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© Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Accounting & Settlement.

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Presentation on theme: "© Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Accounting & Settlement."— Presentation transcript:

1 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Accounting & Settlement A Year of Progress & Improvement March 2009 Rob Myers Production Director, UK Insurance

2 2 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Agenda 1 Key facts Improvements are evident Its a journey, not a destination 2009 Focus areas

3 3 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Do you remember when….. Central Settlement 0ccurred 0nly once a month …… ….. in only 3 currencies £ US$ Can$ The Bureau Service Level was 10 Days to Process …. …. and Terms of Credit were 90+ days …..how things have changed !

4 4 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. A&S - where are we now? 1 …..in a much better place and still moving forward 885,739 85% Premium transactions processed in 2008 Of all premium submissions delivered electronically £43,661,166,907 £24,289,975, in 3 14 Different Daily Settlement Currencies The sum of all premium accounting transactions processed in 2008 The sum of all premium & claim accounting transactions processed in 2008 Company customers domiciled outside UK Lloyds & Company Market processing

5 5 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Underwriters want their premiums faster ….. …..Xchanging has delivered part of the answer It is estimated that the investment income for each day that premium is received earlier, amounts to approximately £600k for the Lloyds market. Source: Premium Payment Improvement Working Group Report, July 2008 …..Xchanging has delivered part of the answer …. but falling interest rates reduce this prize & change the game

6 6 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Underwriters want their premiums faster ….. Transactions are being processed quicker –Consistently <3 days to process query free work over past 3 months Signed Lines and Technical Accounts are being notified quicker –50% of Stage 1 signings notified within 30 days of inception in January Triage of premium submissions is in place –90% of High Value Premium (LPAN >£500k) processed same or next day in January Premiums are being paid to underwriters faster –43% of value settled in January was paid on/before SDD (28% avg. in 2008) Source: JMD SIS …..Xchanging has delivered part of the answer ….so more emphasis on improved cash flow, reduced credit risk & release of working capital Lloyds processing

7 7 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Premium Processing in January & February % more Production38% more Value …..Xchanging has delivered part of the answer Funds movement still relies on broker committing to make payment £3.50bn £2.53bn Lloyds processing

8 8 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Premium Processing in January & February : one week to process 75% of all transactions Lloyds processing

9 9 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Premium Processing in January & February 2008 No prioritisation; Value profile matched Volume profile Lloyds processing

10 10 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Premium Processing in January & February 2009 Faster…. 40% of volume in half the time Half the time Lloyds processing

11 11 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Premium Processing in January & February 2009 Prioritisation of High Value and Non-Delinked self evident 5 Days Faster Twice the Value Lloyds processing

12 12 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. How has the IMR helped? Electronic Submissions are being processed 1-2 days faster than Paper BUT……. more queries being raised on electronic submissions Regular A&S Production Forums to communicate common submission issues 2009 focus on driving down query / rejection rates PaperElectronic Elapsed Working Days Week Commencing 1-2 days faster Lloyds processing

13 13 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. More transparency than ever Online Service Status updated daily https://insuranceportal.xchanging.com Lloyds & Company Market processing

14 14 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. What a difference a year makes ….. ….. Market Reform is working ! XIS processing time improved by 35% (or 1.5 work-days) –2.8 in 2009; 4.3 in 2008 (weeks 1-9, query free submissions) –High Value Premium prioritised & processed within 2 days Significant value for the Market from investment in electronic processing and global balancing of resources –Xchanging operating 18 hours a day; vans have been crushed; service is faster Underwriters in receipt of exposure and technical accounting information much earlier –50% of premiums notified within 30 days of inception during January A 50% improvement in premium payment by Settlement Due Date –28% average for 2008; 42% achieved in January 2009 Lloyds processing

15 15 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. Focus areas for 2009 ….. ….. Market Reform is working ! Improve submission query process –Redefine what customers should expect –Target specific brokers … in order to drive greater consistency and reduce rework Address functionality gaps in IMR –Access Control solution … in order to drive A&S IMR usage to 100% e-Accounts –Implement ACORD messaging …to automate further process steps, increase data accuracy and reduce rework –Implement Accounting Splits Service …to make London more attractive to brokers and reduce rework

16 © Xchanging 2008, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.


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