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ENDORSEMENTS UPDATE

ENDORSEMENTS UPDATE. 29 May 2008. MRCE Adoption. PROGRESS SO FAR Xchanging usage statistics - % of endorsements in MRCE format based upon monthly random samples of 300 - 400 endorsements received March 2008 11.50% April 2008 29.00% May 2008 35.25%. MRCE Adoption.

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ENDORSEMENTS UPDATE

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  1. ENDORSEMENTS UPDATE 29 May 2008

  2. MRCE Adoption • PROGRESS SO FAR • Xchanging usage statistics - % of endorsements in MRCE format based upon monthly random samples of 300 - 400 endorsements received • March 2008 11.50% • April 2008 29.00% • May 2008 35.25%

  3. MRCE Adoption • PROGRESS SO FAR • Xchanging usage statistics • The most recent sample shows that 35 out of the 50 brokers in the sample are drafting (some of) their endorsements in MRCE format • Here’s a snapshot of how the top 20 biggest users look

  4. MRCE Adoption

  5. MRCE Adoption • BROKER ACTIONS • MRCE really can and should be used for changes to any style of original contract – i.e. not only the MRC • Drive widespread adoption – eliminate the honeycomb! • INSURER ACTIONS • Remember – the GUA must be completed by the Leading Underwriter • Don’t just sit there and carry on agreeing honeycombs – challenge the brokers and tell them that honeycombs have been consigned to the scrapheap and it’s time to move on!

  6. eMRCE Adoption • The provision of contact details to the MRO • As at 28th May:- • Brokers • 34 LMA • Insurers • 12 IUA • The details can be found at:- • http://www.marketreform.co.uk/RD_P_S_e-MRCE_guidance_pg1.htm

  7. eMRCE Adoption • MEASUREMENT • An essential component to the success of this initiative (lessons learnt from the successes of Contract certainty, Legacy, A&S, ECF in contrast with the failures of Kinnect, EPS, et al) • Yesterday was the deadline for submitting April data. • Has your organisation done so? • If not, why not? • For those who haven’t developed centralised measurement capabilities, the MRO would much prefer that you send in something as a return rather than nothing – i.e. an estimate would be better than no return whatsoever or failing that, an estimate as to when you think you might be able to submit an eMRCE return • Identify your organisation as being a participant – not just a spectator!

  8. eMRCE Adoption • BROKER ACTIONS • Culture and behaviour – you have been successfully doing this for years with overseas / non-London market insurers. The only thing holding you back is embedded culture and behaviour along with fear and resistance to change • NON-COMPLEX and NON-URGENT contract changes – send them in electronically and see what happens – you may be pleasantly surprised! INSURER ACTIONS • Answer the eMRCEs • Consider organising yourselves internally to better deal with these types of contract changes which increasingly are being submitted for agreement electronically. • Don’t just sit there and carry on agreeing simple endorsements on paper – challenge the brokers and tell them to send them electronically - it’s time to move on!

  9. ENDORSEMENTS UPDATE 29 May 2008

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