Presentation on theme: "With Market Reform Office Market Reform Forum June 2009 Christopher Croft, MRO Keith Alderman, PRO Insurance Solutions Barnabas Hurst-Bannister, Travelers."— Presentation transcript:
With Market Reform Office Market Reform Forum June 2009 Christopher Croft, MRO Keith Alderman, PRO Insurance Solutions Barnabas Hurst-Bannister, Travelers Syndicate Management Ltd -----------------------------------------------------------
Market Reform 2009 Market Reform Office FWWS Reminder: MRG targets for finishing what we have started: –Full usage of eAccounting by end 2010 –Full usage of ECF for all claims by end 2010 –ePolicies used for 90% of signings by end 2009 Work to be done: –Build and implement an eAccounting capability at XIS and broker firms –XIS to develop and deliver a non- fundamental splits service –Expand the scope of ECF to cover all claims –Improve usability of ECF to drive full usage
Market Reform 2009 Market Reform Office FWWS next steps Development programme –IMR Security model to expand scope of IMR –XIS systems development to accept and process structured accounting messages –Non-fundamental splits service –ECF2 package of usability improvements –Binders solution for ECF On target for Nov 2009 On target for Sept 2009 On target for May 2010 TBD June MRG
Market Reform 2009 Market Reform Office Electronic placing Aons 2009 Watertrace report on ePlacement 73% of brokers and 77% of underwriters have increased their use of ePlacement support tools over the past year Recommendations –Consultation through the creation of cross- market practitioner forums and working groups across all lines of business to allow process development and systems enhancement discussions; –Emphasise the continued importance of face to face negotiations, while saving of individual brokers and underwriters time through the use of ePlacement support; –Creation and promotion of the business case for more broking houses to participate in ePlacement; –Back office systems to be more effectively integrated by underwriting firms to reduce re-keying and error rates.
Market Reform 2009 Market Reform Office Lloyds Exchange The business pilot began 1st June and pilot participants are exchanging test messages over the Lloyd's Exchange Expect to see "live" business messages being sent very soon So far 18 participants have been successfully set up An IT suppliers trade fair was held 15th June so that organisations could understand what connection options were on offer by the different IT suppliers Contact – Lloyds.firstname.lastname@example.org – http://www.lloyds.com/lloyds-exchange
Market Reform 2009 Market Reform Office MRC – version 1.3? Cross market group progressing Tax guidance central If there is a new version, timescales will be similar to previous years
Market Reform 2009 Market Reform Office Strategy Aim – to provide detailed description of market of choice that will aid investment decisions Discussions with market leaders Work with Associations and Lloyds Consultation paper - draft to MRG in July Target: publish in September