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Market Reform Forum Andy Brookes, MRPO Roy Laker, ACORD 29 March 2007.

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Presentation on theme: "Market Reform Forum Andy Brookes, MRPO Roy Laker, ACORD 29 March 2007."— Presentation transcript:

1 Market Reform Forum Andy Brookes, MRPO Roy Laker, ACORD 29 March 2007

2 Market Reform Page 2 Market Reform Update – Keeping up with the run rate Andy Brookes –Recent progress – headline projects –Recent progress – all other work –And… other things to keep in mind Roy Laker - ACORDs role in supporting reform

3 Headline Projects for 2007 Contract certainty, including legacy Electronic claims take-up (ECF) Electronic accounting and settlement IMR

4 Market Reform Page 4 Contract certainty Performance continues to exceed targets – January brokers achievement rate – 93% Guidance consolidation task is nearing completion –Will be discussed at MRG this afternoon –Proposed round of wider circulation with your associations –Publish early May FSA continue to monitor

5 Market Reform Page 5 Summary of the guidance re write 11 documents to 1 Builds on lessons learnt Definition modified to remove the inconsistency and confusion Removes the need for separate late placements guidance Timeless principles –reference to targets, service levels or specific processes removed Spells out on how organisations can demonstrate performance Applicable to the whole UK general insurance industry New principle: When contract certainty not met….. Incorporates latest thinking on contract documentation

6 Market Reform Page 6 Legacy Lloyds progress continues –21% reduction on July 2006 number by end February Company market figures now available –Will enable aggregate measurement of progress Firms should monitor and measure success Sorting out the admin to clear the path –Changes being progressed to prevent unnecessary items being added to the Unsigned Policy Report

7 Market Reform Page 7 ECF and IMR – more use, more needed Claims –All active Managing Agents, 36 Brokers and 1 Service Provider (XCS) signed up to ECF –12% of in scope Lloyds claims being processed electronically in February – up from January (8%) but pace of ramp up needs to increase if we are to hit targets –Releases 6a and 6b – to allow Binders to be processed electronically - on target –MAT 3 rd April for release 6a –MAT mid-June for release 6b –IUA planning to come on stream A&S –55,000+ transactions have now been processed electronically –Release 2 – more DRI functionality – on target for live in August

8 Market Reform Update Other Projects

9 Market Reform Page 9 Other projects Future slip developments –Proposed slip strategy being discussed at MRG today –MR slip and Global Placing Document (GPD): when to ACORD GPD? –Either way, minor slip changes in the summer Contract quality: checking documentation –LMA announcement on pre-bind checking, end of stage 2 –applicable for all contracts received by XIS for processing from 1 July Delinking (LMBC) –Examining reasons why brokers dont delink in order to devise solutions to these sticking points Right first time (LMBC) –Forming additional working groups to support the project

10 Market Reform Update The next wave - pilots

11 Market Reform Page 11 Pilot progress Develop standardised documentation and electronic messaging for endorsements (LMBC) –Agreed proposal to replace Honeycomb with Addenda produced up front for agreement –Pilot being planned for Q2 Introduce ACORD messages between brokers and carriers/bureau (LMBC) –ELPAN2 in UAT – go live planned for early May Develop electronic policy documentation (Lloyds/XIS) –Lloyds have approved the principle –With XIS to take forward G6 placing message –LMA sponsored presentation to be held to publicise capability to their members

12 Market Reform Update Other things to keep in mind…

13 Market Reform Page 13 Beyond progress – focus on measurement and standards Continue to drive progress on projects but need also to focus on: –Measuring that progress, and your place in the league table –Making sure things dont fall between the cracks – standards Case for measurement is clear –How else will you know how your firm is doing if you dont measure eg your repository use –MRPO working with Xchanging to improve the quality of market data –Looking to make firm specific data available to senior management (and show where you stand against your peers)

14 Market Reform Page 14 Focus on measurement and standards Increased emphasis on standards –Common processes, common definitions key to reform programme –Lay foundation for increased electronic processing –Standards to confirm the common approach vital –Need cross market input to development and maintenance –ACORD facilitate this… Roy

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