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Market Reform Forum What’s new this month? e-Placing update

Market Reform Office. Market Reform Forum What’s new this month? e-Placing update. Andy Brookes, MRO Lisa Gibbard, Head of IT, Aspen Re Rob Gillies, Head of Market Reform Policy, LMA 28 th February 2008. Update across the reform agenda. Placing Endorsements A&S and ECF Other stuff.

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Market Reform Forum What’s new this month? e-Placing update

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  1. Market Reform Office Market Reform ForumWhat’s new this month? e-Placing update Andy Brookes, MRO Lisa Gibbard, Head of IT, Aspen Re Rob Gillies, Head of Market Reform Policy, LMA 28th February 2008

  2. Update across the reform agenda • Placing • Endorsements • A&S and ECF • Other stuff

  3. Placing • Contract certainty • Achieved ≥ 90% thorough 2007 • No more stats to MRO • Will the MRC change this year? Hardly at all • See published paper for MRG policy • No major changes (eg headings); minor usage updates; in synch with ACORD GPD; but remains London market controlled • MRC for binders and lineslips • To be published shortly • Public sessions? • Electronic bureau policies • 22% in January, from 17% in December

  4. Endorsements: current status • Documentation standard (MRCE) • London standard for contract changes from 1 April • So no more honeycombs • To do: ensure it is adopted in your (broking) firm. Underwriters – make a fuss if you see old style • Electronic processing (e-MRCE) • Documentation agreed and ready to publish • To do: digest and implement • To do: who in your firm needs to attend public sessions in mid-March? Contact mro@marketreform.co.ukto register. • To do: adopt simple measurement template

  5. e-MRCE: focus is e-mail • Just do it • Email widely used now for contract changes on international business • Extend use of email to London Market business • Keep it simple • No new technology required • So no need to wait for others to justify investment • Easy bridgehead into electronic support for placing • A supporting act to ACORD messaging • Email use kicks off the sort of business changes required for electronic processing via ACORD messages (workflow)

  6. A&S aims • “All accounting and settlement of risks performed electronically” to deliver: • Rapid movement of premium and claims monies • “Right first time” processing • Increased efficiency with lower operational cost • Lower operational risk • In practice this means… • Remove paper • Remove the van • Delinking • Move to ACORD business messages and validation

  7. A&S current status • Insurers Market Repository (IMR) use • 75% (w/e 15 February) of original premium • 56% of all premium (including APs and RPs) • No van service for in scope OPs from 1 April • See published details on market reform website • No van service for APs & RPs from 31 December • ACORD messages – single standard incorporating bureau and non-bureau • E-Accounting project being led by Richard Lester (Guy Carp) • Move from scanned paper LPAN to structured data • Delinking • c70%; guidance forthcoming

  8. Claims • Lloyd’s 100% new in-scope end Q1 • 90%+ January • IUA take up : end Q3 100% new in-scope • Service contract in negotiation – slow going • Service targets: LMRB own • Measure first, then think about targets • Legacy claims • End Q1 review of pilots • ECF Flag being built • MI report(s) being commissioned from Xchanging

  9. IMR questions • How is Xchanging’s performance in developing and running the IMR being managed? • What work is being commissioned from XIS (scope, usability, hardware)? What’s the cost and who is paying? • Plans beyond the IMR?

  10. IMR performance • LMRB’s role: to oversee Xchanging • Performance stats • Xchanging give account at LMRB as necessary • LMRB chair, then MRG chair, for escalation • LMRB view: Xchanging recognise the seriousness of IMR performance issues and have/are responding accordingly

  11. IMR continuing investment • Increase scope • relative importance down • Improve usability • relative importance up but… • ECF quote issues – CLASS is unwieldy and so changes are expensive • Capacity • upgrades need funding • Market audit team in place

  12. Live issues on change requests • Legacy flag essential • Due for May delivery • Workshops to scope future releases • November; possibly August • Reviewing feasibility of ACORD solution to multiple OSND • User groups working well

  13. What’s the strategy? • Keep going with ‘value for money’ improvements to IMR, while planning what next • Don’t let dreams of infrastructural nirvana stop us doing the hard yards now • LMRB focussed on IMR/ECF now, not long run plans

  14. Future of claims infrastructure • Whose doing what? • Lloyd’s Claims Strategy Review : IT infrastructure workstream • IUA priority; LMBC Market Reform Strategy Group interested • No overarching governance yet, but watch this space • What are the issues? • Replacing CLASS(s) : 4 versions • ‘ACORD for all’ : XIS likely Q2 • User choice of ACORD message rather than EDI • Recent XIS publicity • Time and cost and of CLASS changes makes this more pressing

  15. Other stuff you should know • IT Club with suppliers at 11:00 here • Prepare your questions • Interchange agreement - background publication for reference • Rob Campbell MRO contact

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