Transcript Opening up the market of choice

LMG Secretariat
LMG Forum
June 2011
Christopher Croft, LMG Secretariat
Mark Chapman, eAccounts Management Group
Lee Elliston, Catlin
With
LMG Forum 2011
Agenda
• Modernisation update
• eAccounts release 2
• Using ECF2
ECF2 Current Status 23 June 2011
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17 carriers receiving live messages
5 fully integrated into own workflow
Other carriers to join by arrangement with Xchanging
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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)
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DFV is live
Documents are being processed online
Rollout in line with CAS & SSO schedule
Claims Workflow Services (CWS)
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Service Deployed to production
Backload process being tested
Rollout from late 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
New infrastructure been installed.
Go Live Phase 1 Sept 1st
Claims Workflow Triggers
(CWT)
Claims Agreement Services (CAS)
& Single Sign On (SSO)
3
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Endorsements
LMG Forum 2011
• On target for 1st July
– Property
– PI
– Specie
• Open now for all classes
• For more info see newsletter
New MRC version
• New version anticipated –
LMG Forum 2011
version 1.4
• Release later in the summer for
implementation by 1st 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
Lloyd’s pilot claims scheme
– Some other minor changes to
guidance to align different MRC
standards (open market, binder
etc) and for clarification
LMG Forum 2011
Non bureau progress
• Pilot implementing
• Developing model to discuss
with other firms
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
LMG Forum 2011
Questions?
Associations’ Administration Committee
‘Finish What We’ve Started’
eAccounts Release 2
Implementation Options
LMG Forum – 29 June 2011
Current Status
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January
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June
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Guy Carpenter move to production
September
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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
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Release 1B puts Miller & ACORD messaging live
Aon/Aon Benfield go-live
Discussions on-going re: next broker convoys
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eAccounts
eAccounts R2
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Deferred Scheme
Autoload
DRI Slice
Non-Fundamental Splits
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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 NonFundamental 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
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eAccounts
eAccounts Options – Process Efficiency
Option 2 – R1B
3a. Extend
R1B, no
Splits
Service
Option 3a
Create & submit
Splits
(Non-fundamental)
Create & submit
Splits
(Non-fundamental)
Create & submit
Splits:
Non-fundamental
Create & submit
Fundamental (A&S)
- indicate N/F splits
required
Create & submit
Splits
(Fundamental or
Non-fundamental)
Create & submit
Splits
(Fundamental or
Non-fundamental)
Validate
submission &
create LPANS
Validate
submissions
Validate
submission
Validate
submission &
create LPANS
Validate
submission
Validate
submission &
create LPANS
Auto load LPAN
data into
mainframe (20%)
or manually input
LPAN data
available via APIX
to be auto loaded
(100%)
LPAN data
available via APIX
to be auto loaded
(100%)
WP generated
indicating splits
required
LPAN data
available via APIX
to be auto loaded
(100%)
Intercept potential
splits
WPs generated
WPs generated
WP generated
WP generated
(A&S)
Process LPANs
Process LPANs
Review & process
WP (creating splits
(within APIX)
Triage WP to
decide if splits are
required
Broker /
Carrier
XIS
XIS
XIS
XIS
Systems Process Systems Process
XIS Systems
Broker
2. Keep
eAccounts - Options
R1B
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Process LPANs
(additional input
required if not auto
loaded)
3b. Manual Splits - Marsh Solution
4. R2 plus
CRs
Option 4 – R2
Option 3b
Splits created &
loaded onto IMR
under ‘New
Package’
5. Manual Splits with
ACCORD
Option 5
Creation of splits
(if necessary) &
process LPANs
Workflow allocates
WP to relevant
business team
Additional checks
required ensuring
manual input =
received TA data
Additional checks
required ensuring
manual input =
received TA data
Process revised
WP
Complete systems
processing
Complete systems
processing
Complete systems
processing
Notify OSND via
signing messages
(non-fundamental)
Notify OSND via
signing messages
(non-fundamental)
Notify OSND via
signing messages
(non-fundamental)
Complete systems
processing
Aggregated OSND
processing
Complete systems
processing
Complete systems
processing
Notify OSND via
signing messages
(non-fundamental)
Notify OSND via
signing messages
(fundamental &
non-fundamental)
Notify OSND via
signing messages
(non-fundamental)
eAccounts
Benefits of continuing with Release 2
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Transmission of ACORD structured data instead of
electronically scanned Premium Advice Notes
(PANs)
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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 nonfundamental splits from Brokers)
Autoload capability improves XIS’s efficiency and
reduces their error rate
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Delays in current process cost insurers circa £3.5m pa in
lost investment income (based on 2% interest rate)
[source JMD]
 14Brings
Deferred scheme into eAccounts scope eAccounts
Recommendation
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Choose Option 4 (Full Release 2 scope plus 6 CRs)
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Allows market to finish what we started
Carriers (Lloyd’s and some companies) need Splits
service
Manual options too expensive
Deliver Release 2 in two releases to minimise
delivery risk and ensure project focus
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Deferreds, Autoload and DRI Slice
Non-fundamental Splits
Delivery dates to be confirmed by XIS
eAccounts
ECF2
Lee Elliston
29th June 2011
‘’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
Catlin Group Limited
ECF2 – What’s New?
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Claims Workflow Triggers (CWT)
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Claims Workflow Services (CWS)
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Claims Agreement Screens (CAS)
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Document File Viewer (DFV)
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Single Sign On (SSO)
Catlin Group Limited
What is CWT?
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The first linked ECF2 functionality – went ‘live’ in October 2010
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Replaces previous daily data (CSV files)
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More detailed claims ‘awaiting action’ data feeding workflow systems
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Transaction-by-transaction data held in Lloyd’s, ILU and LIRMA versions of CLASS
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Output received for all bureaus (Lloyds, ILU and LIRMA)
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6 MA’s and/or Companies are fully live; 8 intending to ‘go-live’ in the near future
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
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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
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Offers an embedded workflow application (CWS):
• Benefiting carriers with or without their own workflow system
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Enhances data & enables transparency:
• Enhanced data within trigger files leading to useful and insightful MI
• Allows greater transparency across bureaus and throughout the Market
Catlin Group Limited
Implementing CWT – 5 Steps for
Preparation
1.
The individual carrier should decide:
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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’)
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Taking into consideration ‘in flight’ transactions, ensuring duplicate data is not entered
Catlin Group Limited
Further Information
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London Market Group’s website: Please visit www.londonmarketgroup.co.uk to access ECF2
user guides, functional spec’s and the SP&P
Catlin Group Limited
Questions
Catlin Group Limited