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Insurers Market Repository – where are we? Pat Talbot IUA

Insurers Market Repository – where are we? Pat Talbot IUA. Insurers’ Market Repository (IMR). Electronic Premium Accounting (EPA) - submission of slips, PANs, policy wordings and supporting information by the broker to Xchanging for processing

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Insurers Market Repository – where are we? Pat Talbot IUA

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  1. Insurers Market Repository– where are we?Pat Talbot IUA

  2. Insurers’ Market Repository (IMR) • Electronic Premium Accounting (EPA) - submission of slips, PANs, policy wordings and supporting information by the broker to Xchanging for processing • Three methods available for submission – Email/Direct Load/DRI • All documents stored in IMR whichever submission method used • IMR will include a ‘structured’ (i.e. bureau) and an ‘unstructured’ (i.e. non-bureau) area • UMRs - unique and maintained even if broker of record changes mid term • Electronic notification of presentation date and SN&D to Brokers

  3. Insurers’ Market Repository Benefits to carriers: • No ‘van time’ - speeds up premium processing • Faster query resolution speeds up premium processing • Signed lines available quicker to all parties • Access to all broker documentation in the IMR • Utility function (non bureau), allows document exchange between Organisations for P2P processing. • Faster Xchanging query resolution reduces XIS costs and therefore (hopefully) XIS charges Page 2

  4. Insurers’ Market Repository Benefits to Brokers: • Reduced paper handling costs • Faster processing times – no ‘van time’ • Faster query resolution • Reduction in rejection rates • Enhanced audit trial & reconciliation • DRI functionality consistent with ECF • Utility function (non bureau), allows document exchange between Organisations for P2P processing.

  5. Insurers’ Market Repository - Implementation status • Phase 1 - Live • Docs can be submitted by email • Docs can be submitted by Direct Load • Docs can be submitted by DRI • Current Implementations • Email - 2 brokers • Direct Load – 8 brokers • DRI – 4 brokers (live December ’06 & January ‘07) • Around 20,000 PANs (15% volume) have been submitted as at 31.12.2006 • Anticipate increase in activity (to 25% volume) during January 2007 Page 4

  6. Insurers Market Repository – Implementation status • Planned implementations during 1st Qtr 2007 - 24 brokers including, DM Clayton, JLT, AJ Gallagher/Gallagher Re, Besso, Bell and Clements, Rattner McKenzie and others • Planned volumes by mid year 50+% (volume) • Planned volumes by year end 98% (volume) Page 5

  7. Repository Implementation status • Phase 2 – Planned MAT – June ‘07 • Reinstatement Premiums/simultaneous settlements (single UMRs) • User defined ACL’s (Access Control Lists) • Notification Lists • Store all Metadata • Phase 3 – Planned MAT – Sept ‘07 • Unstructured Repository (Non bureau document exchange) • Ability to ‘store’ LPANs and other docs as simple non-ACORD data • Proportional Treaty Statements (ie multiple UMRs), currently under review to be included in Phase 2 Page 6

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