Presentation is loading. Please wait.

Presentation is loading. Please wait.

With LMG Secretariat LMG Forum July 2010 Christopher Croft, LMGS Barnabas Hurst-Bannister, LMG.

Similar presentations


Presentation on theme: "With LMG Secretariat LMG Forum July 2010 Christopher Croft, LMGS Barnabas Hurst-Bannister, LMG."— Presentation transcript:

1 With LMG Secretariat LMG Forum July 2010 Christopher Croft, LMGS Barnabas Hurst-Bannister, LMG

2 LMG Forum 2010 Agenda Presentation Modernisation this month A year in the Chair

3 LMG Forum 2010 Caption competition

4 LMG Forum 2010 Chairman Personality

5 LMG Forum 2010 FWWS - eAccounts Release 1B targeted for Q Release 2 targeted for Q3 2011

6 LMG Forum 2010 FWWS – ECF2 Some issues with MAT These have the potential to affect the go live date XIS has been asked to put forward any proposed changes to the ECF2 Management Group Full details will be communicated to the market as soon as possible when they are clear

7 LMG Forum 2010 Right first time Key Considerations paper to be published this week LIIBA & LMGS to visit the top 10 brokers by volume The Stage One Premium Checks have been reviewed by Lloyd's and Xchanging. The Tracker Codes are now live and will start filtering down in the RFT reports brokers receive. Project board reviewing targets and will make recommendation to LMG

8 LMG Forum 2010 RFT – some progress already

9 LMG Forum 2010 Endorsements Market testing complete Firms moving onto business scenario testing Interchange agreement work ongoing Discussion on further roll out at July LMG

10 LMG Forum 2010 The Exchange The Message Exchange Ltd to be incorporated - equal representation from all four constituencies –IUA –LIIBA –Lloyds –LMA Owned by the market for the benefit of the market Transfer of contract with IBM

11 LMG Forum 2010 Non bureau business Modernisation aims for a single approach Non bureau could be around 10% of our market We should seek synergies where possible Working party to be formed!

12 LMG Forum 2010 Upcoming events Insurance Day Technology Summit – October 6 th Xchanging conference – November 25 th

13 LMG Forum 2010 Questions?

14 LMG Forum 2010 Ask the Audience?

15 LMG Forum 2010 Ask the Audience member to explain himself

16 LMG Forum 2010

17

18

19 With LMG Secretariat A year in the Chair Barnabas Hurst-Bannister Chairman, London Market Group

20 LMG Forum 2010 One year ago…

21 LMG Forum 2010 A new Chairman set sail…

22 LMG Forum 2010 At the forum

23 LMG Forum 2010 At the forum

24 LMG Forum 2010 At the forum

25 LMG Forum 2010 So, how have we done…? We have not, yet, delivered eAccounts ECF2 is not scheduled to go live until September FWWS will stretch at least into 2011 and probably beyond Why?

26 LMG Forum 2010 FWWS We have made some mistakes –Underestimated the complexity of eAccounts –FWWS governance was inappropriate –Market was not an effective customer to XIS But we have learnt –Resolved governance problems

27 LMG Forum 2010

28 FWWS We have made some mistakes –Underestimated the complexity of eAccounts –FWWS governance was inappropriate –Market was not an effective customer to XIS But we have learnt –Resolved governance problems –Moorhouse Consulting –Clarity of responsibility on XIS side –Market procurement experts –Robust specifications, fully tested quotations, solid contractual footing

29 LMG Forum 2010 FWWS 2010 Finish What Weve Started –Fully costed –Fully justified – eg eAccounts CBA –Appropriately contracted for – fixed price –Effective governance Sounds simple but… –Standard approach in a single firm –But we are 250 separate firms –And we dont like paying for stuff…

30 LMG Forum 2010 Progress elsewhere… Class of business pilot a glint in the eye in July 2009 Now –100% of Managing Agents –26 Companies –80% by premium volume of Brokers Commitment to deliver Learnt our lessons –Governance & Planning –Realism Marine eEndorsements from 1 st September for the Vanguard and 1 st October for the…

31 LMG Forum 2010 Again, we have started so well finish… Discussions beginning on next classes of business once we have learnt the pilot lessons Wider roll out to all endorsements by the end of 2011 –Phased by classes Wider placing road map also up for debate –Likely to include a similar class of business approach –Binder declarations –More coherent links to premium settlement and claims

32 LMG Forum 2010 And also… Preliminary strategy discussions have become Future Processing Model –Looking at what we do not just how we do it –Do all of the elements of our transaction join up? –What central services do we continue to require? Strong governance & project management Early thoughts at LMG in September and here in October

33 LMG Forum 2010 Where are we…? In decent shape Strong consensus behind the current agenda FFWS lessons absorbed and strengthened our approach Bite sized chunks remains the way to go Endorsements pilot will face many hurdles but we have everything in our armoury needed for it to be a success Future Processing model will provide as much vision as this market can take and will provide a roadmap that will help firms plan their investment

34 LMG Forum 2010 Award winning

35 LMG Forum 2010 Some truths remain self evident Consensus is key Manageable stages Pilot, prove, adjust, roll out Learn in the crucible of live business Technology supports business - it does not trade…

36 LMG Forum 2010 Straight Through Processing (STP) in the London Market What STP is not… The removal of manual intervention from the London process –Business is too complex to automate fully –Auto rating and other techniques have a place but cannot replace the underwriter for many of our risks What STP is… The removal of manual effort where it does not add anything –Capture data once, use it many times throughout the transaction –Capture data as close to source as possible –Join up the transaction such that data that should be captured at placing is not rediscovered when it comes to accounting or claims Increased auditability and, potentially, quality of data –Know where it came from and what you have done with it since –Bedrock of Solvency II compliance

37 LMG Forum 2010 What next…? Governance is now strong but overly complex? –Rationalise? –Close committees down???

38 LMG Forum 2010 Current governance

39 LMG Forum 2010 Future processing…

40 LMG Forum 2010 What next…? Continue to ensure modernisation is inclusive –Not just G6 & big three –Something there for everyone –Proceed at a pace that strikes the right balance Constant realism…

41 LMG Forum 2010 Sensitive to possible overload FWWS vs Future Process Model Solvency II vs Modernisation Always the same people involved

42 LMG Forum 2010 Measurement must be king We have done the bleeding obvious Must get better at CBA Relies on firms to store and share relevant data LMGS & LIIBA working on it

43 LMG Forum 2010 Weve come a long way, but there is some way yet to go…

44 With LMG Secretariat A year in the Chair


Download ppt "With LMG Secretariat LMG Forum July 2010 Christopher Croft, LMGS Barnabas Hurst-Bannister, LMG."

Similar presentations


Ads by Google