Transcript MRG Dashboard – data table

MRG Paper #6.1a
Market Reform Group Dashboard 2008 targets and progress – table
Market Reform Summary
2008
Jan
Market Reform
A&S
OP only
Target
AP/RP
Target
ECF
Lloyd's rate
Target
IUA rate
Target
Legacy
Delinking
Electronic Policies
Lloyd's Index
IUA index
Target
Lloyd's rate
Company market
Target
Total policies signed
Electronic policies signed
Electronic proportion
Target
Feb
Mar
70%
76%
37%
48%
Apr
77%
100%
51%
May
Jun
Jul
Aug
Sep
Oct
Nov
83%
55%
100%
90+%
90+%
90+%
100%
23%
100%
22
32
21
32
20
28
15
<20
67%
76%
58%
68%
55%
72%
62%
71%
100%
22%
14%
2632
501
19%
2770
796
29%
•Targets are for the actual rate achieved in the relevant month in each instance. They are not
cumulative across the year
•Data and target definitions are available on slides 3 and 4
Page 1
Dec
80%
Market Reform Group Dashboard 2008 - graphs
A&S: proportion of original premium only
submitted electronically
A&S: proportion of AP/RPs submitted
electronically
100%
100%
90%
90%
Market Reform
80%
80%
70%
70%
60%
60%
50%
40%
50%
30%
40%
20%
Jan
Feb
Mar
A&S OP only
Apr
May
2008 monthly interpolated target
Jun
Jan
2008 MRG target
Mar
Apr
A&S all premium
May
Jun
Jul
Aug
Sep
2008 monthly interpolated target
Oct
Nov
Dec
2008 MRG target
Delinking performance
Legacy Index
mid 2006 = 100
45
100%
40
35
90%
30
25
80%
20
15
70%
10
5
60%
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
50%
Company Market Index
Lloyd's index
Monthly interpolated target
2008 MRG target
Jan
Lloyd's rate
Electronic Policies: Market take up
3000
90%
80%
2500
70%
2000
60%
50%
1500
40%
1000
30%
20%
500
10%
0
Page 2
Feb
0%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Total policies signed
Electronic policies signed
Monthly interpolated target
Series5
Sep
Oct
Nov
Dec
Electronic proportion
Feb
Mar
Apr
Company Market rate
May
Jun
Jul
Monthly interpolated target
Aug
Sep
2008 MRG target
Market Reform
MRG dashboard – data definitions (1)
• A&S data
– Source: Xchanging
– A&S AP/RP rate is the volume of electronic transactions (LPAN
level) as a percentage of the total transactions (paper + electronic)
processed. Excludes Aviation and Treaty business as they are
currently out of scope for A&S.
– OP only figure is the volume of electronic transactions (LPAN level)
as a percentage of the total transactions (paper + electronic)
processed. Includes original premiums and corrections to original
premiums and S&A items. Excludes Aviation and Treaty business
as they are currently out of scope for A&S. Combined Lloyd’s and
Company volumes.
– We continue to work with Xchanging to refine this data.
• ECF data
– Source: Lloyd’s FPD & IUA/Xchanging
– The Lloyd’s measure is based on discussions held with Market
firms and external auditors.
Page 3
– The Company Market measure is the proportion of UCR
movements in a month made electronically
MRG dashboard – data definitions (2)
• Legacy
– Source: Lloyd’s MONA and IUA
Market Reform
– Legacy index is the total volume of outstanding legacy policies as measured in a
month as a proportion of the volume outstanding in mid 2006 (NB: IUA use volume
measured in Jan 2007 as a proxy for the mid 2006 volume)
– From November 2007 on Lloyd’s index does not include business written after 1
January 2007.
•
Delinking
– Source: JMD/Xchanging
– Data is for original premium only. From October 2007, data includes flexible
settlement. Inclusion of AP and RP data under consideration.
– Delinked rate is the total number of delinked submissions to Xchanging in a month as
a proportion of the total number of submissions in that month. This measure includes
all transactions. LMBC currently exploring the scope of transactions where delinking is
appropriate. Measure may need to be adjusted to reflect the outcome of these
discussions.
– Delinking performance follows a seasonal pattern. Data demonstrating this is
available on the market reform website.
•
Electronic policies
– Source: Xchanging
Page 4
– Data reported is the total number of E-polices signed (both Lloyd's and Companies) as
a percentage of the total polices signed (both Lloyd's and Companies) plus the volume
of both measures.