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With LMG Secretariat Future Processing Model Update Simon Collins 20 May 2010 With London Market Group.

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Presentation on theme: "With LMG Secretariat Future Processing Model Update Simon Collins 20 May 2010 With London Market Group."— Presentation transcript:

1 With LMG Secretariat Future Processing Model Update Simon Collins 20 May 2010 With London Market Group

2 Agenda Quick Recap What has been proposed? Project Progress Questions

3 London Market Group Quick Recap 2009 Future Process Working Group –The set of principles that should underpin any future model –Recommended to the LMG that the proposed future process is workable and warrants move to design 2010 LMG-sponsored project initiated to deliver: –A robust London Market process model, expressed in sufficient detail that it can be adopted implemented by the market –A recommended transition/implementation plan; likely to identify a two stage approach, with a new model for 100% written business as the first implementation, followed by subscription business

4 London Market Group Quick Recap – project business drivers Information is rekeyed numerous times throughout the process – leading to significant query and error rates A growing number of Lloyds market organisations want the same choice as Companies and the option to either outsource some processes to a different supplier, or perform them in-house There is a perception that overseas brokers are placing certain types of business elsewhere as result of Londons complex operating environment Initiatives such as Finish What We Started are improving processing, but still based on legacy systems and inherent Londonisms

5 London Market Group Quick Recap - what has been proposed? Move to electronic straight through processing and re- use of information throughout the value chain (i.e. without any need for re-keying) Adoption of ACORD standard messages throughout the risk lifecycle Provide insurers with central core services and the option to select from a suite of supporting services, or to undertake processes themselves

6 London Market Group Project Progress Project Steering Group has signed off: –Objectives –Deliverables –Stakeholder Management Plan –Project Plan Governance structure in place –Project Working Groups working towards defined deliverables

7 London Market Group Project Governance

8 London Market Group Project Deliverables Detailed process maps: for the entire risk lifecycle; i.e. placing, accounting, settlement, claims and reporting. Differences and variations to the process should also be documented, for example for different classes of business. Rule book: The process maps must be supported by a rule book providing narrative for processing all types of business via the future processes. Referencing structure: A signed-off document detailing the referencing structure and associated rules for future risks and claims. Data maps: Data maps that show where specific data items are captured in the process, where they are reused and their optionality. Definition of central services: A definition of the central services that will support the Future Processing Model, whether they are mandatory or optional and whether the service will be offered by a single supplier or possible multiple suppliers. Implementation plan: A plan that details the key tasks and timescales for implementation, including options available for transition. Cost Benefit Analysis: A breakdown of the costs and benefits associated with implementing the future model.

9 London Market Group Project Plan - Milestones The project milestones plan is available on the LMG website:

10 London Market Group Project Key Milestones Singleton Business RequirementsJune –Placing Support, A&S, Claims, Facilities & Binders Singleton Future ProcessOctober –Placing Support, A&S, Claims, Facilities & Binders Subscription Business RequirementsOctober –Placing Support, A&S, Claims, Facilities & Binders Subscription Future ProcessDecember –A&S, Claims, Facilities & Binders Subscription Future ProcessJan 2011 –Placing Support

11 London Market Group Further Information For further information regarding the Future Processing Model project please visit the LMG website: Here you will find, amongst other things: –The Project Initiation Document (scope, deliverables, success criteria, etc) –Terms of reference for all project groups –Proposal to MRG (now LMG), including 2009 process maps and the principles & assumptions underpinning the project

12 London Market Group Questions?


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