Transcript Title

Market Reform Office
Market Reform Forum
What’s new this month?
How to deliver electronic trading in London
Andy Brookes, MRO
John Bissell, Operations Director, Miller
Jonathan Brant, Programme Manager, Brit Insurance
1st December 2008
With
Market Reform 2008
Finish what we started
•
MRG signed off the delivery
plan
•
Coming to a laminate near
you shortly
•
Key focus
– getting to 100% ECF (ie no
“scope”) including legacy
claims
– Ditto for A&S via IMR
– E-Accounting proper
•
Will cover electronic placing
and endorsements
Market Reform Office
Market Reform Office
Market Reform 2008
E-MRCE
Target – 3,000 broker submissions in December; outturn 2440
Electronic endorsements - broker submissions
3000
2500
2000
1500
1000
500
0
Apr
May
Jun
Jul
Broker electronic submissions
Aug
Sep
Oct
Nov
Monthly Interpolated target
Dec
Q3 target
A&S
Market Reform 2008
•
Market Reform Office
Release 5 live as schedule in November
– Brokers edit work packages prior to Xch processing; e-policies via DRI
•
E-Accounting to the bureau – flagship 2009/10 project
– Standard ACORD messaging
– Auto-load into Xchanging systems
– Settlement release via ACORD message
– Shift non-fundamental splits from broker
•
Implementation Steering Group
– Nigel Roberts to chair
– Small number of brokers committed to rapid take-up
Claims
Market Reform 2008
•
Market Reform Office
ECF User Group business plan
–
MRG supported: Scope, training, comms, best practice…..
–
ECF legacy: MRG approval for stepping it up in 2009
•
Lloyd’s analysing business requirements for claims including
infrastructure
•
Xchanging investigating workflow triggers and data management
Market Reform Office
Market Reform 2008
ECF – (still) time for the company market to step up
Company market ECF usage
80%
70%
60%
50%
40%
30%
20%
10%
0%
Apr
May
Jun
Company ECF usage
Jul
Aug
Sep
Oct
Monthly interpolated target
Nov
MRG target
Dec
Market Reform 2008
Other news
•
54% policies signed
electronically in October; up
from 49% in Sept.
•
All policy requests to be made
electronically from 1 February
–
72% in Oct, from 66% in Sept
•
Lloyd’s Exchange
•
2009 forums
•
–
20th Jan
–
18th Feb
–
18th Mar
All dates on website today
Market Reform Office
Market Reform 2008
MRO changes
•
New leader…
Market Reform Office
Market Reform 2008
Market Reform Office
Questions?
Market Reform 2008
Market Reform Office