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LMG Secretariat Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)

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Presentation on theme: "LMG Secretariat Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)"— Presentation transcript:

1 LMG Secretariat Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)

2 London Market Group 1 Agenda Pilot approach & timetable Market commitment Benefits Plan & next steps

3 London Market Group 2 Mission All contract changes in the London market, irrespective of complexity, submitted and agreed electronically using ACORD messaging (two-way electronic messaging). This does not preclude negotiation, whether face to face or otherwise, where appropriate or desired.

4 London Market Group 3 Timetable Bilateral live electronic transaction of endorsementsnow and ongoing Finalise project scoping and confirm broker and insurer commitmentcompleted end Jan 2010 Implementation of ACORD th February 2010 Review market readiness and confirm commencement of pilot17th May 2010 Latest technical readiness date1 June 2010 Business scenario testingto end August 2010 Latest operational readiness date1 September 2010 Anticipated commencement of full market participation1 January 2011

5 London Market Group 4 Process validation Build on eMRCE work –Same standard –Better technology –Wider market commitment Joint Hull & Cargo Committees working group Workshop input Pilot feedback Aim of the pilot is to demonstrate a fit for purpose process that can deliver benefit

6 London Market Group 5 15 Major Brokers have signed up to the Pilot Broker commitment

7 London Market Group 6 100% of Managing Agents have signed up to the Pilot. Managing agent commitment

8 London Market Group 7 24 IUA members by 2011, 17 part of the endorsement pilot IUA Carrier commitment

9 London Market Group 8 Reduced face-to-face for non- complex endorsements = spend underwriting time with broker more productively Earlier availability of risk information and documents = a more considered underwriting decision Earlier visibility of endorsements for follower agreement parties Reduced scanning / photocopying volumes Greater flexibility over workload = better time management and more efficient use of supporting staff UNDERWRITERS

10 London Market Group 9 Simple and non-premium endorsements agreed electronically = no need for a broker visit Simultaneous distribution of endorsements to following agreement parties Simultaneous distribution of notifications (listings) to other carriers Agreed turnaround time from underwriters Reduced production and movement of paper Reduced box wait time - use of data and electronic documents means no carrier re-keying or scanning of paper Improved auditability and compliance Potential for improved tracking of agreement progress BROKERS

11 London Market Group 10 Pilot phases Prove technical connectivity Enable hands on experience for business users Process familiarisation Sign off for business as usual

12 London Market Group 11 Complete technical readiness Participate in practitioner workshops Engage in business scenario testing Reach operational readiness by 1 September Next steps

13 London Market Group 12 Workshops Additional sessions now taking bookings [Marketplaces>Ops and Change>Placing Support>Endorsements] What to do next: To book onto a session please contact

14 London Market Group 13 Technical documentation [Marketplaces>Ops and Change>Placing Support>Endorsements]

15 London Market Group 14 Contacts LMA & Endorsements Pilot Contacts Rob Gillies Telephone: Peter Holdstock Telephone: LMG Secretariat contact Steve Hulm Telephone: Lloyds Contacts Paul Willoughby Telephone: Trevor Madison Telephone: Abby Wiggin Telephone: LIIBA Contact Chris Buer Telephone: IUA Contact John Hobbs Telephone:

16 London Market Group 15 Questions…?

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