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Market Reform in 2005 Progress Against MRG Objectives Andy Brookes Market Forum 15 December 2005.

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Presentation on theme: "Market Reform in 2005 Progress Against MRG Objectives Andy Brookes Market Forum 15 December 2005."— Presentation transcript:

1 Market Reform in 2005 Progress Against MRG Objectives Andy Brookes Market Forum 15 December 2005

2 Page 1 MRG Objectives set Jan 05 Has it happened? Compliance checking – push for 100% accuracy (Q4) ? 96% achieved in October Aiming for 97% by end of Q4, 99% by end Q1 06 (Anonymous) league tables published IUA companies participating in slip audit Implement LMP standard for Binding Authorities (Q1) and Lineslips (Q2) Binding Authorities implemented Q1 Lineslips mandated for use in Lloyds Oct 05 Define more of the content of LMP slip (on-going); put this into ACORD data dictionary (Q2); sponsor incorporation of LMP slip within ACORD placement message (Q3/Q4) ? Updated LMP slip published Apr 05 ACORD Global Placing Document (GPD) produced Jul 05. Individual class of business headings identified and being incorporated into ACORD standards (dictionary and placement message) Plan to publish GPD in final form Q1 06 Further standardisation of the placing process for endorsements PI schedule to GUA published May 05 LMP Slips

3 Page 2 LMP Slips LMP Slip Compliance

4 Page 3 LMP Slips 100% Slip compliance becoming preferred measure

5 Page 4 MRG Objectives set Jan 05 Has it happened? Fully claused slip used for several lines of business (initially 300 risks; Q1-Q2) ? CC pilot implementations completed Q2 CC Checklist & Code of Practice published Oct 05 Further CC Guidance being published Policy production: codify XIS policy checking (binders Q1; other Q2); publish statistics on checking process (Q2); track and reduce error rates (H2) ? XIS checking codified and published for Lloyds Binders and Open Market – QA Tool (IUA to come) Binder and Open Market rejection reports published (and anonymous league tables) from Q1 05 In addition Definition and targets agreed; then shared with FSA Progress monitored (not dissatisfied; significant progress) CC sessions for sponsors and PMs; public Q&A sessions Contract Certainty

6 Page 5 Contract Certainty XIS Rejection rate of Lloyds Open Market and Binding Authority submissions

7 Page 6 MRG Objectives set Jan 05 Has it happened? MRIB to set out timetable for phased implementation X ? Project completely reviewed New objectives agreed in June 05: Radical review of options for A&S end vision – supported by MRG – consulting with market associations Introduce A&S repository (e-LPAN) and progress market take up – scope and requirements agreed Q3 – detailed supplier negotiation Q4 Introduce measurement regime and performance monitoring – scope agreed Q3 – QA requirements produced Q4 – statistics published Q1 06 (At minimum) new procedure for premium (Q4?) Complete phased roll-out through 2006 Accounting & Settlement

8 Page 7 MRG Objectives set Jan 05 Has it happened? Implement Electronic Claims File (repository) – (Q1 2006) ? Phases 1 & 2 (repository improvements) implemented Apr 2005 Phase 3 – Inward DRI implemented Oct 2005 Repository already operational Implement CLASS at Lloyds – (final deliverable Q1 2006) ? Key Phase 5 delivery expected Q2; operational end Q3 2006 Drive implementation by lines of business; 10% electronic (Q4) ? Will fall short of 10% volume target, but early implementations picking up: – 6 Brokers, 12 Carriers, 8 classes of business – 300 electronic claim files and near 500 transactions 4 Brokers, 9 Lloyds MAs committed to c100% of new claims Q4 06 Target of 75% new Lloyds claims by end 2007 Explain plan for common claims procedure in London (Q4) X London Market Claims Protocol to be reviewed by MRG in 2006 once ECF take up is established. Claims

9 Page 8 MRG Objectives set Jan 05 Has it happened? Agree formal training programme with CII (Q2) ? LMP Training Group established Course outlines and standards agreed Training organisations developing courses Measure use of new infrastructure and (hence) business benefits (on-going) Benchmarking operation maturing Programme dashboard for MRG Ramp up communication (on- going) 8 Reform Newsletters published Monthly public forum established Improvements to website by end Q4 Communications plan for major workstreams Q4 Agree approach to Legacy wordings (Q2) ? High level approach agreed Q2 (cross market priorities; data reports; revised unsigned policy list) Code of practice planned for Q4 05 Other

10 Page 9 And in addition… Governance simplified ? MRIB and MRGE canned Three project boards, reporting to MRG A&S and ECF getting closer together Long term goals ? Aims; features; before & after spelt out Measurement First customer survey completed (for Lloyds) MRPO Team Strengthened reflecting regulatory priority and market demand International Standards Continuing close work with ACORD; Technical group driving repository standards Other

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