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With LMG Secretariat LMG Forum June 2011 Christopher Croft, LMG Secretariat Mark Chapman, eAccounts Management Group Lee Elliston, Catlin.

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Presentation on theme: "With LMG Secretariat LMG Forum June 2011 Christopher Croft, LMG Secretariat Mark Chapman, eAccounts Management Group Lee Elliston, Catlin."— Presentation transcript:

1 With LMG Secretariat LMG Forum June 2011 Christopher Croft, LMG Secretariat Mark Chapman, eAccounts Management Group Lee Elliston, Catlin

2 LMG Forum 2011 Agenda Modernisation update eAccounts release 2 Using ECF2

3 3 © Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging. ECF2 Current Status 23 June 2011 Claims Workflow Triggers (CWT) 17 carriers receiving live messages 5 fully integrated into own workflow Other carriers to join by arrangement with Xchanging Claims Agreement Services (CAS) & Single Sign On (SSO) CAS & SSO are live 5 carriers plus XCS using in production Rollout in progress with Liberty & Hiscox going live w/c 27 June 2011. Document File Viewer (DFV) DFV is live Documents are being processed online Rollout in line with CAS & SSO schedule Claims Workflow Services (CWS) Service Deployed to production Backload process being tested Rollout from late July onwards MAT for ECF001, ECF004 & ECF005 starting 6 th June Baselined plan in place and being delivered New infrastructure been installed. Go Live Phase 1 Sept 1st Claims Data Warehouse (CDW)

4 LMG Forum 2011 Endorsements On target for 1 st July –Property –PI –Specie Open now for all classes For more info see newsletter

5 LMG Forum 2011 New MRC version New version anticipated – version 1.4 Release later in the summer for implementation by 1 st January Guidance changes only – no changes to headings anticipated Principal changes –Dodd/Frank Act and changes to surplus lines regulation –Guidance to reflect usage of Lloyds pilot claims scheme –Some other minor changes to guidance to align different MRC standards (open market, binder etc) and for clarification Version 1.4 2011

6 LMG Forum 2011 Non bureau progress Pilot implementing Developing model to discuss with other firms

7 LMG Forum 2011 Future process Next steps Future process narrative –Addressing issues raised in the consultation process –Highlighting differences between current and future process –Fleshing out the proposals in more detail, via process narrative documents. And then: – Infrastructure, service provision and systems implications of the future process – Cost benefit analysis and client service impact assessment

8 LMG Forum 2011 Questions?

9 Associations Administration Committee Finish What Weve Started eAccounts Release 2 Implementation Options LMG Forum – 29 June 2011

10 eAccounts Current Status January Release 1B puts Miller & ACORD messaging live June Miller – 270 contracts (10% of their business by premium) Price Forbes and UIB in production Aon/Aon Benfield start testing Review of R2 scope completed – 6 CRs identified July Guy Carpenter move to production September Aon/Aon Benfield go-live Discussions on-going re: next broker convoys 10

11 eAccounts eAccounts R2 Deferred Scheme Autoload DRI Slice Non-Fundamental Splits 11

12 eAccounts Options Considered EAMG reviewed 6 options for moving forward: 1.Withdraw the eAccounts Service 2.Cease further development. Rollout R1B as-is. 3a.Extend R1B functionality (Deferred Scheme, Autoload and DRI Slice) but no support for Non- Fundamental Splits 3b.As 3a with a manual Splits Service based on the Marsh solution (no ACORD data messages). 4.Full R2 scope plus 6 CRs 5.As 3a with a manual Splits Service accepting ACORD data messages 12

13 eAccounts eAccounts Options – Process Efficiency 13 2. Keep R1B 3a. Extend R1B, no Splits Service 3b. Manual Splits - Marsh Solution 4. R2 plus CRs 5. Manual Splits with ACCORD

14 eAccounts Benefits of continuing with Release 2 Transmission of ACORD structured data instead of electronically scanned Premium Advice Notes (PANs) An accounting interface (eBOT) that is in line with international markets (e.g. Europe) Easier electronic access to the London Market for Brokers in remote locations Eliminates Londonisms (i.e. removes need for non- fundamental splits from Brokers) Autoload capability improves XISs efficiency and reduces their error rate Delays in current process cost insurers circa £3.5m pa in lost investment income (based on 2% interest rate) [source JMD] Brings Deferred scheme into eAccounts scope 14

15 eAccounts Recommendation Choose Option 4 (Full Release 2 scope plus 6 CRs) Allows market to finish what we started Carriers (Lloyds and some companies) need Splits service Manual options too expensive Deliver Release 2 in two releases to minimise delivery risk and ensure project focus Deferreds, Autoload and DRI Slice Non-fundamental Splits Delivery dates to be confirmed by XIS 15

16 ECF2 Lee Elliston 29 th June 2011

17 Catlin Group Limited Change is the law of life. And those who look only to the past or present are certain to miss the future John F. Kennedy

18 Catlin Group Limited ECF2 – Whats New? Claims Workflow Triggers (CWT) Claims Workflow Services (CWS) Claims Agreement Screens (CAS) Document File Viewer (DFV) Single Sign On (SSO)

19 Catlin Group Limited What is CWT? The first linked ECF2 functionality – went live in October 2010 Replaces previous daily data (CSV files) More detailed claims awaiting action data feeding workflow systems Transaction-by-transaction data held in Lloyds, ILU and LIRMA versions of CLASS Output received for all bureaus (Lloyds, ILU and LIRMA) 6 MAs and/or Companies are fully live; 8 intending to go-live in the near future

20 Catlin Group Limited Why is ECF2 important to the market? As from the cradle to the grave, it is but a succession of changes so gentle and easy that we can scarcely mark their progress Charles Dickens Enhances Service to Brokers & Clients: Live triggers of actions undertaken by brokers and carriers Improving turnaround time and settlement of claims Improved functionality to navigate, review and respond Offers an embedded workflow application (CWS): Benefiting carriers with or without their own workflow system Enhances data & enables transparency: Enhanced data within trigger files leading to useful and insightful MI Allows greater transparency across bureaus and throughout the Market

21 Catlin Group Limited Implementing CWT – 5 Steps for Preparation 1. The individual carrier should decide: How does your current internal workflow receive and accept claims data from Xchanging? Frequency of data / triggers 2. Review naming of received CWT files, format and data fields to align with internal systems and workflow 3. Update internal system/s or workflow to pick up relevant fields within the CWT file 4. Consider a testing / parallel run phase of the new CWT and current CSV 5. Plan for the first CWT load (CWT Backload) Taking into consideration in flight transactions, ensuring duplicate data is not entered

22 Catlin Group Limited Further Information London Market Groups website: Please visit to access ECF2 user guides, functional specs and the SP&

23 Catlin Group Limited Questions

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