Transcript Opening up the market of choice

Market Reform Office
Market Reform Forum
April 2009
Christopher Croft, MRO
Roger Oldham, HSBC
John Muir, Willis
With
Market Reform 2009
Agenda
Market Reform Office
• Market reform update
• London market - setting the pace
• Endorsements update
Market Reform 2009
FWWS
Market Reform Office
• MRG agreed the following assumptions for the finish what we have
started work
– That the current systems will be in place for at least the next four
years.
– That any work to these systems that delivers benefit within that
timescale can be considered as part of the finish what we have started
work.
– That the aim of the finish what we have started work is to get to as
near as practicable 100% usage, of ECF in particular.
– That if further funding is required to deliver this work, it will be sought.
Market Reform 2009
FWWS next steps
Market Reform Office
• Approvals
– IMR Security model
– Design study for co-lead binders
• Forward approval agenda
– April: ECF2 (claims workflow triggers/service; document viewer;
claims database)
– May: eAccounting and outcome of co-lead binders study
Market Reform 2009
eMRCE
Market Reform Office
• MRG target – 3,000 in April
• Bi-lateral arrangements –
protocol and sample on
marketreform.co.uk
• John Muir to provide more
detail on this approach
Market Reform 2009
MRC – version 1.3?
Market Reform Office
• Cross market group
progressing
• Tax guidance central
• If there is a new version,
timescales will be similar to
previous years
Market Reform Office
Market Reform 2009
E-Policies
Electronic policy submissions
100%
500
90%
400
300
80%
200
70%
100
0
60%
02/03/2009 09/03/2009 16/03/2009 23/03/2009 30/03/2009 06/04/2009
Total policies signed
Electronic submission proportion
Electronic submissions
Lloyd’s Exchange
Market Reform Office
Market Reform 2009
• Technical connectivity testing with pilot
participants to begin on 1st May with
business testing from 1st June.
• So far 35 Managing Agents; 6 company
market insurers; and 14 brokers have
expressed interest in participating in the
first three phases of the pilot
• A number of suppliers/service providers
have completed some preliminary
technical testing these include
Perspective Technologies, Ri3K, Room,
The Insurance Workplace (TIW), Trace,
Trisystems, Web Connectivity.
• Initial use of the Lloyd's Exchange to
cover placing; endorsements and signed
lines.
Market Reform 2009
Market Reform Office
Questions?