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Accounting and Settlement 2008

Accounting and Settlement 2008. Christopher Croft Market Reform Office 27 th February 2008. A&S vision. “All accounting and settlement of risks performed electronically” to deliver: Rapid movement of premium and claims monies “Right first time” processing

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Accounting and Settlement 2008

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  1. Accounting and Settlement 2008 Christopher CroftMarket Reform Office27th February 2008

  2. A&S vision • “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 Page 2

  3. A&S – what has happened so far • A&S Strategy framework published in 2006 • Ongoing relevance • IMR – live since September 2006 • 186 broking firms live (95% of total volume) • All A&S submission types in scope of IMR • 75% (w/e 15 February) of original premium • 56% of all premium (including APs and RPs) • ACORD message (bureau & non-bureau) pilots live in 2007 but low volume Page 3

  4. Page 4

  5. A&S in 2008 – IMR • “Finish what we started” • No van service for in scope OPs from 1 April • No van service for APs & RPs from 31 December • Details on www.marketreform.co.uk • Premium Payment Working Party • Crush a van? • Benefits • No van time – signed lines available sooner • Full audit trail of who has viewed documents and when • Speedier resolution of queries Page 5

  6. A&S in 2008 – ACORD Messaging • 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 • Targets etc to be set by MRG at end Q1 • Benefits • Allows validation on send – decrease error rate • Simplify accounting by making better use of data eg capture data once • Removes re-keying at Xchanging • Allows for STP (“straight through processing”) Page 6

  7. Questions? Page 7

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