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Published byJenna Cobb
Modified over 4 years ago
Accounting and settlement repository 30 MAY 2007 ADAM STAFFORD – PROJECT MANAGER
© LloydsPresentation name 00 July 20052 A&S Repository : overview The process by which premium and claim payment amounts are accounted and settled between brokers and underwriters The goal of the work stream is to allow all A&S documentation and data to be submitted and exchanged electronically We have achieved: Delivery of electronic infrastructure to support the efficient processing of Lloyds premium (LIVE SINCE SEPTEMBER 2006) Currently servicing between 15 and 20% of XIS daily volumes as at end of May. Developed a measurement regime Published a strategic design for the adoption of international standards
© LloydsPresentation name 00 July 20053 Repository Functionality Broker loads slip, LPANs and supporting documentation to repository thereby removing paper (and vans) Three methods: -Direct Load -Email -DRI Message Carriers can gain access and view and download documents DRI enabled repository that also enables direct loading and enquiries to: deliver documents to Xchanging Ins-Sure Services for checking deliver documents directly between brokers and carriers i.e. in support of non-bureau or P2P processes
© LloydsPresentation name 00 July 20054 Repository Benefits and Implications Faster turnaround times for documentation since van time is eliminated. No van time and speedier query resolution means signed lines available quicker Speedier resolution of queries will reduce the volume of rejections DRI functionality consistent with ECF. Brokers have options on how to connect, DRI Push, DRI Pull or Direct load (or additionally email for delivery to Xchanging for checking) Gives insurers access to a copy of the slip and other premium submission documentation in the repository Carriers can be notified as a slip is loaded on the repository thereby allowing signed lines to be communicated sooner, thus allowing speedier exposure management Utility function of the repository, without XIS processing, allows broker to distribute documents in a controlled manner to specified parties
© LloydsPresentation name 00 July 20055 Out of Scope Proportional Treaty processing Simultaneous settlement items and Reinstatements Also several issues associated with Access Control of documents: Certain scenarios are subject to complications around broker control of the document. Workstream is underway to progress workarounds and develop a long terms solution (being planned for early 2008 delivery).
© LloydsPresentation name 00 July 20056 Take Up Accounting & Settlement 42 brokers and Service companies live and in a position submit closings electronically 3 Entities due in week beginning 29/5/07 Volumes of submissions being received electronically : 17%
© LloydsPresentation name 00 July 20057
© Xchanging 2007 A&S Repository The next step forward in premium processing Date: 13/03/07 Mark Barwick, Project Manager, LMBC Geoff Kennard, Xchanging.
Achieving Contract Certainty
Market Reform Group With Electronic Market Reform Contract Endorsements Market Briefing 14 th & 18 th March 2008.
LMG Forum 23 June Confidence in Lloyds Base: All respondents (n=301) Source: Q17 How positive do you feel about using Lloyds as a market.
E-Policies Update Mark Barwick, Associate Director, LIIBA.
The Market Reform Contract Endorsement
Market forum 22 February 2007 Steven Haasz – Director, Market Infrastructure & Programme Management.
1 Market Reform Forum Update on business reform 27 January 2005 Roy Laker LMP.
Market Reform: 2006 progress 21 December 2006 Andy Brookes.
Market Reform Forum John Harvie, MRPO Martin Roberts, LMA 25 April 2007.
2006 Objectives & the LMP Slip Past, Present and Future Market Forum, 26 January 2006 James Willison, Andy Brookes.
Market Reform Forum Andy Brookes, MRPO Roy Laker, ACORD 29 March 2007.
Restatement of A&S objectives Background
Market Reform Forum 24 November John Muir / John Harvie / Steve Hulm.
1 Market Reform Forum Update on business reform 21 April 2005 Andy Brookes LMP/Lloyds BPR.
Accounting & Settlement The Way Forward. Accounting & Settlement Page 1 Restatement of A&S objectives Work streams commissioned by MRG –Repository –Strategy.
1 The Aon approach to reform May 2007 Nigel Roberts.
Trevor Maddison Electronic claims Trading claims electronically Date 29 th March 2007.
Market Forum 26 April 2006 Andy Brookes. Market Reform Build user-friendly front-end for contract certainty checks (Q1) Avoid regulatory intervention.
Insurers’ Market Repository (IMR)
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