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 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 3 Historic position - Prototype pilot closed 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 4 Current position • • • • 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. 5 Industrial strength, future-proofed solution Key elements to the project 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 6 Core MARKET RETURN 7 Lloyd’s Direct Reporting 8 9 KEY considerations 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 10 Next Steps… 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 11 IMPLEMENTATION PLAN 12 Questions…? 13 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