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Accounting and settlement repository 30 MAY 2007 ADAM STAFFORD – PROJECT MANAGER.

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Presentation on theme: "Accounting and settlement repository 30 MAY 2007 ADAM STAFFORD – PROJECT MANAGER."— Presentation transcript:

1 Accounting and settlement repository 30 MAY 2007 ADAM STAFFORD – PROJECT MANAGER

2 © 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

3 © 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

4 © 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

5 © 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).

6 © 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%

7 © LloydsPresentation name 00 July 20057

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