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With Market Reform Office Market Reform Forum Whats new this month? Lloyds plans, update on message service & claims Andy Brookes, MRO Steve OConnor, Operations.

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Presentation on theme: "With Market Reform Office Market Reform Forum Whats new this month? Lloyds plans, update on message service & claims Andy Brookes, MRO Steve OConnor, Operations."— Presentation transcript:

1 With Market Reform Office Market Reform Forum Whats new this month? Lloyds plans, update on message service & claims Andy Brookes, MRO Steve OConnor, Operations Manager, MONA, Lloyds Kent Chaplin, Head of Claims, FPD, Lloyds 24 th April 2008 Market Reform Office

2 Market Reform 2008 Market Reform Office Update across the reform agenda Placing Endorsements A&S and ECF

3 Market Reform 2008 Market Reform Office e-Placing Benfield conducted all Japanese 1 Apr 08 renewals with Brit, Catlin and Kiln using two-way ACORD messaging 4 brokers, 8 carriers placing live business using ACORD 6 brokers and 32 carriers investigating ACORD messaging Ri3K take up –Q4: 5300 lines and 700 endorsements –Q1: 4500 lines and 2300 endorsements Measurement of activity in place – but no targets yet Lloyds Exchange – this months special topic

4 Market Reform 2008 Market Reform Office Placing MRC for binders and lineslips –Implementation date 1 st July –Implementation guides published –Public session in early April; slides on website –Subsequent FAQs published Electronic bureau policies –19% March; was 14% February, 22% in January –If not registered, please do so… –If have, JDI

5 Market Reform 2008 Market Reform Office MRCE Documentation standard (MRCE) –London standard in force from 1 April –So no more honeycombs –FAQs on the website –Measurement of firms adoption via endorsements at Xchanging; time lag on data, but positive trend MRCE for binders and lineslips –Coming soon

6 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)

7 Market Reform 2008 Market Reform Office e-MRCE update You have heard from your Association –© firms 100 responded; if you havent, please do so asap –Get measuring FAQs published –Covering (eg) evidence of agreement –Watch for sponsors and project managers session contacts at your counterparties –Initial directory of contacts published on website –Small number of central s supplied, but will rise, then published

8 Market Reform 2008 Market Reform Office A&S current status Insurers Market Repository (IMR) –80% of original premium (4 weeks); 83% latest week –53% of APs and RPs (4 weeks); 59% latest week No more in scope OPs from 1 April –See published details on market reform website –LMBC, on behalf of MRG, to publish performance data in May No van service for APs & RPs from 31 December A&S upgrades in May: five changes E Accounting – single standard for bureau and non-bureau –Move from scanned paper LPAN to structured data Delinking –Rising slowly; guidance forthcoming; PPWP recommendation

9 Market Reform 2008 Market Reform Office

10 Market Reform 2008 Market Reform Office Claims Lloyds 100% new in-scope end Q1 –90%+ March IUA take up : end Q3 100% new in-scope. Data published soon Service contract negotiations –Hardware audit plus iteration over service levels and costs Service targets: measure first, then think about targets –Three MI reports commissioned from Xchanging Legacy claims –Restricted pilots underway; MRG considering an extension –ECF Flag being built – May release


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