Transcript Slide 1

Control Framework
Breakfast Group
agenda
9:00
Arrival, Breakfast & networking
9:20
Welcome & Phase I Update
9:30
Direct reporting project update – Sharmi Bakrania & kevin Blake
9:45
Meet the phase II CF team
10:15
Q&A
10:30
Close
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Phase II planning activities at Lloyd’s – Jaana Rouvari
Audit scope – Lindsey Davies
Broker engagement – John Hibbert
Next steps - Jaana Rouvari
Direct reporting
Current STATUS
March, 2013
Direct Reporting
What is it ?
 A process that enables Managing Agents to report regulatory & tax
information directly to Lloyd’s for non-subscription Service Company
business
 Data is at a transactional level as opposed to reporting information being
derived from the bureau accounting process
 Breaks the link between accounting and reporting
What benefits could it provide managing agents?
 Reduces direct costs of transactional processing through a service
provider
 Meets the desire for choice in operating model
 Releases time and resource currently producing LPANs
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Historic position - Prototype pilot closed
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Lloyd’s developed a pilot reporting engine for service company tax &
regulatory information
Outputs internal data files for market reporting and claims monitoring
purposes
Limited territories - Canada, Australia, EEA and US
3 managing agents – Catlin via XML, Chaucer & XL via CSV file formats
Time was right to update the technology, increase the scope & the users
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Current position
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Replacement of the prototype - scalable for volume increase
Pragmatic and practical solution - CMR collection combined with
bespoke core system with a target delivery date of later in 2013
Increased scope to world-wide
Some Managing agents have been visited and given an overview of
the project along with draft data requirements.
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Industrial strength, future-proofed solution
Key elements to the project
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100% business to Lloyd’s – non-subscription
Service Company business
Include all Territories
ACORD standard XML message
Flexible submissions timeframes
Offer reporting service to all managing agents via
Core Market Return route
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Core MARKET RETURN
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Lloyd’s Direct Reporting
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KEY considerations
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The Control Framework will need to be signed-off (applies to business
reported directly or through Xchanging) prior to submission
Possible need to amend current systems to add new data fields
Consider/confirm market maturity in the use of ACORD XML messaging
Support required for your business case
Implementation/cut-over strategy
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Next Steps…
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Lloyd’s to confirm the detailed data requirements
Lloyd’s to assist Managing Agents’ benefits cases
Lloyd’s to hold individual meeting with each participant
Lloyd’s to assist Managing Agents’ define an implementation plan for
Direct Reporting if applicable
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IMPLEMENTATION PLAN
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Questions…?
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Control Framework
Control framework
Phase II
 Project team introductions
 Phase II planning activities at Lloyd’s
 Audit scope
 Broker engagement
 Next steps
Control Framework
Phase II
Communications
Phase II
Control Framework
Lloyd’s
54 Managing Agents
Managing Agent
Coverholders
Broker/ Coverholder
Auditor
Control Framework
Phase II planning
Managing Agent tool kit
Consulting Brokers
Educating Auditors
Control Framework
Tools for the job
Control Framework
Audit Scope
Control Framework
Broker engagement
 Driven through Managing Agents
 How can managing agents work together to deliver a message to the broker
community?
 How can Lloyd’s help Managing Agents with their communications with Brokers?
The exercise!
10 minutes for brainstorming within your tables.
Share ideas with the group.
Control Framework
Next steps
Creating a road map
 Managing Agent working group – volunteers
 Quarterly road map with check points – April CF Breakfast Group
 Project tool kit end of Q2
 Face to face meetings Q2/Q3 – Contacts for Phase II
Control Framework
Q & A session