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Update on Market Reform John Harvie and Andy Brookes Market Reform Forum 25 May 2006.

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Presentation on theme: "Update on Market Reform John Harvie and Andy Brookes Market Reform Forum 25 May 2006."— Presentation transcript:

1 Update on Market Reform John Harvie and Andy Brookes Market Reform Forum 25 May 2006

2 Market Reform Page 1 Market Reform Update Contract Certainty – todays special topic Back office Electronic Infrastructure –Claims infrastructure –Accounting and Settlement –Schematron: London Market tool for top up intra-message validation

3 Market Reform Page 2 Contract Certainty: Guidance (1) Subjectivities –Guidance currently in preparation, to include a poor subjectivity example with explanatory guidance to work through it, and a good subjectivity drafted by Lloyd's Lead Counsel –CCPB sub-group to meet; plan to present final draft to MRG on 25/05/06 Exceptions –Published, 03/05/06 Model Signing Provisions –Published, 27/04/06

4 Market Reform Page 3 Contract Certainty: Guidance (2) Legacy Process –Published, 15/05/06 –Requirement: Each firm to advise MRPO of primary contact (e-mail to: –Market Awareness session(s) and FAQs to follow

5 Market Reform Page 4 Contract Certainty: Measurement December broker data 65% January broker data 68% February broker data 73% March figures in preparation –Brokers: Please check you have submitted returns Following FSA invitation, MRG introduced interim target of 75% for September

6 Market Reform Page 5 Contract Certainty: QA Tool Purpose: to define the quality requirements applicable to Lloyds contracts Specify pre-bind checks that managing agents need to do Useful for brokers to reduce rejections/rework –Market feedback on contract quality has been received and is being reviewed –Progress has been made with aligning QUARTS (XIS) with the QA Tool

7 Market Reform Page 6 Accounting and Settlement Measurement and checks –Benchmark data – late but pressing on –Accounting procedure checks published April on MRPO website –Tax checks developed by end of May 06 Repository –Being built. Full details can be found at: –Market Acceptance Testing for Release 1 is due to start 19 June for e-mail and Direct Load submissions –MAT participants: Benfield; Guy Carpenter; Marsh; Miller and Willis. MAs: Brit; Canopius; Chaucer; Hiscox; Kiln; Liberty Int'l; Markel; Swiss Re; Zurich and Wurttembergische Strategy –Detailed documentation in progress –Big issues: Franchisor reporting; Ability to complete design within published timeframes

8 Market Reform Page 7 Claims Infrastructure On track for software delivery to allow electronic claims processing in the Lloyds market using ACORD DRI standards. Live in mid-Sept To support this: –Substantial Market Acceptance Testing and implementation in May - Sept –MAT started, 15/05/06 - 5 brokers and 14 Managing Agents involved –Draft Systems Processes and Procedures Manual published, see website –Contractual framework – late but coming soon –Early implementation partnerships: 64 and rising rapidly

9 Market Reform Page 8 ECF MAT Phase 5 - Update MAT of ECF started at 9am 15th May on schedule Run by MRPO on behalf of the Market with support from Xchanging 3 month duration with full DRI functionality being tested from 19th June Integrated with A&S repository testing System due live week ending 15th September 2006

10 Market Reform Page 9 ECF MAT Phase 5 - Update Participants –Brokers: Benfield, Guy Carpenter, Marsh, Miller and Willis –Managing Agents: Ace, Advent, Amlin, Beazley, Danish Re, Faraday, Heritage, Hiscox, Limit, Markel, Marlborough, St Paul Travelers, SVB and Wellington. –XCS, XIS (support of development / testing) Regular progress reports and live issue updates available on the MRPO website throughout MAT ( To date progressing well and to schedule

11 Market Reform Page 10 Claims Infrastructure – other issues Claims infrastructure strategy: Planning for proposal in August/September Pricing of repository services IUA companies now actively participating in pilots –Expected start date, 01/06/06

12 Market Reform Page 11 Your actions Your business sponsor and project manager Regular meetings of sponsors and PMs Early partnerships If not in MAT, when will you use it? Training of claims staff –CII planning to advertise in August for September courses

13 Market Reform Page 12 Lloyds Schematron (1) Developed by Tri-Systems InfoBahn Ltd, for Lloyds –Press release, 15/05/06 Requirement –Provide intra-message, standardised validation for ACORD-standard XML messaging –Firms plug in to their respective systems for outward and inward message validation Availability –Beta version available for download from MRPO website, end of May 06 –DRI to start with; poised to do other ACORD messages when specified

14 Market Reform Page 13 Lloyds Schematron (2) Benefits: –Consistent validation –Save market firms writing their own individual validation –Speed implementation and ease future change –Common approach will provide consistent system quality –Easier for external firms to communicate with London –Free to market participants

15 Andy Brookes, John Harvie Market Reform Forum 24 May 2006

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