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With LMG Secretariat LMG Forum January 2011 Christopher Croft, LMGS Roy Laker, ACORD.

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Presentation on theme: "With LMG Secretariat LMG Forum January 2011 Christopher Croft, LMGS Roy Laker, ACORD."— Presentation transcript:

1 With LMG Secretariat LMG Forum January 2011 Christopher Croft, LMGS Roy Laker, ACORD

2 LMG Forum 2011 Agenda Modernisation update ACORD 2011

3 LMG Forum 2011 Racing results

4 LMG Forum 2011 Lingfield Going: Standard 12:35 | Non-runners: Private Equity; 1:05 | Non-runners: Amends; Hecton Lad; Mayfair's Future; 1:35 | Non-runners: Wilfred Pickles; 2:05 | Non-runners: Yer Woman; Mr Willis; 2:35 | Non-runners: Baby Dottie; Methaaly; 3:05 | Non-runners: Bollywood Style; 3:35 | Non-runners: Jemimaville; Fayre Bella; Cheveyo; Boy The Bell; Racing results

5 LMG Forum 2011 Racing results

6 6 © Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. ECF2 Current Status

7 7 © Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. eAccounts eAccounts Release 1B (R1B) Code now released into production Miller Start due to start live operation during the week beginning 17/1/11 Upgraded testing and training environment being established for full rollout Aon testing continuing, but may switch to new rollout environment. UIB, Guy Carpenter & Price Forbes start initial implementation meetings 17/1/11 eAccounts Release 2 (R2) Resources in place Work has started

8 LMG Forum 2011 Endorsements Key tasks now underway are: –Completion of final market survey –Completion of investigation of benefits –Preparation of analysis of message and transactions volumes for pilot period –Completion of review of issues arising from the pilot and identification of resolution paths. LMG decision 3 rd March

9 LMG Forum 2011 Technological advances… BMS & Catlin have placed business using an iPad Now we have the initiative and tools which mean we can retain the contact whilst making the whole process exponentially more efficient. – Steve Knight, BMS

10 LMG Forum 2011 Future processing model Consultation paper published Consultation runs until end March Contact your association or

11 LMG Forum 2011 Hulm/Summers report Benefits of modernisation thus far Demonstrates that we have achieved quite a lot Signed copies…

12 LMG Forum 2011 Questions?

13 Roy Laker VP London Office, ACORD © ACORD 2011 ACORD Update January 2011

14 January 24 th Agenda Some Background The London Market The Rüschlikon Initiative Global Implementations Further ACORD Activity/2011 Plans

15 January 24 th ACORD implementations are Global Londo n Europ e USA Bermud a Other regions

16 January 24 th

17 Roy Laker VP London Office, ACORD © ACORD 2011 The London Market

18 January 24 th London Market – Messages maturing over time….. Paper with London Messages (1988) Electronic documents with London Messages (2005) Electronic documents with skinny RLC Messages (2006) Electronic documents with fuller/fat RLC Messages (2010/11) EDI XML

19 January 24 th The London Market Summary ACORD standard are mature, are a proven solution driving benefits today Vendor partners have matured significantly reduced the barriers to entry and reduced the ongoing operational costs Focus is on implementation with more trading partners Information captured at its earliest point and reused in downstream processes transparency, simplicity and clarity across processes for all Future processes all supported by ACORD

20 Roy Laker VP London Office, ACORD © ACORD 2011 The Rüschlikon Initiative

21 January 24 th What?……..this is Rüschlikon…….

22 January 24 th AonBenfield, Munich Re, SCOR, Swiss Re and Willis Now plus Guy Carpenter, Hannover Re Further automate (re)insurance back-office processes Realise business benefits of using ACORD standards reducing implementation costs Improving data speeding up processes (with target service levels) pushing up implementation volumes Structured as an open, non-profit industry initiative under ACORD umbrella Rüschlikon in a nutshell

23 January 24 th Yearss view: What was it – and what is it now? Initiative proposed Initiative proposed Participants: Aon Benfield Munich Re SCOR Swiss Re Willis Participants: Aon Benfield Munich Re SCOR Swiss Re Willis Meetings commence Members confirmed:- Support of ebot/ecot Need for a Rulebook Members confirmed:- Support of ebot/ecot Need for a Rulebook Pilot of Swift network Preparation: Review and confirm RLC standards Changes via MR process Formulate Rulebook Install/test SWIFT connections Preparation: Review and confirm RLC standards Changes via MR process Formulate Rulebook Install/test SWIFT connections Completion of SWIFT pilot: Case not there for central hub / reverted to P2P Huge value in cooperation – so initiative continued Keep Rulebook (but amend) Expand membership and implementation Continue to review/enhance standards Look at alternatives for light solutions Completion of SWIFT pilot: Case not there for central hub / reverted to P2P Huge value in cooperation – so initiative continued Keep Rulebook (but amend) Expand membership and implementation Continue to review/enhance standards Look at alternatives for light solutions Full standardization: Members upgrade to same version Central validation installed Full standardization: Members upgrade to same version Central validation installed

24 January 24 th The Rüschlikon Initiative in motion Already delivered Strong community SLAs Common standards Business case Ongoing Refine content of messages Grow volumes within the initial group and new business partners Strengthen cooperation with IT vendors Pursue options to attract lower volume and/or less e- sophisticated business partners

25 January 24 th Governance: Rüschlikon Bodies and Key Tasks Sponsor from overall industry perspective-Europe Steer Rüschlikon progress and develop future strategy Guide BIG-activities Encourage traffic increase amongst members (exchange roadmaps) Increase attractiveness to trade electronically with business case material and concepts like Rüschlikon Light Develop and monitor process for reaching-out to others, marketing activities and documentation Engage with service providers to encourage implementation Identify potential enhancements for discussion and consideration to widen the ACORD standards; With experience gained from 10,000 plus messages since April 2010, focus is on Providing greater business return with enhancements to ebot/ecot Production of post placement message The query process Performance reporting standard mechanisms The settlement process Document exchange methods Steering Committee Business Implementation Group (BIG)

26 January 24 th Documentation ….. Content related to initiative partners implementations, the way they use the standards (not the standards themselves)… Background Rules of engagement Standards overview Versions control Some detailed points... – Data outside the standard – Referencing – Document exchange methods supported Link/URL, Instream Attachment, Document Repository Interface – Message grouping recommendations (will be proposed as MR) Target performance standards – Frequency of information exchange, targets for follow-up actions – Base for agreed service levels and performance monitoring/reporting Glossary The standards agreed on by the ACORD RLC community as a whole Rulebook ACORD Standards

27 January 24 th The Rüschlikon Summary Rüschlikon accelerating its pace with regards to traffic volumes, market penetration, geographical scope and richness of offering Strong support of leading brokers and the reinsurers, with ongoing alignment of other communities and vendors 2011 expected to be year of truth from all perspectives ACORD heavily involved and supporting Industry attention, thought leadership, enhanced standards, global cooperation

28 Roy Laker VP London Office, ACORD © ACORD 2011 Global Co-operation on Implementation

29 January 24 th An ACORD implementation challenge To ensure that business benefits are captured in an increasingly global world To balance global and regional requirements to the benefits of the industry To coordinate globally, so that unnecessary regional variations dont creep in To conduct the maintenance process so that it does not delay implementation, but does take into account all views

30 January 24 th Global Co-operation Europe North America London Bermuda

31 January 24 th Rüschlikon Steering Group Business Implementation Group Cooperation – Regional perspectives as input into common implementation base USA advisory group Other community steering group (London, GDV) Discuss and agree common implementation base around ACORD ebot/ecot and Rulebook Identify potential enhancements to ACORD standards Sponsor & steer community priorities Encourage traffic increase via community exchange roadmaps Endorse community-specific requirements and innovations Drive process for reaching-out to new community members Engage with service providers relevant to the community Ensure community voice in BIG

32 Roy Laker VP London Office, ACORD © ACORD 2011 Other Territories

33 Roy Laker VP London Office, ACORD © ACORD 2011 Further ACORD activity

34 January 24 th Implementation Help ACORD awareness for business and IT technicians ACORD training for all Health checks for individual organizations relating to ACORD Messaging implementation help ACORD XML Message Mapping TCF help for organizations testing and those seeking certification

35 January 24 th Other Key Areas Cedent Bordereau Regulatory and Tax Reporting Catastrophe Exposure Premium and Claim Bordereau for Binders Testing and Certification ACORD re-organisation

36 January 24 th Plans Cedent Bordereau - complete Q1 Regulatory and Tax Reporting - complete Catastrophe Exposure - complete Q1 Premium and Claim Bordereau for Binders – in development Global ebot and ecot Rollout - ongoing London support – ongoing

37

38 Wednesday, September 24, 2008 Two Blue Hill Plaza 3 rd Floor Pearl River, NY USA London Underwriting Centre Suite 1/3 3 Minster Court Mincing Lane London EC3R 7DD United Kingdom +44 (0) NEW YORK OFFICE NEW YORK OFFICE LONDON OFFICE


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