Market Reform Page 9 IMR Headlines ECF –59% of in scope claims being processed electronically (as at mid Nov) –59 Brokers live (accounts for 88% of total claims volume). By end 2007 plan to have 29 more brokers (accounting for 98%). –14 IUA firms accepting live claims via ECF. 13 further IUA firms planning to get up and running by end 2007 (+ non members >30) –All company market insurers are committed to adopting the ECF system during 2008. –Phase7 scoping under way A&S –112 Brokers now live. (93% of the total submission volume). –46% of Original Premium submissions via ECF (at 16th November) –Phase 3 – Proportional treaty, ACL workaround NOW LIVE
Market Reform Page 10 A&S Delinking On target at 64% but seasonal… MRG reviewing end date. Includes addressing any blockers. Brokers receiving individual reports on delinking performance
Market Reform Page 12 Other projects A&S Messaging –Implementation work continues in the background –Further plans in progress for 2008 Electronic Placing – LMA leading –Electronic Placing vision & proposal for measurement in discussion –Adoption roadmap in development together with analysis of barriers to adoption –Market engagement: 25 managing agents (7 live), 9 non-Lloyds companies (1 live) and 6 brokers (4 live) engaged to varying degrees –Project materials development: benefits model, landscape analysis and other resources Endorsements –MRC Endorsement (MRCE) to be published shortly –Work progressing on principles and processes required for remote (electronic) agreement –Joint work with Placing project on usage scenarios in progress with ACORD –Measurement mechanisms being finalised
Market Reform Page 13 Market Reform 2008 Plans Started so well finish… ECF –100% –Upgrade software to increase scope and/or usability – views? –Hit legacy claims –Plus service standards and measurement A&S –100% (OPs by 1/4) –Include all RPs and APs –Further software releases –Note: expect to keep investing in IMR Legacy policies –Nail them – xx%?
Market Reform Page 14 Market Reform 2008 Plans Further develop structured electronic capability Endorsements –MRCE for all –E-endorsements; measure and target Placing: electronic support –LMA work to continue to drive & support –Measurement (& targets?) A&S –ACORD business messages to bureau and non-bureau –Premium Payment – implement any deal –Delinking for all
Market Reform Page 15 Market Reform 2008 Plans Third rank – useful but not headline –E-Policies for all (who want them) –MRC for binders and lineslips Planning the next wave –Claims: Feasibility / usefulness of ACORDising CLASS –Documentation quality : PBQA +? Use for A&S? Underpinned by……… –Benchmarking and measurement –Standards and support with ACORD –Grain of the market
Market Reform Page 16 Other news… MRG chair – Stephen Matanle from Jan 2008 Danes speech online Beginners sessions scheduled Want to talk…? –General reform updates/discussions –Specific topics – MRC, IMR etc –Email email@example.com to firstname.lastname@example.org