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Market Reform Introduction Electronic exchange of information Rob Campbell, MRPO 29 th March 2007.

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Presentation on theme: "Market Reform Introduction Electronic exchange of information Rob Campbell, MRPO 29 th March 2007."— Presentation transcript:

1 Market Reform Introduction Electronic exchange of information Rob Campbell, MRPO 29 th March 2007

2 Market Reform Page 1 Agenda – Electronic exchange of information Why and what is electronic exchange of information? How is electronic interchange done? What is an electronic message? What is ACORD? Practical steps

3 Market Reform Page 2 Why and what is electronic exchange of information? Transacting business involves the exchange of information Information printed by the originators computer systems … … is re-captured by the receiver into their computer systems!

4 Market Reform Page 3 Why and what is electronic interchange? … contd. Information is shared: Captured once Fast, efficient turnaround Reduced errors Fair Its about: the transfer of information NOT the automation of trading

5 Market Reform Page 4 How is electronic interchange done? Internet Standardise the information Package the information Manage communication Types of interchange: Online Messages Media (CD, DVD etc.)

6 Market Reform Page 5 What is an electronic message? Standards Licencing Trade agreements

7 Market Reform Page 6 What is ACORD? Who are ACORD? –A global, non-profit insurance association established in 1970 –Offices in London and New York What do ACORD do? –… facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. –The standards define transaction flows and associated data –Promoting the standards via market support, training and other events and facilities ACORD membership –480 members comprising: Brokers & Carriers (44%), Solution Providers (46%) and Market associations and other –USA, UK, EU, South Africa, Canada, Australia, China, India, South Korea, Japan, Bermuda and other Asia Pacific Boards, Committees and Working Groups –ACORD working activities based around membership participation in committees and groups –Standards work divided into 3 domains: –Reinsurance & Large Commercial ( based on early message standards involving the UK market ) –Property & Casualty / Surety –Life and Annuity

8 Market Reform Page 7 Practical Steps Broker / Carrier –In-house / Purchased / Outsourced –Internal systems enhancement –Information standardisation –Gateway / Service provider Software / service supplier –What role does your software / system play –What do your customers need? –… in relation to your products? –Examine the options


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