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The Insurers Market Repository Agreement Implementation Progress Market Reform Forum 28 th August 2008.

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Presentation on theme: "The Insurers Market Repository Agreement Implementation Progress Market Reform Forum 28 th August 2008."— Presentation transcript:

1 The Insurers Market Repository Agreement Implementation Progress Market Reform Forum 28 th August 2008

2 IMR Agreement Implementation A uniform service agreement for 250 individual London market customers to enter into with XIS that: Defines respective obligations and liabilities Defines respective obligations and liabilities Roles & responsibilities documented and enforceable Roles & responsibilities documented and enforceable Recognises projected growth in volume and activity (4 years) Infrastructure size, speed and resilience Specifies services and service levels Availability, document upload, document viewing, service desk, incident management Provides remediation and penalty for service failure Individual and aggregate levels

3 Market Implementation Plan – June 2008 Finalise outstanding items Finalise outstanding items Finalise Agreement & ISRD Finalise Agreement & ISRD Finalise contingency plans Finalise contingency plans Association Boards endorse Association Boards endorse Audit report received Audit report received Customer packs prepared Customer packs prepared

4 Market Implementation Plan – July 2008 Audit findings accepted (LMRB) Audit findings accepted (LMRB) XIS proposal accepted (LMRB) XIS proposal accepted (LMRB) Customer packs issued Customer packs issued Customer visits / support onwards Customer visits / support onwards Market firms sign agreementJuly onwards Market firms sign agreementJuly onwards Ongoing review of progress / contingency plans Ongoing review of progress / contingency plans

5 Market Implementation Plan – August / September 2008 Market firms sign agreement (July, August to mid-September) Market firms sign agreement (July, August to mid-September) Ongoing Customer visits / support Ongoing Customer visits / support LMRB transition to AAC LMRB transition to AAC Ongoing review of progress / contingency plans Ongoing review of progress / contingency plans Live under new IMR ( with new service levels) Live under new IMR ( with new service levels) Publicise Publicise

6 AAC Plans and Progress Draft Terms of Reference prepared Draft Terms of Reference prepared AAC representation agreed by Associations AAC representation agreed by Associations Number of Members (4, 4, 2 formation + Chair) Number of Members (4, 4, 2 formation + Chair) Skills Balance (Claims, Operations, IT, Finance) Skills Balance (Claims, Operations, IT, Finance) Independent Chair Independent Chair Membership in progress Membership in progress Complete by 5 th September 2008 Complete by 5 th September 2008 LMRB / AAC Handover in September LMRB / AAC Handover in September AAC functional 1 st October 2008 AAC functional 1 st October 2008

7 IMR Agreement – Broker Progress Signed and Received Signed and Received AAA Aon BDB Bloemers BMS BRS AAA Aon BDB Bloemers BMS BRS Cooper Gay Crescent Culver European Ins & Reins Genesis/Kinetic Guy Carpenter Houlder Lucas Fettes Marsh Miller NIB NMB SSL Texel Towers Perrin Anticipated End August Anticipated End August (None) (None) Anticipated 19 th September Anticipated 19 th September Benfield Gallagher Hayward Heath HSBC JLT Lockton RFIB THB UIB Willis Benfield Gallagher Hayward Heath HSBC JLT Lockton RFIB THB UIB Willis

8 IMR Agreement – Company Progress Signed and Received Signed and Received Catlin Endurance Everest Re Lancashire Markel MAPfre QBE Torus Catlin Endurance Everest Re Lancashire Markel MAPfre QBE Torus Anticipated End August Anticipated End August AIG Aspen Axis Global Aerospace SCOR AIG Aspen Axis Global Aerospace SCOR Swiss Re Wurtt (Antares) Anticipated 19 th September Anticipated 19 th September ACE Allianz Arch BRIT Faraday Generali Great Lakes Houston Casualty Hannover Re Liberty Munich Re Navigators RSA Transatlantic Re XL Re Zurich ACE Allianz Arch BRIT Faraday Generali Great Lakes Houston Casualty Hannover Re Liberty Munich Re Navigators RSA Transatlantic Re XL Re Zurich

9 IMR Agreement – Managing Agency Progress Signed and Received Signed and Received Cathedral Catlin Jubilee Kiln MAP Markel QBE RITC Travelers Whittington Cathedral Catlin Jubilee Kiln MAP Markel QBE RITC Travelers Whittington Anticipated End August Anticipated End August Aspen Beazley Chaucer Aspen Beazley Chaucer Anticipated 19 th September Anticipated 19 th September ACE Ascot Atrium BRIT Canopius Faraday Heritage Hiscox Liberty Marlborough Novae Omega Talbot XL ACE Ascot Atrium BRIT Canopius Faraday Heritage Hiscox Liberty Marlborough Novae Omega Talbot XL

10 The Insurers Market Repository Agreement Implementation Progress Market Reform Forum 28 th August 2008


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