A&S Repository update 31st MAY 2007 NIGEL ROBERTS.

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Presentation transcript:

A&S Repository update 31st MAY 2007 NIGEL ROBERTS

© LloydsECF and A&S Repository Update 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 Lloyds premium (LIVE SINCE SEPTEMBER 2006) Currently servicing between 15 and 20% of XIS daily volumes as at end of May. Published a strategic design for the adoption of international standards

© LloydsECF and A&S Repository Update Take Up Accounting & Settlement 42 brokers and Service companies live and in a position submit closings electronically 3 Entities due in week beginning 29/5/07 Volumes of submissions being received electronically : 17%

© LloydsECF and A&S Repository Update A&S: next steps Focus on ramp up of usage: Broker implementation support in place, able to support rollout to all brokers in Work with market firms to embed as business as usual Enhance capabilities to encompass all business types Targeted for Q to include more complicated business types e.g. proportional treaty Target areas for process improvement and feedback to market firms Support market firms pilots to deal directly with brokers Continue to improve measurement capabilities to monitor performance and quality

ECF Repository update 31st MAY 2007 NIGEL ROBERTS

© LloydsECF and A&S Repository Update ECF: overview Live since September 2006 Phase 6 a Live on schedule – 8 th May, no reported problems. Phase 6b due live in mid August 07 IUA companies due live from 1 st July All Managing Agents signed up to the Repository Rules, 23 Managing Agents and 10 brokers actively using the ECF system 22% of all in scope claims are being submitted to the lead via ECF (as at 25 th May) Broker rollout support now in place starting next phase of broker implementation in mid June.

© LloydsECF and A&S Repository Update ECF: next steps Enhance ECF scope Phase 6b : Due live August 07, bringing auto risk routing, all binders except co-lead. Phase 7: Currently being scoped IUA Live date : 1 st July 2007 Embed electronic claims handling as business as usual With FPD review managing agents and brokers plans and processes Include electronic processes as part of FPD standards and monitoring Target all in scope new claims by the end of 2007 FPD to improve measurement capabilities so that we can track throughput and service turnaround more accurately

© LloydsECF and A&S Repository Update ECF : In Summary ECF is live and a reality for the London Market ECF is delivering up to a 40% reduction in settlement time Between 20-25% of daily in scope claims are being transacted via ECF Ramp up is increasing and broker rollout support is now in place for brokers wishing to implement in Dont get left behind!