Presentation on theme: "London Market Review Morning Data Conference Friday 5 th September Mark Barwick, Project Manager, LMBC."— Presentation transcript:
London Market Review Morning Data Conference Friday 5 th September Mark Barwick, Project Manager, LMBC
Agenda 1.What we promised last year 2.2008 Roadmap – What we’ve done this year 3.2009 plans – What we’ll do next year 4.IT implications for brokers 5.Questions
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
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
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
Delinking – what we promised last year Brokers to use delinking report to make sure they are on course for Q3 and Q4 target – Superseded by the Premium Payment Working Party Report.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.
Placing – what we promised last year 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
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
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
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.
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
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
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