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Modernisation Update and Future Plans for Electronic Endorsements in the Insurance Market

Stay informed about the latest developments in electronic endorsements for the insurance market, including pilot results, future plans, key activities, post-pilot analysis, and upcoming rollout phases.

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Modernisation Update and Future Plans for Electronic Endorsements in the Insurance Market

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  1. LMG ForumApril 2011 Christopher Croft, LMG Secretariat John Hobbs, IUAChris Buer, LIIBASteve Hulm, LMG Secretariat

  2. Agenda • Modernisation update • Endorsements – pilot results and the next steps • The future of future process

  3. eAccounts eAccounts Release 1B (R1B) Miller continue their controlled submissions of live business Upgraded testing and training environment being established for full rollout – due April / May UIB, Guy Carpenter & Price Forbes continue with their implementation process with a target live date of 3rd May eAccounts Release 2 (R2) Detailed review of functional specifications produced early 2010 has completed Options for progressing are being reviewed

  4. The Message Exchange Limited (TMEL) • Cross market ownership of key infrastructure • Directors: • Shirine Khoury-Haq (IUA) • Simon Gaffney (LIIBA) • Kirk Maddern (LMA) • Peter Spires (Lloyd’s) • Contract signed on 23rd March • Comes into effect on 18th May • New terms and conditions with you today

  5. Non bureau progress • Pilot work continues • Firms involved: • Xl Re • XL Insurance • Chartis • Chubb • RSA • Aon • Willis • More welcome

  6. Questions?

  7. Electronic Support for Endorsements Post Marine Pilot Update April 2011 John Hobbs Director of Market Services International Underwriting Association

  8. Key Activities Post Pilot • Understanding / Learning from Pilot Experience • Final (3rd) survey of participants • Analysis / segmentation of issues (BDPA) • Ernst & Young benefit review • Review / Consultation with Marine Community • IUA & LMA Marine committees • Prioritisation of required improvements • Joint PSSG / Marine practitioners meeting • Agreement of final report

  9. Key Activities Post Pilot (cont’d) • Review of Provisional (Oct. 2010) Roll Out Plan • Which classes next (Property, PI, Specie)? • Timetable (delivery of improvements)? • Support (workshops, etc.) • Marine Transition to “Business as Usual” • 10,000+ ACORD messages • Additional IUA carriers (Groupama, Axa, Allianz) • 600+ endorsement requests p.w. (Jan – April 2011)

  10. Key Pilot Outcomes • Process works (best for “silent” endorsements) • Process Improvements required (changes in hand) • Scope issues (mixed paper / electronic markets) • Benefit evidence limited by technology and volumes • Greater senior sponsorship / change effort required

  11. Electronic Support for Endorsements Plans for the next phase April 2011 Chris Buer LIIBA

  12. Broker views • Improvements in end-to-end process time from initial client request to confirmation of cover • Improved accuracy due to re-use of data/documents without re-keying • Reduction in the movement of paper • Improved auditability and compliance

  13. Further Endorsement Rollout • April 2011 • Marine to continue as “business as usual” • All other classes open on a bi-lateral agreement basis • July 2011 • Three additional classes will be formally sponsored • Three major brokers and three major carriers involved • Other firms will be encouraged to participate • October 2011 • Implementation of 11 key improvements identified • February 2012 • Solutions for conditional acceptances, subjectivities and multi-section risks to be implemented • March 2012 • All insurers will be asked to be ready to receive electronic endorsements for all classes of business from March 2012.

  14. Broker Technology Event • Event takes place on 13th May 2011 (14:00-17:00) at the Old Library • Demonstrations of broker messaging systems • A wide range of software suppliers attending: • Tri-Systems • Trace • TIW • Ri3K • Websure • Sterling Commerce • Total Objects • Email Chris.Buer@LIIBA.co.uk to register your attendance

  15. Future Processing ModelUpdate Steve Hulm, LMG Secretariat

  16. Questions?

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