With Market Reform Office Market Reform Forum Christopher Croft, MRO Nigel Roberts, Chair, e-Accounting Steering Group Geoff Kennard, Xchanging.

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Presentation transcript:

With Market Reform Office Market Reform Forum Christopher Croft, MRO Nigel Roberts, Chair, e-Accounting Steering Group Geoff Kennard, Xchanging

Market Reform 2009 Market Reform Office Agenda Market reform 2008 review and plans for 2009 – 11 E-Accounting – launch of a key project for 2009/10 IMR Service update

Market Reform InitiativeTargetProgress Placing document standard for London (MRC) Confirm whether update required V1.2 published early August Implement MRC for Binding Authorities and Lineslips Adopt as market standard New standard published Further reduce Legacy policies Reduce mid 2006 numbers to below 20% Ahead of target. FSA announcement Promote take up of electronic support for placing To be defined by Steering Group (Q1) Targets premature. Progress continuing. Increased two way placing. Lloyds Exchange supplier selected. MRG 2008: Placing

Market Reform InitiativeTargetProgress Adopt Electronic policies 80% of bureau policies 77% of policies submissions electronic Market Reform Contract Endorsement (MRCE) Adopt as market standard New standard published: Endorsements via e- messaging To be defined by Steering Group (Q1) MRG target: 3,000 electronic broker submissions in Dec. Circa 2,400 in Nov. MRG 2008: Placing

Market Reform MRG 2008: A&S InitiativeTargetProgress Implement A&S enhancements (Release 4) Enhancements delivered Further enhancements delivered; ACL changes specified Use repository for original premiums 100% of original premiums 95% Use repository for additional and return premiums 100% of submissions78% achieved. Broker data published Adopt de-linking100% use for in-scope transactions Rate up by © 10% on equivalent month 07 in both markets. Implement Premium Payment Working Party recommendations Successful implementation Report published. Pilot underway A&S ACORD messaging for bureau & non-bureau To be set by Steering Group (Q1) See Nigel Roberts presentation!

Market Reform MRG Claims InitiativeTargetProgress ECF enhancements to increase scope and improve usage Enhancements delivered Limited progress, ACL changes specified Full ECF usage for new in-scope (as at end 2007) claims For Lloyds For IUA companies 90+% IUA 41% vs target of 70% of all claims Dec ECF for legacy claimsComplete pilot, review targets (Q1) Pilot report signed off; take up Jan 09 on Implement service targets for ECF claims Approach to service targets defined 4 of 5 MI reports delivered

Market Reform 2009 Market Reform Office Reform agenda Finish what we have started –Full ECF usage for all claims including legacy –Full usage of e-Accounting –Fully electronic policy submissions Dependent on Xchanging for a lot of work –IMR Upgrades –Security model –Claims developments –Ongoing usability enhancements –Taking ACORD accounting messages –Non fundamental splits service MRG has a plan…

Market Reform 2009 Market Reform Office MRG/Xchanging deliverables

Market Reform 2009 Market Reform Office Reform agenda Keep up progress on e-Placing –Pilot Lloyds Exchange –Further develop ACORD standard –e-Endorsement bilateral agreements –Transition to ACORD messaging

Market Reform 2009 Market Reform Office Reform agenda Next wave - FWWS does not mean weve finished Looking at five year vision Where will market be and what do we need to do to prepare? Work with market

Market Reform 2009 Market Reform Office Questions?