Transcript Opening up the market of choice

LMG Secretariat
LMG Forum
November 2011
Christopher Croft, LMG Secretariat
John Muir, Willis
With
LMG Forum 2011
Agenda
• Modernisation update
• Main display
ECF2 Current Status 21 Oct 2011
Claims Workflow Triggers
(CWT)
Claims Agreement Services (CAS)
& Single Sign On (SSO)
Document File Viewer (DFV)
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•
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21 carriers receiving live messages
7 fully integrated into own workflow
Other carriers to join by arrangement with Xchanging
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CAS & SSO are live
44 carriers plus XCS rolled out in production
Rollout continues on target to complete by the end of the
year with 84% of organisations signed up.
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DFV is live and converting 5000 – 7000 documents a day
Some intermittent teething problems are being resolved
with Adobe
Rollout in line with CAS & SSO schedule
•
Claims Workflow Services (CWS)
Claims Data Warehouse (CDW)
•
•
Service deployed to 32 organisations
Rollout in line with plans to complete by the end of the
year
•
ECF001, ECF002, ECF003, ECF004, ECF005 and LADD
are in use with 21 organisations
Phase 2 implementation began on 17th October.
•
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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
eAccounts
eAccounts Current Production use
•
Miller, Price Forbes, UIB, Guy Carpenter, Aon UK & Lockton continue with live
operation and have been joined by Towers Watson.
•
Aon Benfield and Ropner preparing for go live.
•
The brokers joining convoy three are NMB and Houlder. The start date is end of
October.
eAccounts Release 2 (R2)
•
Xchanging continue working together with the Market to deliver R2 using the ‘big
bang’ approach to delivery.
•
Analysis has completed for Corrections, Deferreds and R1B to R2 migration
•
The remainder of change requests continue and are anticipated to conclude in Q4
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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
Non Bureau accounting
LMG Forum 2011
• Live partnerships involving:
– Aon
– Willis
– XL
– ACE
• Ongoing discussions with
wider steering group
• Room for others
• See your newsletter…
LMG Forum 2011
Placing standards
• New open market, binders &
lineslips versions published
• New MRCE imminent
Future Process model
LMG Forum 2011
• Revised requirements
document published
• Steering Group to act as
guardian of the vision and
advise LMG on
implementation
• Implementation plans to take
account of other project
work
LMG Forum 2011
2012 workplan
• In development
• Headed for LMG on 8th
December
2012 Forums
• 2012 dates:
LMG Forum 2011
– 18th January
– 29th February
– 29th March
– 18th April
– 23rd May
– 28th June
– 27th September
– 31st October
– 28th November
– 18th December
• July & Aug TBA
LMG Forum 2011
Speeches, rallies etc
• Xchanging Conference 9thNovember
• Barnabas Hurst-Bannister IIL
Lecture 22nd November
LMG Forum 2011
Questions?
From Honeycombs
to Infinity and
Beyond….!
Electronic Endorsements
LMG Forum
4th November, 2011
The London Market Progression
 Honeycombs
The London Market Progression
 MRCE
The London Market Progression
 eMRCE via email
The London Market Progression
 eMRCE via Messaging
The London Market Progression
 MRC via messaging…………..?
Willis: eMRCE via
Messaging
 Marine Pilot effective 01/10/10
 Marine BAU effective 01/04/11
 Specie (Fine Art, Jewellers Block, Specie, Cash in Transit, Armoured

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







Vehicles) effective 01/07/11
Bloodstock, Livestock, Agriculture and Aquaculture effective 01/08/11
Global Property effective 01/09/11
PI effective 19/09/11
North American Property effective 03/10/11
Global Terrorism effective 03/10/11
North American Terrorism effective 03/10/11
D&O Planned for 01/12/11
Liability Planned for 05/12/11
Facultative Reinsurance Property and Liability TBC 2011
Aerospace 16/01/12
We will be messaging across all classes by no later than 5th March 2012
Specie Implementation
 High-profile roll-out and implementation within the London Market
 Enthusiastic team with strong leadership
 Good support from the central Project Team
 Quickly embedded within the Business Process
 High volumes being sent
 Frustrations at deteriorating response times
Bi-lateral
Implementations
Bloodstock
 Small Market
 Used to corresponding and agreeing endorsements electronically
(via email)
 Quickly embedded in the Business Process
 Volumes increasing
Terrorism
 Larger market
 Not full market take-up – makes the process disjointed for Brokers
 Greater support from underwriters and central Project Team
required to make bi-laterals in larger classes a success
 Internal transition from email challenges
What’s going well
 There are no showstoppers other than the usual culture and behaviour
issues
 Account Handlers are seeing efficiency benefits where underwriters
respond within the SLA
 In adopting Divisions, the use of electronic endorsements has been
embedded in the business process
 Total adoption seems to work better than partial
 The number of insurers engaging in the initiative is increasing
 Endorsements can and are being submitted from back office locations
 A credible audit trail is captured automatically – we now know the status of
endorsements
What could go better
 Brokers need to deliver volume and stop engineering excuses as
to why they are unable to do so
 Underwriters need consistently to meet the 24hr SLA
 Underwriters need actively to encourage electronic submission of
contract changes so that they can deliver and capture electronic
agreement
What are we even doing
here?
In the time it takes to finish this 10 minute presentation you
could have trained your line underwriters!
By the time the Q&A is over we could have trained our brokers
It’s time that we just got on with this!
Benefit cases
 Progress of an endorsement can be tracked by colleagues in multiple
locations
 Ease of identification of underwriter that agreed the endorsement
 Clear and documented audit trail
 Greater clarity for claims departments
 No discrepancies between broker and underwriter records
 Removes requirement for re-keying data
 Follow underwriters could now very easily capture all endorsements to
contracts
What could underwriters
do to help?
 Heed the lessons from ECF adoption
 Push your line underwriters to start behaving as though this is
what your management insists that they do
 Thank brokers who submit endorsements electronically
 Explain to brokers who submit paper endorsements that they need
to start submitting them electronically
It’s not just about me
The Electronic Endorsement initiative is not just about me
Change / Transformation is
not a spectator sport!
Standing still is the commercial equivalent of going backwards
The London Market needs to succeed
Do we not have a collective duty to help with it’s progress?
The only way to do so is for many more of us to stop spectating
from the sidelines and get out there and actively participate