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Control Framework. A warm Welcome to the December market Breakfast Group. Control Framework. Breakfast Group agenda. 9:00 Festive arrival, breakfast & networking All 9:20 Christmas welcome Ali Dove 9:25 Lloyd’s International Trading Advice Giles Taylor ( LITA) Developments
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Control Framework A warm Welcome tothe Decembermarket Breakfast Group
Control Framework Breakfast Group agenda 9:00 Festive arrival, breakfast & networking All 9:20 Christmas welcome Ali Dove 9:25 Lloyd’s International Trading Advice Giles Taylor (LITA) Developments 9:40 Phase II update and a round-up of the year’s Jaana Rouvari achievements For something a little different…. 10:00 Lloyd’s in Social Media Lucy Dawson & Kassy Dignam 10:15 Q & A All 10:30 Close Ali Dove
Lloyd’s International Trading Advice (LITA) Developments Giles Taylor, Senior Manager, LITA 11 December 2013
Crystal Approximately 40-45,000 reports are run on Crystal per month. Approximately 12,000 reports are run per month whilst the user is signed into Crystal (accessing the secure content). Around 30,000 of these reports are run by users who have not signed into Crystal (and are therefore accessing limited content only). Source: Crystal Usage Stats, Dec 2013
So don’t get stuck… …Log IN!
Consumer lines business: Market conduct risk Aim: Assess the need for - • expanded market advice on consumer business • more information on conduct requirements Main actions: • Analysis of existing Crystal content (200+ country reports) • Consultation with Market and Lloyd’s International Network • Recommendations for further Crystal content • Consider new conduct risk controls for consumer business • Consult new content on intermediary licensing requirements Consultation group:
Priorities identified Jurisdictions • Australia • Canada* • France • Germany • Italy • New Zealand • South Africa • Spain • US** Subjects • General • Definition of ‘consumer’ • Consumer protection legislation • Insurance documentation • Pre-contractual notification and disclosure • Insurance documents • Processing and servicing of risks • Cancellation and non-renewal • Tacit renewal • Claims handling • Definition of ‘complaint’ • Complaints handling (internal procedures) • Details of ombudsman (external procedures) * At provincial level, Alberta, British Columbia, Manitoba, Ontario, Quebec, Saskatchewan ** At state level, California, Florida, Illinois, Louisiana, Maryland, New Jersey, New York, North Carolina, South Carolina, Texas
Consumer Lines: Next steps • ‘Core’ information - direct licence jurisdictions (e.g. definition of consumer, complaints procedures) • By end Q4 2013 • Full consumer information - key countries • Pre-contractual notification, insurance documents, mandatory/prohibited contract terms, cancellation/renewal, claims handling • By end Feb 2014: Australia, New Zealand, Italy, Spain • By end April 2014: Canada, South Africa, France, Germany • Full consumer information - key US states • Timescale tbc: California, Florida, Illinois, Louisiana, Maryland, New Jersey, New York, North Carolina, South Carolina, Texas • Work currently out to tender
Further developments • Intermediary licensing content: • Gap analysis completed • Developing proposal for consultation with LIIBA, LMA • Open market intermediation • Coverholder licensing • Scope of information, priority countries (e.g. V25, US) • Timescale: • Q1 2014 • Global coverage content for Crystal: • What Lloyd’s can do has a competitive advantage! • Expand information on fronting in unlicensed countries • Guidance on what Lloyd’s can/can’t cover • Timescale: • Provisionally Q1/2 2014
? ANY Questions?
Control Framework Control framework Phase II Jaana Rouvari
Control Framework 1. Year’s round up2. How is the market progressing3. Key challenges4. Activities for the next month and new stuff Today…
Control Framework Achievements to date.. Bought 530 bacon sarnies 99 Meetings with Managing agents 152 meetings with brokers LIIBA PAG Reg Com IAC DUM BOLT MPG Service providers for… Software Back office processing
Control Framework Market Progress Initial meetings with managing agents Managing agent has project resources in place 100% Complete 100% Complete Coverholder risk rating exercise % Completion 40% complete Risk ratings reflected in audit schedules Confirm delivery timeline to Lloyd’s 30% Complete 30% Complete 21
Control Framework Key Challenges Duplication Lead vs. follow Many managing agents to one broker Many brokers/ managing agents to one coverholder Workshop with managing agents and brokers where… We all got to know each other a little better
Control Framework The brief The outcome Understand level of involvement from brokers Discuss what evidence of controls operated by brokers does the managing agent need? What evidence can be provided by the broker? Improved our understanding of the broker’s role Came up with some suggestions for methods of sharing information Captured some additional improvement suggestions next steps • Engage with LIIBA • Run an identical workshop in January with a different mix to validate our understanding
Control Framework In the next month • Lloyd’s to consolidate and review completed coverholder risk ratings • Lloyd’s to commence engagement with managing agent review groups to agree engagement and communications with brokers • Lloyd’s to review the deadline • Managing agents to commence • Risk assessment • Gap analysis • Remediation work • Underpinned by the coverholder audits
Control Framework New stuff • Lineage and Control Framework gap analysis complete - no gaps • Phase II Board sign-off wording to be reviewed • Feedback on the Control Framework audit questions considered
Control Framework Questions?
Lloyd’s and Social Media Kassy Dignam & Lucy Dawson Digital Communications Managers
A social solution? • Brand personality & transparency • International reach in real-time • Influence, educate and spark debate • Relationship building • Listening & leveraging insights
Thought leadership & education #insurancegap
@lloydsoflondon www.facebook.com/lloyds www.linkedin.com/company/lloyd's-of-london www.youtube.com/user/Lloydsinsurance Lucy.Dawson@lloyds.com Kassy.Dignam@lloyds.com Thank you, Any questions?
Control Framework Q & A
Control Framework Further information on Control Framework – controlframework@lloyds.com Next Breakfast Meeting – 21st January 2014 www.lloyds.com/controlframework