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London Market Review

London Market Review. Morning Data Conference Friday 5 th September. Mark Barwick, Project Manager, LMBC. Agenda. What we promised last year 2008 Roadmap – What we’ve done this year 2009 plans – What we’ll do next year IT implications for brokers Questions.

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London Market Review

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  1. London Market Review Morning Data Conference Friday 5th September Mark Barwick, Project Manager, LMBC

  2. Agenda • What we promised last year • 2008 Roadmap – What we’ve done this year • 2009 plans – What we’ll do next year • IT implications for brokers • Questions

  3. Contract Certainty – what we promised last year • Contract Certainty Survey going out in Q3 - DONE • Further principles based guidance also due in Q3 for legacy - DONE • Work underway on Endorsements to point out CC implications which can be inferred from the code of practice, such as: - DONE

  4. Accounting & Settlement – what we promised last year • A&S Release 3 goes live in November - DONE • Possible A&S Release 4 planned - DONE • 2008 will see Access Control List (ACL) functionality introduced – Work underway but this wont be delivered until mid 2009 • ELPAN2 – Due in November, sends ACORD Technical and Financial Account data messages to Xchanging for Lloyd’s and IUA insurers – Early pilot live with Aon, but more work required, see later slides • EBOT – Same ACORD messages but designed for non-bureau insurers where the broker accounts direct (not via Xchanging) – Now live with 4 brokers and 12 carriers

  5. ECF – what we promised last year • Version 7 of ECF will bring all transactions in scope - DONE • Another 80 brokers to be connected to ECF by the end of 2007 - DONE • Agree an approach to legacy claims – Pilot almost complete • Future of the LIMCLM – Do we migrate to the equivalent ACORD messages? – Claims strategy ongoing

  6. Brokers to use delinking report to make sure they are on course for Q3 and Q4 target – Superseded by the Premium Payment Working Party Report. • Secure insurer funding for delinking enhancements for Proportional Treaty and process disincentive – After discussion with LMA the changes were rejected. Delinking – what we promised last year

  7. Publish MRC equivalent guidelines for Lineslips and Binding Authorities (Q3) - DONE • GPD migration – MRG decided to stick with MRC • Move Endorsements project from pilot to production status - DONE • Automation of Pre bind quality checking (PBQC) - DONE • Extend G6 e-Placing work to include endorsements and Insurer responses - DONE • Develop and agree an e-placing strategy/ vision for all - TBA • Targets for e-placing? – MRG agreed not appropriate Placing – what we promised last year

  8. A&S – what we‘ve done this year • From 1/4/2008 all original premiums must be processed via A&S • Release 5 designed, implementation date November. Key changes include: • Non premium endorsements • Edit work package • Work underway to extend repository to cover: • Mid term market change • Mid term broker change • Aviation Vertical placements and multi-section slips • Third party access

  9. ECF – what we‘ve done this year • A new IMR contract has been negotiated. This gives: • extended service hours, • increased reliability, • enhanced support • cheaper user license fees. • ECF Version 7A went live in May • ECF now used for all new in-scope Lloyd’s claims and 30% in-scope company claims • ECF Version 7B due in November

  10. Delinking – what we‘ve done this year • Premium Payment Improvements Working Party agreed delinking should be used for all in-scope business. • Scope of Delinking amended – transactions now either in-scope, optional or out of scope. • Revised Delinking Guide will be published in September • Anonymised league tables of delinking usage will be published from September. • Free file also provided to brokers showing which transactions are delinked. • MRG target is 100% of transactions delinked by Q3 2008.

  11. E-policies – what we‘ve done this year • MRG target is for 80% of policies to be electronic by year end. • Almost 80 Lloyd’s brokers now registered • E-policies User guide available • Anonymised league tables to be published from September • Possible switch to “name and shame” league tables in 2009

  12. Placing – what we‘ve done this year • MRC Version 1.2 published • MRC for declarations off lineslips published • E-MRCE usage • ACORD Electronic Placing Implementation Guide being extended • conditional lines • Multi-section slips

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  15. 2009 Projects • Finish what we’ve started • A&S/ ECF/ Right first time • New stuff • Which organisation should be party to each element of a London Market insurance transaction; and what is the most efficient division of role between those counter-parties? • Future claims strategy, including ‘post-CLASS’ infrastructure. • Appropriate business model for centrally delivered services

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