Presentation on theme: "Insurers’ Market Repository (IMR)"— Presentation transcript:
0Insurers Market Repository – where are we? Pat Talbot IUA
1Insurers’ Market Repository (IMR) Electronic Premium Accounting (EPA) - submission of slips, PANs, policy wordings and supporting information by the broker to Xchanging for processingThree methods available for submission – /Direct Load/DRIAll documents stored in IMR whichever submission method usedIMR will include a ‘structured’ (i.e. bureau) and an ‘unstructured’ (i.e. non-bureau) areaUMRs - unique and maintained even if broker of record changes mid termElectronic notification of presentation date and SN&D to Brokers
2Insurers’ Market Repository Benefits to carriers:No ‘van time’ - speeds up premium processingFaster query resolution speeds up premium processingSigned lines available quicker to all partiesAccess to all broker documentation in the IMRUtility function (non bureau), allows document exchange between Organisations for P2P processing.Faster Xchanging query resolution reduces XIS costs and therefore (hopefully) XIS chargesPage 2
3Insurers’ Market Repository Benefits to Brokers:Reduced paper handling costsFaster processing times – no ‘van time’Faster query resolutionReduction in rejection ratesEnhanced audit trial & reconciliationDRI functionality consistent with ECFUtility function (non bureau), allows document exchange between Organisations for P2P processing.
4Insurers’ Market Repository - Implementation status Phase 1 - LiveDocs can be submitted byDocs can be submitted by Direct LoadDocs can be submitted by DRICurrent Implementations- 2 brokersDirect Load – 8 brokersDRI – 4 brokers (live December ’06 & January ‘07)Around 20,000 PANs (15% volume) have been submitted as atAnticipate increase in activity (to 25% volume) during January 2007Page 4
5Insurers Market Repository – Implementation status Planned implementations during 1st Qtr brokers including, DM Clayton, JLT, AJ Gallagher/Gallagher Re, Besso, Bell and Clements, Rattner McKenzie and othersPlanned volumes by mid year 50+% (volume)Planned volumes by year end 98% (volume)Page 5
6Repository Implementation status Phase 2 – Planned MAT – June ‘07Reinstatement Premiums/simultaneous settlements (single UMRs)User defined ACL’s (Access Control Lists)Notification ListsStore all MetadataPhase 3 – Planned MAT – Sept ‘07Unstructured Repository (Non bureau document exchange)Ability to ‘store’ LPANs and other docs as simple non-ACORD dataProportional Treaty Statements (ie multiple UMRs), currently under review to be included in Phase 2Page 6