Presentation on theme: "With Market Reform Office Market Reform Forum Whats new this month? Market Reform in the London Company Community Christopher Croft, MRO John Hobbs, Director."— Presentation transcript:
With Market Reform Office Market Reform Forum Whats new this month? Market Reform in the London Company Community Christopher Croft, MRO John Hobbs, Director of Market Services, IUA 27 th March 2008 Market Reform Office
Market Reform 2008 Market Reform Office Update across the reform agenda Placing Endorsements A&S and ECF
Market Reform 2008 Market Reform Office Placing EPlacing –Benfield live with two-way ACORD messaging with Brit, Catlin and Kiln for 1 Apr 08 renewals. –There are 4 brokers and 8 carriers placing live business using ACORD messages, and a further 6 brokers and 32 carriers currently investigating options or implementing ACORD Direct Messaging. –Lloyds are developing a Data Exchange facility – next months forum. –Measurement of live electronic placement activity is under way.
Market Reform 2008 Market Reform Office Placing MRC for binders and lineslips –Published –Implementation date 1 st July –Public session 3 rd April in Willis Auditorium Electronic bureau policies –14% February down from 22% in January –Disproportionate amount of reinsurance business in 1/1 renewals?
Market Reform 2008 Market Reform Office Endorsements: current status
Market Reform 2008 Market Reform Office MRCE Documentation standard (MRCE) –London standard for contract changes from 1 April –So no more honeycombs –FAQs on the website –To do: ensure it is adopted in your (broking) firm. Underwriters – make a fuss if you see old style
Market Reform 2008 Market Reform Office e-MRCE: focus is Just do it – widely used now for contract changes on international business –Extend use of to London Market business Keep it simple –No new technology required –So no need to wait for others to justify investment –Easy bridgehead into electronic support for placing A supporting act to ACORD messaging – use kicks off the sort of business changes required for electronic processing via ACORD messages (workflow)
Market Reform 2008 Market Reform Office e-MRCE update You will hear from your Association –Respond with requested info by 15 th April –Get measuring FAQs out next week –Use of – security/legality –Evidence of cover Central directory of s? Watch this space
Market Reform 2008 Market Reform Office A&S current status Insurers Market Repository (IMR) use –76% of original premium –48% of APs and RPs No van service for in scope OPs from 1 April –See published details on market reform website No van service for APs & RPs from 31 December A&S repository user guide published ACORD messages – single standard incorporating bureau and non- bureau –E-Accounting project being led by Richard Lester (Guy Carp) –Move from scanned paper LPAN to structured data Delinking –c70%; guidance forthcoming –PPWP recommendation
Market Reform 2008 Market Reform Office
Market Reform 2008 Market Reform Office Claims Lloyds 100% new in-scope end Q1 –90%+ February IUA take up : end Q3 100% new in-scope. Data from April. Service contract in negotiation –Hardware audit reporting soon Service targets: LMRB own –Measure first, then think about targets Legacy claims –End Q1 review of pilots – recommendation to MRG –ECF Flag being built – May release Work being done on data provision
Market Reform 2008 Market Reform Office IMR questions Barnabas H-B open letter: Progress on electronic claims and A&S has been very encouraging – Further system enhancements will be delivered in May – System reliability is a top priority – Repository hardware upgrades will call for necessary investment – ECF will be in use for some years; it needs further improvement and that will cost money – Planning and delivering the next generation of claims infrastructure will be a major strategic effort – Market firms have ready access to updates on ECF and A&S issues please take advantage of these.
Market Reform 2008 Market Reform Office Other stuff you should know IT Club on Quality Assurance in the Placing Process –Steve Hulm, Market Reform Office –Roger Oldham, HSBC Insurance Brokers –Geoff Maskell, Exari –Emma Woolley, Canopius