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Electronic Placing in the London Market

Electronic Placing in the London Market. Rob Gillies Lloyd’s Market Association. July 2007. What is electronic placing?. What is electronic placing?. Data and negotiation.

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Electronic Placing in the London Market

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  1. Electronic Placing in the London Market Rob Gillies Lloyd’s Market Association July 2007

  2. What is electronic placing?

  3. What is electronic placing? • Data and negotiation MRG Vision 2007-2009: All risks submissions sent electronically; wholly electronic trading for some simple risks with no manual intervention; face-to-face when required for large and complex risks

  4. Moderate Simple Complex Negotiation Electronic Face to Face Face to Face, Telephone, Electronic Data Exchange What is electronic placing?

  5. Reduced costs • Increased operational efficiency Why electronic placing? • Improved regulatory compliance • Strategic business opportunities = Improved client service and increased shareholder return

  6. Benefits model Why electronic placing? • What’s in it for me • Relevance of benefits reflects organisation’s business model • The organisational perspective – the personal perspective

  7. What has been achieved so far? • Development of the Market Reform Contract to meet ACORD standards • Review and standardisation of the endorsement process • Development of a Wordings Repository • Development of the data sets and processes for EP to meet ACORD standards

  8. What has been achieved so far? • Successful piloting of peer-to-peer placement by five brokers and six managing agents • The use of electronic placing standards by Aon, Marsh, Guy Carpenter and other organisations for inter-office routing of risk information • The electronic placement of 98% of Benfield’s Japanese renewals for second quarter 2007 • Announcement of Aon’s intention to use the Ri3K electronic placing system to deliver all Treaty business. They are also looking to expand scope • Adoption of RI3K by Lloyd’s China • Adoption by Aspen Re of electronic messaging standards • Active involvement in or serious expression of interest in electronic placing by total of fifteen managing agents, three insurance companies and six brokers

  9. Objectives • to create clarity in the market about the benefits and implications of, and options for, the adoption of EP • to extend significantly the use of EP amongst organisations in the London insurance market. • Project runs to end of Q2 2008 Project Scope

  10. Benefits based business case for adoption • Agnostic towards technology Project Scope • This is a London market business issue • Adoption of ACORD standards, implemented consistently • All business in scope

  11. Resources • Briefing pack • Benefits model • Landscape analysis • Implementation guides and groups • Promotion and support

  12. Technology • The technology exists and is available • Entry costs are affordable

  13. Contacts www.the-lma.com Peter Holdstock Consultant 020 7327 8383 peter.holdstock@lmalloyds.com Rob Gillies Head of Market Reform Policy 020 7327 8377 robert.gillies@lmalloyds.com Please leave a business card to be added to our distribution list

  14. Questions

  15. Electronic Placing in the London Market Rob Gillies Lloyd’s Market Association July 2007

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