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Accounting and settlement repository 23 rd January 2008 CHRIS MEARS - Business Analyst Market Operations & North America
© Lloyd’sDecember A&S Repository : Overview The process by which premium and claim payment amounts are accounted and settled between brokers and underwriters The goal is to allow all A&S documentation and data to be submitted and exchanged electronically We have achieved: Delivery of electronic infrastructure to support the efficient processing of Lloyd’s premium (LIVE SINCE SEPTEMBER 2006) Implemented over 120 Brokers and Managing Agents in 2007 Published a strategic design for the adoption of international standards All A&S submission types are now possible to be sent to Xchanging via the repository
© Lloyd’sDecember Repository Functionality Broker loads slip, LPANs and supporting documentation to repository thereby removing paper (and vans) Two methods: -Direct Load -DRI Message Carriers can gain access and view and download documents DRI enabled repository that also enables direct loading and enquiries to: deliver documents to Xchanging Ins-Sure Services for checking deliver documents directly between brokers and carriers i.e. in support of non-bureau or P2P processes
© Lloyd’sDecember The benefits and Implications No “van time” means signed lines available quicker Full audit trail of who has viewed documents and when Speedier resolution of queries will reduce the volume of rejections DRI functionality consistent with ECF. Brokers have options on how to connect, DRI or Direct load. Gives insurers access to a copy of the slip and other premium submission documentation in the repository Carriers can be notified as a slip is loaded on the repository thereby allowing signed lines to be communicated sooner, thus allowing speedier exposure management Allows broker to distribute documents in a controlled manner to specified parties
© Lloyd’sDecember Current Usage Percentage of A&S total (Original Premiums) submitted electronically: For the week ending 7 th January 2008:62.8% For the rolling 4 week period to 7 th January 2008: 61.4%
© Lloyd’sDecember A&S Repository Key Actions for 2008 Broker roll out support extended until end of Q Remaining 25 Brokers/Managing Agents to be implemented 1 st April 2008 – removal of the van, all original premiums will need to be submitted electronically Functional enhancements to improve the process (A&S User Group in the planning stages) Embed electronic A&S submissions as business as usual Mandatory for all new Managing Agents and Brokers Improvement in measurement regime
© Lloyd’sDecember 20077
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