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Modified over 4 years ago
A&S Repository update 31st MAY 2007 NIGEL ROBERTS
© LloydsECF and A&S Repository Update 3105072 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. Published a strategic design for the adoption of international standards
© LloydsECF and A&S Repository Update 3105073 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%
© LloydsECF and A&S Repository Update 3105074 A&S: next steps Focus on ramp up of usage: Broker implementation support in place, able to support rollout to all brokers in 2007. Work with market firms to embed as business as usual Enhance capabilities to encompass all business types Targeted for Q3 2007 to include more complicated business types e.g. proportional treaty Target areas for process improvement and feedback to market firms Support market firms pilots to deal directly with brokers Continue to improve measurement capabilities to monitor performance and quality
ECF Repository update 31st MAY 2007 NIGEL ROBERTS
© LloydsECF and A&S Repository Update 3105076 ECF: overview Live since September 2006 Phase 6 a Live on schedule – 8 th May, no reported problems. Phase 6b due live in mid August 07 IUA companies due live from 1 st July 2007. All Managing Agents signed up to the Repository Rules, 23 Managing Agents and 10 brokers actively using the ECF system 22% of all in scope claims are being submitted to the lead via ECF (as at 25 th May) Broker rollout support now in place starting next phase of broker implementation in mid June.
© LloydsECF and A&S Repository Update 3105077 ECF: next steps Enhance ECF scope Phase 6b : Due live August 07, bringing auto risk routing, all binders except co-lead. Phase 7: Currently being scoped IUA Live date : 1 st July 2007 Embed electronic claims handling as business as usual With FPD review managing agents and brokers plans and processes Include electronic processes as part of FPD standards and monitoring Target all in scope new claims by the end of 2007 FPD to improve measurement capabilities so that we can track throughput and service turnaround more accurately
© LloydsECF and A&S Repository Update 3105078 ECF : In Summary ECF is live and a reality for the London Market ECF is delivering up to a 40% reduction in settlement time Between 20-25% of daily in scope claims are being transacted via ECF Ramp up is increasing and broker rollout support is now in place for brokers wishing to implement in 2007. Dont get left behind!
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.
Market forum 22 February 2007 Steven Haasz – Director, Market Infrastructure & Programme Management.
Market Reform Forum Andy Brookes, MRPO Steven Haasz, Lloyds Mike Smith, Hugh Maltby, Brit 22 February 2007.
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
1 Market Reform Forum Update on business reform 11 November Andy Brookes Lloyds BPR.
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.
ACORD in the London Insurance Market
Trevor Maddison Electronic claims Trading claims electronically Date 29 th March 2007.
With LMG Secretariat LMG Forum March 2011 Christopher Croft, LMGS James Livett, LIIBA Pat Talbot, IUA Gary Bass, LMA.
With Market Reform Office Market Reform Forum June 2009 Christopher Croft, MRO Keith Alderman, PRO Insurance Solutions Barnabas Hurst-Bannister, Travelers.
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)
With Market Reform Office Market Reform Forum July 2009 Christopher Croft, MRO Roy Laker, ACORD Geoff Kennard, Xchanging.
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