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With LMG Secretariat LMG Forum December 2009 Christopher Croft, LMGS Rob Gillies, LMA Ian Devonald, Travelers Simon Gaffney, Willis Trevor Maddison, Lloyd’s.

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Presentation on theme: "With LMG Secretariat LMG Forum December 2009 Christopher Croft, LMGS Rob Gillies, LMA Ian Devonald, Travelers Simon Gaffney, Willis Trevor Maddison, Lloyd’s."— Presentation transcript:

1 With LMG Secretariat LMG Forum December 2009 Christopher Croft, LMGS Rob Gillies, LMA Ian Devonald, Travelers Simon Gaffney, Willis Trevor Maddison, Lloyd’s

2 LMG Forum 2009 Agenda Update Endorsements via structured data messaging. Plans for 2010

3 LMG Forum 2009 InitiativeT’scaleTargetProgress Policy submissionsQ1All via IMRFully adopted Policy signingsQ490% of signingsAdopted, except where client requirement for paper E-placing supportQ1-Q4Promote adoption; develop ACORD standard ACORD developed Lloyd’s ExchangeQ4Pilot ExchangeConnections established. Live messages transmitted Electronic endorsementsQ4Drive up usage; transition to ACORD messaging Volumes increased; messaging initiative underway Measurement/benchmarking framework Q1-Q4Continue measurement. Each project supported by measurement Collaboration with ACORD on standards development Q1-Q4ACORD Developed Refine vision of market of choice Q2Refine visionProcess work group vision developed Develop strategy/priorities Q4Publish strategyFuture process project established for 2010 Placing Supporting LMG 2009: Progress against plan Strategy

4 LMG Forum 2009 Electronic policy submissions

5 LMG Forum 2009 Electronic policy signings

6 LMG Forum 2009 InitiativeT’scaleTargetProgress Policy submissionsQ1All via IMRFully adopted Policy signingsQ490% of signingsAdopted, except where client requirement for paper E-placing supportQ1-Q4Promote adoption; develop ACORD standard ACORD developed Lloyd’s ExchangeQ4Pilot ExchangeConnections established. Live messages transmitted Electronic endorsementsQ4Drive up usage; transition to ACORD messaging Volumes increased; messaging initiative underway Measurement/benchmarking framework Q1-Q4Continue measurement. Each project supported by measurement Collaboration with ACORD on standards development Q1-Q4ACORD Developed Refine vision of market of choice Q2Refine visionProcess work group vision developed Develop strategy/priorities Q4Publish strategyFuture process project established for 2010 Placing Supporting LMG 2009: Progress against plan Strategy

7 LMG Forum 2009 London Market Group LMG 2009: Progress against plan InitiativeT’scaleTargetProgress New claims already in scopeQ1Full ECF usageFor in-scope claims Extend scope to all new claimsQ4For all claimsIMR security model live Binders prototype being developed ECF usage for all new claimsQ2 2010Full ECF usageScheduled for Q Legacy claimsQ4 2010Full ECF usageRecognised only appropriate for complex/long-standing claims Use repository for original premiums Q4100% of in-scope submissions Security model implementation increases scope Use repository for additional/return premiums Q3100% use for in- scope transactions Security model implementation increases scope Non fundamental splits serviceQ4In placeService defined & scheduled for Q E-accountingQ4 2010Full usageScheduled for 2011 De-linkingQ1Full usageRevised 85% market target agreed Claims A&S

8 LMG Forum 2009 A&S via the repository

9 LMG Forum 2009 London Market Group LMG 2009: Progress against plan InitiativeT’scaleTargetProgress New claims already in scopeQ1Full ECF usageFor in-scope claims Extend scope to all new claimsQ4For all claimsIMR security model live Binders prototype being developed ECF usage for all new claimsQ2 2010Full ECF usageScheduled for Q Legacy claimsQ4 2010Full ECF usageRecognised only appropriate for complex/long-standing claims Use repository for original premiums Q4100% of in-scope submissions Security model implementation increases scope Use repository for additional/return premiums Q3100% use for in- scope transactions Security model implementation increases scope Non fundamental splits serviceQ4In placeService defined & scheduled for Q E-accountingQ4 2010Full usageScheduled for 2011 De-linkingQ1Full usageRevised 85% market target agreed Claims A&S

10 LMG Forum 2009 Delinking in the Lloyd’s market

11 LMG Forum workplan Finish What We’ve Started –Full ECF usage –Binders prototype –eAccounting Support for placing –Endorsements pilot Right first time –Accounting submissions Strategic –Future process model

12 LMG Forum 2009 IMR security model LIVE on 7 th December 80+ people from 23 organisations involved in MAT Smooth implementation Increases scope of IMR to 100% for A&S Extends ECF scope by circa 7% Documentation available at

13 LMG Forum 2009 Finish What We’ve Started eAccounting replanning ECF2 – on target

14 LMG Forum 2009 Placing… Rob et al to update on plans Endorsements measurement update…

15 LMG Forum 2009 Events… Barnabas Hurst-Bannister “The edge of the frontier is here”. ID Technology Forum, 26 th November – text available on website Stephen Riley “Market reform – are we there yet?” IIL Lecture: 12 th January :15pm, Old Library Lloyd’s Barnabas Hurst-Bannister "Subject of Speaker's Choice”. IIL Lecture: 31 st March :15pm, Old Library Lloyd’s

16 LMG Forum 2009 Forums 2010 Dates –January 29th –February 24th –March 17th –April 21st –May 20th –June 23rd –July 21st –August 18th –September 22nd –October 20th –November 17th –December 22 nd Ideas/volunteers/suggestions for speakers welcome!

17 LMG Forum 2009 Questions?


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