Insurers’ Market Repository (IMR)

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Presentation transcript:

Insurers Market Repository – where are we? Pat Talbot IUA

Insurers’ Market Repository (IMR) Electronic Premium Accounting (EPA) - submission of slips, PANs, policy wordings and supporting information by the broker to Xchanging for processing Three methods available for submission – Email/Direct Load/DRI All documents stored in IMR whichever submission method used IMR will include a ‘structured’ (i.e. bureau) and an ‘unstructured’ (i.e. non-bureau) area UMRs - unique and maintained even if broker of record changes mid term Electronic notification of presentation date and SN&D to Brokers

Insurers’ Market Repository Benefits to carriers: No ‘van time’ - speeds up premium processing Faster query resolution speeds up premium processing Signed lines available quicker to all parties Access to all broker documentation in the IMR Utility function (non bureau), allows document exchange between Organisations for P2P processing. Faster Xchanging query resolution reduces XIS costs and therefore (hopefully) XIS charges Page 2

Insurers’ Market Repository Benefits to Brokers: Reduced paper handling costs Faster processing times – no ‘van time’ Faster query resolution Reduction in rejection rates Enhanced audit trial & reconciliation DRI functionality consistent with ECF Utility function (non bureau), allows document exchange between Organisations for P2P processing.

Insurers’ Market Repository - Implementation status Phase 1 - Live Docs can be submitted by email Docs can be submitted by Direct Load Docs can be submitted by DRI Current Implementations Email - 2 brokers Direct Load – 8 brokers DRI – 4 brokers (live December ’06 & January ‘07) Around 20,000 PANs (15% volume) have been submitted as at 31.12.2006 Anticipate increase in activity (to 25% volume) during January 2007 Page 4

Insurers Market Repository – Implementation status Planned implementations during 1st Qtr 2007 - 24 brokers including, DM Clayton, JLT, AJ Gallagher/Gallagher Re, Besso, Bell and Clements, Rattner McKenzie and others Planned volumes by mid year 50+% (volume) Planned volumes by year end 98% (volume) Page 5

Repository Implementation status Phase 2 – Planned MAT – June ‘07 Reinstatement Premiums/simultaneous settlements (single UMRs) User defined ACL’s (Access Control Lists) Notification Lists Store all Metadata Phase 3 – Planned MAT – Sept ‘07 Unstructured Repository (Non bureau document exchange) Ability to ‘store’ LPANs and other docs as simple non-ACORD data Proportional Treaty Statements (ie multiple UMRs), currently under review to be included in Phase 2 Page 6