London Market – Setting the pace MRO Briefing 15 April 2009 HSBC Insurance Brokers Limited London Market – Setting the pace MRO Briefing 15 April 2009.

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Achieving Contract Certainty

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Presentation transcript:

London Market – Setting the pace MRO Briefing 15 April 2009 HSBC Insurance Brokers Limited London Market – Setting the pace MRO Briefing 15 April 2009 Roger Oldham Head of Market Practice HSBC Insurance Brokers Limited

The journey so far….. Contract Certainty – BAU Market Reform Contract 1.2 – BAU Market Reform Contract Endorsement ACORD international standards Electronic Claim File Accounting & Settlement IMR Lloyds Exchange Electronic Messaging/Placements

Global Vision… Our Approach To be Contract Certain in all of our operations: Business process review and GAP analysis Impact on business Market consultation and acceptance Process re-engineering Education and training System of measurement, check and supervision Client consultation and acceptance Contract Certainty was a dirty word

Replaces existing Slips used in many territories Improves quality of placing – benefits clients, underwriters, brokers Creates consistent standards across entire organisation Brings about a need for retraining – never a bad thing Use as Evidence of Cover – improves speed of communication Market Reform Contract – GPD Benefits

Why has this been possible…….. 3 years down the track, early lessons learned London seen as leading the charge with reform Regulators taking a closer look at ways local markets operate Contract Certainty starting to be introduced overseas A need to change and enjoy the efficiencies Allows inter-office communication with ease

Hurdles and barriers Overcome reservations/cultural/historical issues held by international colleagues and make them aware of the benefits Convince our trading partners and clients of the benefits Re-engineer processes, train our staff, introduce checks and controls

Whats next ? More widespread adoption of Contract Certainty internationally Increased use of electronic messaging, creating significant opportunities and a truly global marketplace Other markets closely monitoring how we have modernised our placing, premiums, accounting and claims processes

Thank you Any Questions?