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Electronic Support for Endorsements LMG Forum 17 November 2010

Electronic Support for Endorsements LMG Forum 17 November 2010. Interim Progress Report Survey process Headlines RAG status of CSFs Volumes Next steps and actions. Survey process All participating organisations given an opportunity to provide feedback

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Electronic Support for Endorsements LMG Forum 17 November 2010

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  1. Electronic Support for Endorsements LMG Forum 17 November 2010

  2. Interim Progress Report • Survey process • Headlines • RAG status of CSFs • Volumes • Next steps and actions

  3. Survey process • All participating organisations given an opportunity to provide feedback • 66% response rate: over 60% for every sector • Project managers encouraged to consult sponsors and practitioners • Questions based on EMG’s critical success factors • Data on Exchange message volumes and participating brokers’ transaction volumes assessed

  4. Headlines • High proportion felt the process is fit for purpose • some aspects of the process require further work and are cumbersome to use • Not yet reached satisfactory levels of use – but volumes still rising • Some way to go to convince all underwriters and brokers that it is an ‘improvement’ on the familiar, manual process • Feedback on benefits is very positive

  5. RAG Status of CSFs • Status Definitions • G R E E N There is a realistic expectation that the critical success factor, • measured by the key performance indicators, will be met at the • end of the pilot. • A M B E R There is a significant possibility that the critical success factor, • measured by the key performance indicators, will not be met at • the end of the pilot. • R E D There is a significant probability that the critical success factor, • measured by the key performance indicators, will not be met at • the end of the pilot.

  6. RAG Status of CSFs G R E E N CSF1: The Process is fit for purpose A M B E R CSF2: Participation (using the process to the extent that firms have committed) A M B E R CSF3: Practitioners A M B E R CSF4: Usage (using the process in the way intended) G R E E N CSF5: Technology and Exchange governance are fit for purpose

  7. Volumes – the Exchange Exchange message volumes 1 October to 5 November 2010

  8. Volumes – broker transaction data • On average, a little over 50% of all endorsements in pilot classes are now being transacted electronically • A weighted average would increase this figure • This average figure is borne out by the experience of major insurers on EMG • The bulk of transactions processed electronically are for Hull business

  9. Next Steps and Actions • Review the commitment made to the pilot; take steps to ensure that your firm meets that commitment - brokers and insurers • For insurers, ensure that the firm is meeting its commitment to respond to all endorsement requests within a 24 hour period • For both insurers and brokers, where trading partners are not meeting the commitment they have made, use the escalation process • Ensure that the firm measures its process and transactions to satisfy itself that it is meeting the commitment made • Continue to work with broking and underwriting practitioners in relation to the above actions

  10. Questions?

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