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Market Reform Forum Andy Brookes, MRPO Stuart Dean, Willis Thursday 27 September 2007.

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Presentation on theme: "Market Reform Forum Andy Brookes, MRPO Stuart Dean, Willis Thursday 27 September 2007."— Presentation transcript:

1 Market Reform Forum Andy Brookes, MRPO Stuart Dean, Willis Thursday 27 September 2007

2 Market Reform Page 2 Market Reform Update Developments in the past month Upcoming work and plans Special topic – Endorsements: improving the market process –Stuart Dean, Willis

3 Market Reform Page 3 Contract certainty - Headlines Performance continues to exceed 90% target – July brokers achievement rate – 95% (again) … line with managing agent (94% July) and company data (96% July)

4 Market Reform Page 4 Contract Certainty Survey – next steps Contract Certainty survey being re-run now –Check you have completed it –Should be in this week Part of industry commitment to FSA Aim to demonstrate that CC approach has been embedded as business as usual Questions are similar to last year to allow comparison Lloyds demo of QA tool 12th October 9:00am

5 Market Reform Page 5 CC survey – where were we? CC Systems and Controls: Embedded or Very well established – 74%

6 Market Reform Page 6 Legacy Lloyds index currently 38% August –Ahead of year end target; but do not stop IUA 46% July

7 Market Reform Page 7 Legacy in 2008 Need approach to deal with residue Cases where current documentation prevails is the best answer –Insufficient counter parties still in existence –Live claim in progress –Little potential for a claim Clients requirement rules FSA watching this space, so need consistency across market Principles and Guidance (2 pages) to be published shortly

8 Market Reform Page 8 Market Reform Contract New slip standard published in June. Mandatory in Lloyds market from November 1 Q&A from market sessions and from issues raised with Associations on MRPO website Binders and Lineslips –Working on any required changes –Unlikely to be mandatory before 01/01/08

9 Market Reform Page 9 MRC further assistance Brokers: Phone: Lloyds Insurers: Phone: IUA Insurers: Phone: General Queries: Phone:

10 Market Reform Page 10 ECF Lloyds ECF take up - substantial, but too slow –43% of in scope Lloyds claims (4 week average to mid-Sept) 6b live in August –All binders, except co-lead, in scope –Political risks can now be processed via ECF XIS new Gateway live

11 Market Reform Page 11 ECF take-up in Lloyds

12 Market Reform Page 12 ECF Rollout –All bar 2 Managing Agents open for all business –36 brokers live (74% of total volume), listed on website –Further 54 to be added by end 2007 (98% of volume) –© 20 IUA companies live or going live LMBC to distribute data to brokers on their take-up Managing agent data available from Lloyds FPD

13 Market Reform Page 13 ECF : Live issues Co-lead binders Access Control List –Work arounds available from late November IUA changes –Eg Flag in Company Market CLASS : using IMR for this claim –Late November live Contract for IMR use –Getting sorted, but slowly Best practice workshop –will publish tips; contact Operational standards being developed

14 Market Reform Page 14 Accounting and Settlement A&S use of IMR: rising but disappointing –26% of submissions electronically in August –should be 60% in September –35% of Original Premiums –APs more difficult if OP was in paper –64 firms now switched on (86% of total) –MRG reviewing end date for the van service for A&S Phase 3 MAT to start 1 October – Proportional treaty, ACL work arounds

15 Market Reform Page 15

16 Market Reform Page 16 A&S Delinking On target >60% by end Q3 MRG reviewing end date. Includes addressing any blockers. Brokers receiving individual data

17 Market Reform Page 17 Delinking – year on year comparison

18 Market Reform Page 18 Electronic Placement LMA Bulletin issued on 16 th August (via Associations or see Electronic Placing Steering Group in place LMA have developed a briefing pack for all interested participants Peter Holdstock – Rob Gillies –

19 Market Reform Page 19 Other news… MRG developing plans for 2008 –Welcome input – Want to talk…? –General reform updates/discussions –Specific topics – MRC, IMR etc – to

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