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Accounting and settlement repository

Accounting and settlement repository. 22 NOVEMBER 2007 CHRIS MEARS – A&S IMPLEMENTATION MANAGER. A&S Repository : overview. The process by which premium and claim payment amounts are accounted and settled between brokers and underwriters

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Accounting and settlement repository

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  1. Accounting and settlement repository 22 NOVEMBER 2007 CHRIS MEARS – A&S IMPLEMENTATION MANAGER

  2. A&S Repository : overview • The process by which premium and claim payment amounts are accounted and settled between brokers and underwriters • The goal of the work stream is to allow all A&S documentation and data to be submitted and exchanged electronically • We have achieved: • Delivery of electronic infrastructure to support the efficient processing of Lloyd’s premium (LIVE SINCE SEPTEMBER 2006) • Developed a measurement regime to provide basis for continued improvement • Published a strategic design for the adoption of international standards Presentation name 00 July 2005

  3. Repository Functionality Broker loads slip, LPANs and supporting documentation to repository thereby removing paper (and vans) • Two methods: • Direct Load • DRI Message • Carriers can gain access and view and download documents • DRI enabled repository that also enables direct loading and enquiries to: • deliver documents to Xchanging Ins-Sure Services for checking • deliver documents directly between brokers and carriers i.e. in support of non-bureau or P2P processes Presentation name 00 July 2005

  4. Repository Benefits and Implications • Faster turnaround times for documentation since “van time” is eliminated. • No “van time” and speedier query resolution means signed lines available quicker • Speedier resolution of queries will reduce the volume of rejections • DRI functionality consistent with ECF. Brokers have options on how to connect, DRI Push, DRI Pull or Direct load (or additionally email for delivery to Xchanging for checking) • Gives insurers access to a copy of the slip and other premium submission documentation in the repository • Carriers can be notified as a slip is loaded on the repository thereby allowing signed lines to be communicated sooner, thus allowing speedier exposure management • Utility function of the repository, without XIS processing, allows broker to distribute documents in a controlled manner to specified parties Presentation name 00 July 2005

  5. Take Up • Percentage of A&S total (Original Premiums) submitted electronically: • For the week ending 16th November 2007: 49.0% • For the rolling 4 week period to 16th November 2007: 45.8% • 165 firms now ‘switched on’ and able to use the A&S Repository and these firms account for around 92.5% of the total submission volume Presentation name 00 July 2005

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