Transcript Opening up the market of choice

LMG Secretariat
LMG Forum
May 2011
Christopher Croft, LMG Secretariat
Rob Gillies, LMA
With
LMG Forum 2011
Agenda
• Modernisation update
• Endorsements initiative
ECF2 Current Status Current slide 23rd May
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16 carriers receiving live messages
1 fully integrated into own workflow
Other carriers to join by arrangement with Xchanging
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CAS & SSO are live
3 carriers, plus XCS, using in production
Rollout in full swing, Hiscox and Liberty on board w/c
30/5
Document File Viewer (DFV)
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DFV is live, all documents converted
Documents are being processed online live
Roll out to carriers is in line with CAS & SSO schedule
Claims Workflow Services (CWS)
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MAT testing is underway
Deployment to production in early June
Rollout from July onwards
Claims Data Warehouse (CDW)
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MAT for ECF001, ECF004 & ECF005 starting 6th June
Baselined plan in place and being delivered against
New infrastructure installed and being commisioned
Claims Workflow Triggers (CWT)
Claims Agreement Screen
(CAS)
Single Sign On (SSO)
3
© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
eAccounts
eAccounts Release 1B (R1B)
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Miller continue their controlled submissions of live business
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Upgraded testing and training environment has been established for full rollout – Aon
will commence their testing on 13th June.
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UIB, Guy Carpenter & Price Forbes requested an extension of their testing into May
which is now concluding.
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Plans for further Broker roll out are being established with LIIBA
eAccounts Release 2 (R2)
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Change Requests following the detailed functional review are being evaluated.
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Options for progressing are being reviewed for presentation to the EAMG 25th May
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The build phase has commenced.
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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
LMG Forum 2011
The Message Exchange Limited (TMEL)
• Ownership transferred on 18th May
• New Terms and Conditions in
effect
• If you have not signed…
LMG Forum 2011
– Aegis
– Capita
– Markel
– Sportscover
– Alterra
– Catlin
– Miller
– Swiss Re
– Amlin
– Chartis
– Navigators
– Talbot
– Arch
– Decus
– Novae
– Torus
– Argenta
– Faraday
– Odyssey
– TransRe
– Argo
– Flagstone
– Omega
– Travelers
– Ark
– Generali
– QBE
– UIB
– Ascot
– Groupama
– Whittington
– Aspen
– HCC
– Randall &
Quliter
– Atrium
– Hiscox
– Barbican
– Jubilee
– Beaufort
– Lancashire
– Brit
– Liberty
– Canopius
– MAP
– RenRe
– RKH
– Ropner
– RSA
– Scor
– Sirius
– Willis
– XL
– Zurich
Future process
LMG Forum 2011
• 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.
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And then:
– Infrastructure, service provision
and systems implications of the
future process
– Cost benefit analysis and client
service impact assessment
Non bureau progress
LMG Forum 2011
• Pilot work continues
• Firms involved:
– XL Re
– XL Insurance
– Chartis
– Chubb
– RSA
– Aon
– Willis
• More welcome
LMG Forum 2011
Questions?
Agenda
Endorsement Initiative Update
Electronic Support for
Endorsements
LMG Forum
25 May 2011
Agenda
Endorsement Initiative Update
Agenda
• Marine pilot update and benefits
• ‘Smart firms’
• 2011 sponsored classes of business
• Rollout timeline
• What next?
• Questions
Agenda
Endorsement Initiative Update
Achievements
Exchange connections – technical capability of the market to exchange
electronic data messages
June 2010
3
May 2011
102
Agenda
Endorsement Initiative Update
Achievements
Message volumes – use of messaging to support business transactions
June 2010
May 2011
1,220
52,000 (March)
12,000
325,000 to date
to date
Agenda
Endorsement Initiative Update
Achievements
Understanding the messaging process – support for broker-underwriter
negotiation
June 2010
May 2011
Agenda
Endorsement Initiative Update
Achievements
Consensus about the future – messaging is a key part of our market’s
future
June 2010
May 2011
Agenda
Endorsement Initiative Update
Achievements
Benefits – understanding and realisation of benefits
June 2010
February 2011
Benefit now
0 (?)
35%
Benefit in future
0 (?)
89%
Agenda
Endorsement Initiative Update
Achievements
Agenda
Endorsement
Initiative Update
Marine
pilot update
• Live trading began 1 October; 3 month pilot assessment period
• Pilot review now complete and results have been communicated
• 3 surveys to gauge the experience of marine pilot practitioners
• Post pilot review
• Independent benefits review by E&Y
• Degree of success established and lessons learnt: process proved to be
stable
• Pilot issues are being addressed, currently 13 key process issues for which
a delivery plan has been confirmed
• Confirmed roadmap for roll out to further classes through 2011 and 2012
Agenda
Endorsement
Process
use Initiative Update
‘Silent’ endorsements
P
R
O
C
E
S
S
Negotiation
Transmission of data and documents
Scratch
Agenda
Endorsement
Process
use Initiative Update
Simple negotiation
P
R
O
C
E
S
S
Negotiation
Transmission of data and documents
Scratch
Agenda
Endorsement
Process
use Initiative Update
Complex negotiation
P
R
O
C
E
S
S
Negotiation
Transmission of data and documents
Scratch
Exchange Volumes
Message volumes
• Volumes have been encouraging
Month By Month Live Total Volumes
Placing and Support Messages
350000
Cumulative Placing and Support
Messages
308209
300000
50000
273434
40000
223116
186748
30000
146785
20000
107147
58541
10000
0
250000
200000
150000
100000
50000
21891
15622
14343
996312050
0
45 600 18853286412362378081
O No De Ja Fe M Ap M Ju Ju Au Se O No De Ja Fe M Ap
a
a
a
c
ct
- 0 v-0 c-0 n-1 b- 1 r- 1 r- 1 y-1 n-1 l-10 g- 1 p- 1 t- 1 v-1 c-1 n-1 b- 1 r- 1 r- 1
0
9
1 1
0 0
1
0
0 0
0 1
0
0
0
9 0
9
Month
Cumulative Message Numbers
Monthly Message Numbers
60000
Main benefits identified by the
endorsement pilot
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Reduction in man hours
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Improved error rates
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Reduced turnaround time for simple endorsements
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Improved customer service through gains in turnaround times
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Real time tracking available = increased transparency
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Improved credit control, capital allocation and management information
Agenda
Endorsement
‘Smart
firms’Initiative Update
Process - Greatest benefits are experienced where responsibilities and
resources have been clearly allocated to e-Endorsements.
Senior sponsorship - The CEO is visible within the firm promoting
the initiative
Address the impact of cultural change - This is not a technology
project. Organisations need to consider the impact on people and
processes and monitor and adapt to these.
Integration – Greater benefits and acceptance of the process are
achieved where firms have a level of integration
Agenda
Endorsement
Case
studies Initiative Update
Broker
Insurer
2011 Sponsored classes of business
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Roll out to further classes of business sponsored by three major
brokers and insurers:
• Property (Aon) - Catlin
• Professional Indemnity (Marsh) - Beazley
• Specie (Willis) - Ace
• Other brokers will come on board for these classes on
a rolling basis
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Marine is business as usual – volumes are building
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All other classes of business ‘open for business’ on a bilateral
agreement basis
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Roll out to all classes in 2012
Agenda
Endorsement
Update
LMG
Roll outInitiative
timeline
(awaiting PSSG approval)
Measurement
and monitoring
Agenda
Endorsement Initiative Update
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Other projects show that measurement and peer-comparison
drive adoption
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Need to be careful we measure the right things
Endorsement
Agen
d a use Initiative Update
Process
Endorsement
Agen
d a use Initiative Update
Process
‘Silent’ endorsements
P
R
O
C
E
S
S
Simple negotiation
Negotiation
Transmission of data and documents
Endorsement
Agen
d a use Initiative Update
Process
Scratch
P
R
O
C
E
S
S
Complex negotiation
Negotiation
Transmission of data and documents
Scratch
P
R
O
C
E
S
S
Negotiation
Transmission of data and documents
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Data from the Exchange is valuable but limited
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Data from market firms is necessary but that has its challenges
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Measurement of benefits realisation
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PSSG guidance to be sought
Scratch
What
next
Agenda
Endorsement Initiative Update
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Carriers: Work with sponsoring brokers to identify underwriting and
broking teams affected by scope definitions
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Carriers: Provide underwriter or generic mailbox addresses for each class1
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Brokers: Decide on participation in 1 July classes and discuss engagement
with project team ([email protected])
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New Exchange connections: participate in Exchange testing2
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All: Identify and progress bilateral messaging partnerships
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All: Undertake business familiarisation with practitioners and draw on
central resources - example business scenarios; limited test messages
(dummy carrier or broker); workshops; PM surgeries
(1 Details using standard contacts template to the Exchange Team by 20 June
[email protected])
(2 Contact the Exchange Team [email protected])
Agenda
Endorsement Initiative Update
Phase Two: 1 July 2011
Agenda
Endorsement Initiative Update
Questions?
CONTACTS
LMA and Endorsements Pilot Contacts
Lloyd’s Contacts
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Rob Gillies
Telephone: 020 7327 8377
Email: [email protected]
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James Bobbitt (Technical)
Telephone: 020 7327 5248
Email: [email protected]
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Peter Holdstock
Telephone: 020 7327 8383
Email: [email protected]
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Paul Willoughby (Project Management)
Telephone: 020 7327 6634
Email: [email protected]
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Trevor Maddison (Relationships)
Telephone: 020 7327 5231
Email: [email protected]
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Abby Mullen (Project Support)
Telephone: 020 7327 5631
Email: [email protected]
LMG Secretariat contact
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Steve Hulm
Telephone: 020 7327 5249
Email:
[email protected]
IUA Contact
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John Hobbs
Telephone: 020 7617 4445
Email: [email protected]
LIIBA Contact
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Chris Buer
Telephone: 020 7280 0154
Email: [email protected]