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ACORD 2006. ACORD in the London Insurance Market March 2007.

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Presentation on theme: "ACORD 2006. ACORD in the London Insurance Market March 2007."— Presentation transcript:

1 ACORD 2006. ACORD in the London Insurance Market March 2007

2 SLIDE 2 Agenda About ACORD Current Activities Future Plans

3 SLIDE 3 Who is ACORD? Independent and Objective Trade Association Serving the Insurance Industry since 1970 Facilitating Industry-Driven Standards for Brokers, Carriers, Solution Providers, Market Associations Not For-Profit Corporation Anti-Trust protected forum for developing Standards and promoting implementation Develops, Manages, and Promotes Standards

4 SLIDE 4 Why Standards Sharing data Simplified processes Straight through processing Reduce the cost of processing Connect to trading partners Enhances the quality of data For Global trading/processing

5 SLIDE 5 The Business Wish List Competitive quotes Improve claims ratio Increase access to Markets Process efficiency Open all hours Satisfy Regulators more easily Clarity of Contract Understanding exposure Globalisation Automation Intra Office communication Legacy Management Manage claims exposure and R/I recoveries Efficient reporting

6 SLIDE 6 The Need for Standards Competitive quotes Improve claims ratio Increase access to Markets Process efficiency Open all hours Satisfy Regulators more easily Clarity of Contract Understanding exposure Globalisation Automation Intra Office communication Legacy Management Manage claims exposure and R/I recoveries Efficient reporting Electronic movement of information and the Need for Standards

7 SLIDE 7

8 SLIDE 8 The ACORD Vision The Global Insurance/Reinsurance Industry has one, common set of Business Data Definitions All solutions implemented are built upon these Standards

9 SLIDE 9 ACORD Governance 3 Standard Domains Non Life Reinsurance Large Commercial Property Casualty &Surety Life Life and Annuity ACORD Board Advisory Boards ACORD Standards Committee Domain Steering Committee Business Technical Implementation ACORD staff Working groups

10 SLIDE 10 ACORD Governance

11 SLIDE 11 RLC Messages – the standards to be used by London Placing Slip and contract details for quotation, firm order and endorsement processing Technical Account Technical accounting movements (eg LPAN) Financial Account Listing of settlements Claim Movement Claim and loss reserve details Bordereau To list premium and claim or risk information Technical standards Includes DRI

12 SLIDE 12 ACORD Implementations The ACORD messages are usually large with lots of functionality Organisations tend to implement in bite size chunks Start with skinny messages Enhance functionality gradually Roadmaps are needed to explain implementation phases and plans Implementation guides are developed that reflect the agreed phased implementations Benefits Implementations are tighter, simpler, more manageable and cost effective

13 SLIDE 13 London Projects – the ACORD involvement Placing Implement the ACORD Slip (GPD) Implement ACORD Placing message A&S Implement A&S Repository Implement ACORD messages for Bureau and non Bureau accounting Claims Implement Electronic Claims File

14 SLIDE 14 ACORD London Market Plans

15 SLIDE 15 Placing QuotePlace Endors e

16 SLIDE 16 Placing QuotePlace Endors e MR slipG6 MRSIGG6 phase 1 Implemented Complete pilot end Q2 2007 G6 phase 2 (Two-way messaging) Implementation from June 2007

17 SLIDE 17 Placing QuotePlace Endors e MR slipG6 MRSIGG6 phase 1 GPD PLACING IMPLEMENTATION GUIDE DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE Implemented Completed - awaits MRG decision on rollout Implemented Complete pilot end Q2 2007 Publish June 2007 (G6 incorporated) Update to include MRSIG Q3 2007 Re-publish June 2007 with London rules incorporated TESTING AND CERTIFICATION FACILITY Already implemented with London DRI rules included Support for placing targeted for June 2007 G6 phase 2 (Two-way messaging) Implementation from June 2007

18 SLIDE 18 Global Placing Document (GPD) The ACORD Slip Implementation Guide with examples Originally based on LMP (MR) Slip Extended to include additional content for specific areas of business GPD is mapped to the ACORD Placing message

19 SLIDE 19 Placing Implementation Guide (PIG) An implementation guide for the ACORD Placing message – Processes and data required at each stage Build: client – agent negotiations about the structure of a proposed placement. ACORD messages allow agents to propose terms for their client to review and approve or decline. Quotation: where a client (or their agent) approaches one or more carriers for a quotation. ACORD messages allow clients, carrier and agents to request and provide quotations. Client Approval: where a client has engaged an agent and wishes to approve their work before any contracts are placed. ACORD messages allow clients to approve the work of their agents before the placement is continued. Order: the process of binding and formally accepting a contract. ACORD messages allow for clients and carriers to enter into a binding contract (either directly or via their agents), as well as indicate declinatures, supply conditions and manage contracts post-bind. Endorsement: the amending of a contract after it has been bound, ACORD messages allow clients, carrier and agents to propose, agree and notify endorsements.

20 SLIDE 20 Placing QuotePlace Endors e MR slipG6 MRSIGG6 phase 1 GPD PLACING IMPLEMENTATION GUIDE DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE Implemented Completed - awaits MRG decision on rollout Implemented Complete pilot end Q2 2007 Publish June 2007 (G6 incorporated) Update to include MRSIG Q3 2007 Re-publish June 2007 with London rules incorporated TESTING AND CERTIFICATION FACILITY Already implemented with London DRI rules included Support for placing targeted for June 2007 G6 phase 2 (Two-way messaging) Implementation from June 2007

21 SLIDE 21 ACORD Testing Certification Facility Software that confirms messages are ACORD compliant Test own systems as though interacting with real business partner Performs data and business validation Ensures new business partners are ready before becoming engaged ACORD have an effective and efficient method of certifying messages

22 SLIDE 22 Accounting and settlement Close Accoun t Settle

23 SLIDE 23 Accounting and settlement Close Accoun t Settle A&S Strategic A&S phase 1 Signing messages; BSM, CSM, USM Peer to Peer accounting Implemented Guide for ongoing reference Implemented Implemented internationally, not yet in London ELPAN2 Generally available from October 2007

24 SLIDE 24 Accounting and settlement Close Accoun t Settle A&S Strategic A&S phase 1 ACCOUNTING & CLAIMS IMPLEMENTATION GUIDE ELPAN2: Bureau EBOT: Non Bureau Signing messages; BSM, CSM, USM Peer to Peer accounting Implemented Guide for ongoing reference Implemented Implemented internationally, not yet in London Publish June 2007 with ELPAN2 and EBOT requirements incorporated ELPAN2 Generally available from October 2007 DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE Re-publish June 2007 with London rules incorporated TESTING AND CERTIFICATION FACILITY Already implemented with London DRI rules included Support for Accounting targeted for August 2007

25 SLIDE 25 Claims Advice Paymen t Settle

26 SLIDE 26 Claims Advice Paymen t Settle ECF CLASS (Company market) Signing messages; BSM, CSM, USM CLASS (Lloyds) Implemented Rolling out Implemented Peer to Peer claims Implemented internationally

27 SLIDE 27 Claims Advice Paymen t Settle ECF CLASS (Company market) ACCOUNTING & CLAIMS IMPLEMENTATION GUIDE EBOT: Non Bureau Signing messages; BSM, CSM, USM CLASS (Lloyds) Implemented Rolling out Implemented Peer to Peer claims Implemented internationally Publication with EBOT requirements targeted June 2007 DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE Re-publish June 2007 with London rules incorporated TESTING AND CERTIFICATION FACILITY Already implemented with London DRI rules included

28 SLIDE 28

29 SLIDE 29 ACORD – Key dates for London in 2007 TCF DRI messagesComplete Placing messagesJune 2007 Accounting messagesAugust 2007 Placing Implementation Guide Complete for current work loadJune 2007 Updated for London EndorsementsQ3 2007 Accounting Implementation Guide EBOTJune 2007 ELPAN2June 2007 DRI Guide enhancedJune 2007 Forums IT ClubOngoing Service Providers ForumOngoing

30 SLIDE 30 ACORD – other areas Roadmaps London Roadmap - this has been developed into the MRG Roadmap ACORD is developing Roadmaps for North America and Europe ACORD TV Communication and Education service Video on demand providing insurance information via ACORD website Working on Exposure reporting

31 SLIDE 31 ACORD Membership Over 500 Worldwide members London Lloyds on behalf of all Managing Agents Brokers – the major organisations Companies – many of the IUA membership Service providers Market Associations (LMBC, LMA and IUA)

32 SLIDE 32 Purpose of Standards Reduce the cost of doing business Reduction in time and costs Connect trading partners efficiently Sharing data with business partners Simplified and common business processes Straight through processing Enhance data quality and transparency Improve customer service Provide access to markets and partners globally. Speed to market with products and services Sharing data within own organisation Electronic movement of information

33 SLIDE 33 London office: LUC - Suite 1/3 3 Minster Court Mincing Lane London EC3R 7DD UK +44 207 617 6400 World Headquarters: Two Blue Hill Plaza 3rd Floor Pearl River, NY 10965 USA +1 845 620 1700


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