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Electronic support for Endorsements Market Reform Forum 16 December 2009

Electronic support for Endorsements Market Reform Forum 16 December 2009. Rob Gillies Head of Market Processes Lloyd’s Market Association. Simon Gaffney – Willis Ian Devonald – Travelers Trevor Maddison – Lloyd’s. Background Key issues Timetable Governance.

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Electronic support for Endorsements Market Reform Forum 16 December 2009

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  1. Electronic support for Endorsements Market Reform Forum 16 December 2009 Rob Gillies Head of Market Processes Lloyd’s Market Association

  2. Simon Gaffney – Willis • Ian Devonald – Travelers • Trevor Maddison – Lloyd’s

  3. Background • Key issues • Timetable • Governance

  4. All contract changes in the London market, irrespective of complexity, submitted and agreed electronically using ACORD messaging. This does not preclude face to face negotiation where appropriate or desired.

  5. Background • LMG – use of electronic processes to support placement • eMRCE • Lloyd’s – driving use of the Exchange • Commitment by Aon, Marsh and Willis subject to commitment from insurers and detailed plan • Mirror commitment from insurers and other brokers

  6. Key Issues • Class of Business • Resolution of remaining process issues • Cessation of paper • Bridging the management / practitioner divide • Agreed service levels • Escalation process

  7. Timetable Finalise project scoping and confirm broker and insurer commitment to end of Jan 2010 Implementation of ACORD 2009.1 19 February 2010 Review market readiness for go-live Mid-May 2010 ‘Go live’ date for endorsements by ACORD messaging in pilot classes 1 June 2010 Review progress and make decision regarding roll out to all other classes End September 2010 Anticipated full market participation 1 January 2011

  8. Governance • Endorsements Management Group • Reporting to EPSG and LMG • Engagement with broking and underwriting practitioners • Broker and underwriter workshops • EPIG

  9. Questions?

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