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Trevor Maddison Electronic claims Trading claims electronically Date 29 th March 2007.

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Presentation on theme: "Trevor Maddison Electronic claims Trading claims electronically Date 29 th March 2007."— Presentation transcript:

1 Trevor Maddison Electronic claims Trading claims electronically Date 29 th March 2007

2 2 Marsh Electronic Claims File (ECF) Brokers and underwriters are committing themselves to the implementation of electronic claims file trading Trading partnerships are being created to deliver electronic claims information directly from the brokers desktop to the underwriters desktop ECF enables review, negotiation and settlement of the claim electronically without the dependency on the paper file Workflow and management of the claim is performed at the desktop, improvements in productivity and client service will be some of the key deliverables Lloyds are live and we fully expect the IUA to go live 2 nd Qtr 2007

3 3 Marsh How will ECF work ECF works in combination with Class and the repository to deliver structured claims information electronically to each element of the three London underwriting bureau markets Underwriters will access Class to review financial data and manage claims transactions in collaboration with the published claims agreement rules Class data will be supported by electronic placement and claims documents held in the market repository Instead of the traditional scratch on the file for agreement, underwriters will agree and comment via Class The supporting documents in the repository will replace the traditional hardcopy claims file and becomes the electronic claims file (ECF)

4 4 Marsh How will ECF work Class and the repository allows us to present information concurrently to all underwriters on risk rather than single presentation to each individual underwriter/agreement party, each broker visit Brokers and underwriters have commenced the transition to electronic, paperless trading of claims

5 5 Marsh How ECF will work

6 6 Marsh ECF Benefits ECF delivers improvement in timeliness (delivery) quality and consistency of claims information presented to underwriters The repository allows Underwriters to have 24/7 access to placement & claims information Underwriters view & capture important reserve information concurrently Brokers will focus on quality client/underwriter service (claims advocacy) for value claims, the 80/20 rule Removes the need for a broker delivered hardcopy claim file Claims review process initiated electronically by Class (lead underwriter) not by broker Broker visit only required if underwriter requested or deemed client essential, complex claim issues, the 80/20 rule

7 7 Marsh ECF Status All Lloyds live managing agents and certain runoff agencies have signed the repository rules and have therefore signalled their commitment to trade electronically IUA underwriters will complete their ECF pilot end of 1 st Qtr 2007, at the end of this pilot IUA will confirm their commitment to ECF and publish a implementation timetable The market objective is to trade all new claims (in scope), all classes of business, electronically by December 2007 for the bureau market is a transition phase to full trading, during this transition there will be many business, cultural and procedural issues to manage both internal and externally Brokers and underwriters must drive usage / volumes with their key trading partnerships

8 8 Marsh Key Objectives Right first time submissions – Data quality – Document quality Deliver best practice Consistent creation and delivery of the class data message Consistent input of documents to the repository Timely delivery of electronic claims to underwriters Timely response by underwriters to brokers (service levels) Working within the guidelines of the System Process and Procedures

9 9 Marsh Risks & Issues Out of Scope Low volumes Broker / underwriter take up (committed) Cumulative incomplete transactions not actioned Data / document quality which results in rejections New participants Implementation support

10 10 Marsh Key market reform information

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