Accounting and settlement repository 22 NOVEMBER 2007 CHRIS MEARS – A&S IMPLEMENTATION MANAGER.

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Presentation transcript:

Accounting and settlement repository 22 NOVEMBER 2007 CHRIS MEARS – A&S IMPLEMENTATION MANAGER

© Lloyd’sPresentation name 00 July A&S Repository : overview The process by which premium and claim payment amounts are accounted and settled between brokers and underwriters The goal of the work stream is to allow all A&S documentation and data to be submitted and exchanged electronically We have achieved: Delivery of electronic infrastructure to support the efficient processing of Lloyd’s premium (LIVE SINCE SEPTEMBER 2006) Developed a measurement regime to provide basis for continued improvement Published a strategic design for the adoption of international standards

© Lloyd’sPresentation name 00 July Repository Functionality Broker loads slip, LPANs and supporting documentation to repository thereby removing paper (and vans) Two methods: -Direct Load -DRI Message Carriers can gain access and view and download documents DRI enabled repository that also enables direct loading and enquiries to: deliver documents to Xchanging Ins-Sure Services for checking deliver documents directly between brokers and carriers i.e. in support of non-bureau or P2P processes

© Lloyd’sPresentation name 00 July Repository Benefits and Implications Faster turnaround times for documentation since “van time” is eliminated. No “van time” and speedier query resolution means signed lines available quicker Speedier resolution of queries will reduce the volume of rejections DRI functionality consistent with ECF. Brokers have options on how to connect, DRI Push, DRI Pull or Direct load (or additionally for delivery to Xchanging for checking) Gives insurers access to a copy of the slip and other premium submission documentation in the repository Carriers can be notified as a slip is loaded on the repository thereby allowing signed lines to be communicated sooner, thus allowing speedier exposure management Utility function of the repository, without XIS processing, allows broker to distribute documents in a controlled manner to specified parties

© Lloyd’sPresentation name 00 July Take Up Percentage of A&S total (Original Premiums) submitted electronically: -For the week ending 16 th November 2007:49.0% -For the rolling 4 week period to 16 th November 2007: 45.8%  165 firms now ‘switched on’ and able to use the A&S Repository and these firms account for around 92.5% of the total submission volume