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A vision for London in 2009

A vision for London in 2009. ACORD Software providers briefing, 14th January 2009 Christopher Croft – MRO. Why reform?. Increased competition from other markets Other insurance centres Capital markets. Why Reform?. Declining market share. Regulatory pressure Contract certainty

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A vision for London in 2009

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  1. A vision for London in 2009 ACORD Software providers briefing, 14th January 2009 Christopher Croft – MRO

  2. Why reform? • Increased competition from other markets • Other insurance centres • Capital markets Why Reform? Declining market share • Regulatory pressure • Contract certainty • Operational Risk • Speed of processing • Claims • Settlement • Chris McGloin article

  3. Vision • All claims processed and agreed electronically • Face to face where needed Market of choice • All risk submissions sent electronically • Face to face where needed • All A&S performed electronically • IMR first step • Business messages & automation

  4. Reform: state of the nation • Reform in 2008: solid progress • Major achievement – IMR Agreement • Pretty much done: • Lloyd’s ECF • OP submissions • Legacy (but firms must not lose focus) • Up and running • Company ECF • E-Policies • eMRCE • Slower than hoped • Delinking E-Placing

  5. Reform agenda 2009 - 11 • Finish what we have started • Full ECF usage for all claims including legacy • Full usage of e-Accounting • Fully electronic policy submissions • Dependent on Xchanging for a lot of work • IMR Upgrades • Security model • Claims developments • Ongoing usability enhancements • Taking ACORD accounting messages • Non fundamental splits service • MRG has a plan…

  6. MRG/Xchanging deliverables

  7. Reform agenda 2009 - 11 • Keep up progress on e-Placing • Pilot Lloyd’s Exchange • Further develop ACORD standard • e-Endorsement bilateral agreements • Transition to ACORD messaging

  8. Reform agenda 2009 - 11 • Next wave - FWWS does not mean we’ve finished • Looking at five year vision • Where will market be and what do we need to do to prepare? • Work with market • Key questions • Central services • Claims strategy • Who does what?

  9. Questions?

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