaging and process standards

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ACORD RLC for 2009 Mike Smith & Puneet Bharal

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  1. ACORD RLC for 2009Mike Smith &Puneet Bharal

  2. ACORD Standards

  3. Agenda • Standards Implementations • Implementation Help • TCF • Communications • 2009 Tasks

  4. Standards Implementation

  5. ACORD Standards • What • ACORD Insurance data, messaging and process standards • Set of processing rules and information that provide a standard way for communicating • Why • Standards enable an organisation to link with their trading partners to a common electronic method • How • By working with ACORD staff and members to develop and implement ACORD standards • When • Implementations happening today in London, the US and continental Europe

  6. ACORD – Standards geographical usage Reinsurance and Large Commercial

  7. ACORD Implementations • The ACORD messages are multi functional • Organisations tend to implement in ‘bite size’ chunks • Start with skinny messages • Enhance functionality and data gradually • Roadmaps are needed to show implementation phases and plans • Implementation guides are developed that reflect the agreed phased implementations • Implementations are tighter, simpler, more manageable and cost effective

  8. ACORD RLC Global Roadmap

  9. RLC Implementations WorldwideLondonEuropeNorth America

  10. London Implementations • London Market standardised on the use of ACORD RLC • 70,000 ACORD DRI messages per week • Peaking at 25,000 per day • ACORD RLC Placing message is operational • Adoption of the ACORD RLC Technical Account message is underway. • to support premium transactions • Lloyd’s Exchange • Using ACORD standards • Xchanging (the London market centralised back office) is introducing an “ACORD for All” service • enable all London Underwriters to receive ACORD RLC messages in place of London EDI message.

  11. RLC in Europe • Over 50,000 Accounting Messages p.a. • Some Claims • Priority is: • Accounting, settlement and claims (not Placing today) • Greater volumes • Brokers want: • More Reinsurers • More Insurers • Reinsurers want: • More Brokers • Ceding Companies

  12. RLC in Europe - Rueschlikon • Agreement signed on 17th September 2008 • ACORD RLC premium, claims and DRI • Running messages over the SWIFT network • Partnership between: • SWIFT, ACORD, Swiss Re, Munich Re, SCOR, Aon, Benfield and Willis • A shared industry solution for electronic data transmission

  13. Rueschlikon - Other key Points • Full pricing proposal being discussed • Validation to be included after June 2009 • Future phases include: • Life Reinsurance • Pairing • Other ACORD standards • Settlement netting • Risk exposure data

  14. North America • USA • XML is the Standard in the US • Moving away from EDI but still being supported • E-Reinsure over 500,000 Placing messages to date • Need to increase the number of Reinsurance implementers and add Ceding companies as message senders • Bermuda • Placing starting to happen from London • Accounting implementations • Canada • Examining the use of claim movement message for advices and implementing accounting messages

  15. Status • ACORD RLC XML standard is mature • ACORD RLC standards are a proven solution • driving benefits today • Vendor partners have matured • significantly reduced the barriers to entry • reduced the ongoing operational costs • Focus is on implementation with more trading partners

  16. STP • Lower Cost • Automated Workflow • Integrated Systems • Reduce Errors • Less Translation • Better Service • More Consistency • Higher Quality • More Transparency • Speed to Market • Ease of Doing Business

  17. Implementation Help Advisory Services

  18. Implementation Help • ACORD awareness for business and IT technicians • ACORD training for all • Health checks for individual organisations relating to ACORD • Messaging implementation help • EDI • ACORD XML • TCF help for organisations testing and those seeking certification

  19. Implementation Help Testing and Certification Facility

  20. Test first with ACORD Testing and Certification Facility (TCF) YOU BUSINESS PARTNER • Connectivity • Security • Standards compliance And get trouble-free implementation with partners… YOU BUSINESS PARTNER

  21. Testing & Certification • Over 7,000 messages sent/received • All London initiatives supported: • ECF / A&S repository • ELPAN2* / EBOT • Electronic Placing (direct and via hubs) • DRI Large Files (20mb+) now supported • 1.2Gb files transferred in testing • Increasing demand from clients; implementors encouraged to support ASAP. • Digital Signature testing supported • Why struggle with counter-parties? • TCF provides a neutral, authoritative overview which proves your system’s capabilities • Proven to reduce mean time between bug fixes • Avoids you performing diagnostic work / consultancy for your competitors

  22. ACORD RLC Blog • London Office Blog www.acordlondon.org

  23. 2009 Tasks/Activitiesfor RLC

  24. 2009 RLC Key Tasks - Overview • Standards Implementation • Standards Development • Advocacy • Operations and Process

  25. 2009 RLC Key Tasks • Standards Implementation • Implementation Focus Groups • Rueschlikon • London • USA Focus group • European Focus Group • Lloyd’s Hub • Advisory Services • TCF and Implementation Tracking • E-Forms

  26. 2009 RLC Key Tasks - continued • Standards Development • Business • ECOT • PIG review • Exposure data • Account Current • EBOT • Reporting Messages (Regulatory/Management) • Technical • RLC into AML • AWSP • NDR • TCF • E-Forms • FA, Claims, Exposure data

  27. 2009 RLC Key Tasks - continued • Advocacy • Member Groups • ACORD Club • LMBC group • Breakfast meetings • New Members/Company discussions • Conferences • AFL • ISF • AIF • Video • General Communication • Web site, blogs, newsletters etc

  28. 2009 RLC Key Tasks - continued • Operations and Process • Standards • Governance • MR Review • Certification • Standards Framework • Membership

  29. ACORD RLC DSC Members Locations Mark Kinsella (Benfield) Anne Rannie (Lloyd’s) Tom Payne (Kiln) Steve Williams (JLT) Mark Barwick (LIIBA) Monique Hesseling (Zurich) Patrick Vice (Frank Cowan) Thomas Neff (Aon Re) Rob Gorski (XL Re) Pete Marotta (ISO) Peter Arbenz (Swiss Re) Regis Delayat (SCOR) Ute Morlock (Munich Re) Amer Ahmed (Allianz)

  30. Londonoffice: LUC - Suite 1/3 3 Minster Court Mincing Lane London EC3R 7DD UK +44 207 617 6400 World Headquarters: Two Blue Hill Plaza 3rd Floor Pearl River, NY 10965 USA +1 845 620 1700 SLIDE 31

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