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Market Reform Forum

Market Reform Forum. Update on business reform 21 April 2005. Andy Brookes LMP/Lloyd’s BPR. Objective: up to speed in (less than) half an hour……. Aims, end vision, overall approach – take it as read Contract Certainty – today’s special topic LMP slips Implementations Kinnect

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Market Reform Forum

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  1. Market Reform Forum Update on business reform 21 April 2005 Andy Brookes LMP/Lloyd’s BPR

  2. Objective: up to speed in (less than) half an hour…… • Aims, end vision, overall approach – take it as read • Contract Certainty – today’s special topic • LMP slips • Implementations • Kinnect • Back office electronic infrastructure • Accounting and Settlement • Electronic Claims Files • What you should be doing • Comms – newsletter, website

  3. Accounting & Settlement • Xchanging costs (£10.4mn) being reviewed • Interim report with Project Board • Technical and data information: Phase 1, publish 22 April • Who is digesting it in your firm/supplier? Views please • Phase 2 likely to be May – claims, ORI • Accounting splits: Code of practice being finalised; now costs • Migration (legacy and crossover): Complete for premium, claims (Section 2 of technical information) • Testing – first convoy on behalf of market; subsequent convoys • Working through options • MRIB and Project Board working on implementation timetable • Had aimed to publish in Q1, will be Q2 - greater certainty required on costs • Sequence and timetable for deliveries • Convoy one membership

  4. Electronic Claims File • XIS development work • Phase 1 - Operational in February • Phase 2 - Delivered and tested, now live • Overall business process requirements - Agreed • Overall business process spec being signed-off • DRI designnear completion • Implementation • 4 partnerships operational – low volumes (fine) • 40 (up from 25 last month) potential partnerships identified • Governance – Project Board and MRIB • Named brokers commit to deliver 100% new claims from Q3 2006 • Named Managing Agents commit to use ECF for new claims from Q3 2006 • Live issues • Monitoring implementation partnerships • Documentation needs stepping up

  5. Communication • Newsletter • Useful? Boring? • Websites • LMP – used? Quality?

  6. Market Reform Forum Update on business reform 21 April 2005 Andy Brookes LMP/Lloyd’s BPR

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