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Published byAlyssa Thomson
Modified over 7 years ago
Market forum 22 February 2007 Steven Haasz – Director, Market Infrastructure & Programme Management
© Lloyds2 Agenda Lloyds 3 Year Plan Market Infrastructure & Programme Management (MI&PM) Placement reform Claims reform Accounting & Settlement reform Support for Market Access Information & Reporting
© Lloyds3 Lloyds 3 Year Plan Published to the Market in December 2006 Sets out our vision and priorities through to 2009 Continues our focus on five key benefits of operating at Lloyds : A performance framework which supports the achievement of superior operating returns Capital advantages in which the benefits of mutuality outweigh the costs Security and strong market ratings capable of attracting specialist insurance business Access to major markets supported by a global brand and licence network Operations and processes supporting cost-effective, efficient transaction of business
© Lloyds4 Market Infrastructure & Programme Management Directorate (MI&PM) 2007 Directorate Business Plan supports the Operations and Processes elements of the 3 Year Plan MI&PM role is to provide executive sponsorship to all aspects of Market Infrastructure i.e. the technology, information and business processes that allow Lloyds to operate globally. This will include but not be limited to: continued responsibility for delivery of key technology and process initiatives e.g. electronic claims, A&S repository, contract certainty additional responsibility to ensure that trading operations such as Lloyds China, Singapore, Japan have the infrastructure to satisfy local needs and to operate efficiently with Lloyds centrally additional responsibility to ensure that investments in Market Infrastructure e.g. Scheme Canada, Project Crystal are co- ordinated and prioritised appropriately
© Lloyds5 Lloyds placement reform Contract Certainty Market has met 2006 targets for Contract Certainty Maintaining and improving the efficiency and effectiveness of our Market remains an absolute priority for 2007 and Lloyds will continue to ensure that CC is embedded within BAU practices Our focus will be to further improve CC systems and controls through the continued activities of Luke Savage in Finance and Risk Management and Rolf Tolle in Franchise Performance As a result, slip audit service stood down from end of February 2007, following consultation with brokers and Managing Agents MR slip Mandated from November 2006 and MR slip adherence is now standing at 98% of slips submitted Provides the building blocks to allow progression to Global Placing Document as next stage
© Lloyds6 Lloyds placement reform (contd) Legacy Market target set – reduce to 60% by mid 2007 and 40% by end 2007 Lloyds seeking to exceed this target and Steven OConnor, seconded from LIMIT, leading the initial effort Currently standing at 15% reduction as at end December 2006 Reduction tracking being embedded into BAU with FPD Placement Quality New initiative to target pre-bind quality assurance, effective 1 st April All Lloyds checks to be performed by uwrs prior to entering contract Slip acts as contract, with option to produce a policy if needed Current XIS Stage 2 process will cease from 1 April QA Tool launched to facilitate transition to new process Electronic Policy Documentation New initiative underway to investigate a move to the adoption of electronic policy documentation, where a policy is needed
© Lloyds7 Lloyds claims reform All active Managing Agents and 30 brokers have now signed the Repository Rules Current usage 8% of (in scope) first advices presented via ECF Ramp up plan now being progressed by Kent Chaplin and his FPD team with initial effort focused on top 5 brokers and top 18 Managing Agents Nigel Roberts seconded from Aon to assist ramp up activity FPD also investigating stalled claims System enhancements being progressed and current omissions, eg binders, will be supported by late Q2 2007 on current schedule
© Lloyds8 Lloyds A&S reform A&S Repository Lloyds fully supporting ramp-up of use of electronic repository A&S Strategy Full set of documents setting out the end vision A&S process for the London Market was published in November 2006 Assessment of impact to Lloyds regulatory processes completed and published in January 2007 Working with Managing Agents to assess appetite and next steps
© Lloyds9 Lloyds A&S reform (contd) Premium process blockages Small value processing Delinking
© Lloyds10 Support for Market Access Broker admissions Review of broker admissions process and identification of improvement opportunities Coverholders Full review of range of existing activity Review of process improvements to the admissions and processing activity in an effort to make Lloyds a more attractive environment through which to place business
© Lloyds11 Information & Reporting Reporting Burden Reduction in 4 reports and audit scope identified, impact assessment on 6 additional reports for removal, merge or modification in progress Improvements for communication identified and Change Control Process implemented for all market returns and Xchanging reports Corporation data architecture Core principles and guidelines for data architecture defined High level Information Map due in Q1 (to identify future reporting efficiencies) FPD in the planning and requirements definition phase for using the data warehouse more effectively to support their analytical and modelling activities
Update on business reform
Achieving Contract Certainty
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