Presentation on theme: "Control Framework Breakfast Group agenda 9:00Arrival, Breakfast & networking 9:20 Welcome & Phase I Update 9:30Direct reporting project update – Sharmi."— Presentation transcript:
Control Framework Breakfast Group agenda 9:00Arrival, Breakfast & networking 9:20 Welcome & Phase I Update 9:30Direct reporting project update – Sharmi Bakrania & kevin Blake 9:45Meet the phase II CF team Phase II planning activities at Lloyds – Jaana Rouvari Audit scope – Lindsey Davies Broker engagement – John Hibbert Next steps - Jaana Rouvari 10:15Q & A 10:30Close
3 Direct Reporting What is it ? A process that enables Managing Agents to report regulatory & tax information directly to Lloyds for non-subscription Service Company business Data is at a transactional level as opposed to reporting information being derived from the bureau accounting process Breaks the link between accounting and reporting What benefits could it provide managing agents? Reduces direct costs of transactional processing through a service provider Meets the desire for choice in operating model Releases time and resource currently producing LPANs
4 Historic position - Prototype pilot closed Lloyds developed a pilot reporting engine for service company tax & regulatory information Outputs internal data files for market reporting and claims monitoring purposes Limited territories - Canada, Australia, EEA and US 3 managing agents – Catlin via XML, Chaucer & XL via CSV file formats Time was right to update the technology, increase the scope & the users
5 Current position Replacement of the prototype - scalable for volume increase Pragmatic and practical solution - CMR collection combined with bespoke core system with a target delivery date of later in 2013 Increased scope to world-wide Some Managing agents have been visited and given an overview of the project along with draft data requirements.
6 Industrial strength, future-proofed solution Key elements to the project 100% business to Lloyds – non-subscription Service Company business Include all Territories ACORD standard XML message Flexible submissions timeframes Offer reporting service to all managing agents via Core Market Return route
10 KEY considerations The Control Framework will need to be signed-off (applies to business reported directly or through Xchanging) prior to submission Possible need to amend current systems to add new data fields Consider/confirm market maturity in the use of ACORD XML messaging Support required for your business case Implementation/cut-over strategy
Next Steps… Lloyds to confirm the detailed data requirements Lloyds to assist Managing Agents benefits cases Lloyds to hold individual meeting with each participant Lloyds to assist Managing Agents define an implementation plan for Direct Reporting if applicable 11
Control Framework Broker engagement Driven through Managing Agents How can managing agents work together to deliver a message to the broker community? How can Lloyds help Managing Agents with their communications with Brokers? The exercise! 10 minutes for brainstorming within your tables. Share ideas with the group.
Control Framework Next steps Creating a road map Managing Agent working group – volunteers Quarterly road map with check points – April CF Breakfast Group Project tool kit end of Q2 Face to face meetings Q2/Q3 – Contacts for Phase II