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Accounting and settlement repository 22 NOVEMBER 2007 CHRIS MEARS – A&S IMPLEMENTATION MANAGER
© Lloyd’sPresentation name 00 July 20052 A&S Repository : overview The process by which premium and claim payment amounts are accounted and settled between brokers and underwriters The goal of the work stream 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) Developed a measurement regime to provide basis for continued improvement Published a strategic design for the adoption of international standards
© Lloyd’sPresentation name 00 July 20053 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’sPresentation name 00 July 20054 Repository Benefits and Implications Faster turnaround times for documentation since “van time” is eliminated. No “van time” and speedier query resolution means signed lines available quicker Speedier resolution of queries will reduce the volume of rejections DRI functionality consistent with ECF. Brokers have options on how to connect, DRI Push, DRI Pull or Direct load (or additionally email for delivery to Xchanging for checking) 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 Utility function of the repository, without XIS processing, allows broker to distribute documents in a controlled manner to specified parties
© Lloyd’sPresentation name 00 July 20055 Take Up Percentage of A&S total (Original Premiums) submitted electronically: -For the week ending 16 th November 2007:49.0% -For the rolling 4 week period to 16 th November 2007: 45.8% 165 firms now ‘switched on’ and able to use the A&S Repository and these firms account for around 92.5% of the total submission volume
Accounting and settlement repository 30 MAY 2007 ADAM STAFFORD – PROJECT MANAGER.
Accounting and settlement repository 23 rd January 2008 CHRIS MEARS - Business Analyst Market Operations & North America.
Insurers’ Market Repository (IMR)
Accounting & Settlement The Way Forward. Accounting & Settlement Page 1 Restatement of A&S objectives Work streams commissioned by MRG –Repository –Strategy.
A&S Repository update 31st MAY 2007 NIGEL ROBERTS.
Restatement of A&S objectives Background
Reform Update Market Forum, 22 February 2006 James Willison.
1 The Aon approach to reform May 2007 Nigel Roberts.
Richard Lester Change Management A&S Project Manager The A&S Experience 18 th January 2007.
Market Reform Forum 27 October 2005 Andy Brookes Steve Hulm Market Reform Programme Office.
Xchanging ePolicies Overview of Service Offering and Willis Service Usage Experience Presented by : Helen Dines (Willis) Jon Faulkner (Xchanging) Date:
London Market Review Morning Data Conference Friday 5 th September Mark Barwick, Project Manager, LMBC.
© Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Accounting & Settlement.
Electronic claim file 4 July 2007 ADAM STAFFORD – PROJECT MANAGER.
LONDON MARKET REFORM DELINKING.
1 Market Reform Forum Update on business reform 21 April 2005 Andy Brookes LMP/Lloyds BPR.
Electronic claim file 21 May 2008 ADAM STAFFORD. © Lloyd’sELECTRONIC CLAIM FILE UPDATE January Aim of the Electronic Claims File Improve service.
Electronic Claim File and A&S Repository Briefing Market Forum 24 th August 2006.
Trevor Maddison Electronic claims Trading claims electronically Date 29 th March 2007.
Market Reform Solution Providers Forum, 17 th March 2006.
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