Opening up the market of choice

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Transcript Opening up the market of choice

LMG Secretariat

LMG Forum

August 2011 Christopher Croft, LMG Secretariat Sarah Thacker, Lloyd’s Gemma Reed, Lloyd’s

With

Agenda

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Modernisation update

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Coverholder standards – a global aspect to modernisation

ECF2 – All core delivered and in roll out

Claims Workflow Triggers (CWT)

• • • 17 carriers receiving live messages 5 fully integrated into own workflow Other carriers to join by arrangement with Xchanging

Claims Agreement Services (CAS) & Single Sign On (SSO)

• • • CAS & SSO are live 19 carriers plus XCS using in production Rollout in progress with a further 9 carriers gong live in August and 13 in September

Document File Viewer (DFV) Claims Workflow Services (CWS) Claims Data Warehouse (CDW)

• • • DFV is live and converting >7000 documents a day Some intermittent teething problems are being resolved with Adobe Rollout in line with CAS & SSO schedule • • • • • 10 carriers are live and using CWS to run claims workflow Rollout is going to plan with a further 4 carriers gong live in August and 12 in September MAT completed and awaiting sign off for ECF001, ECF002, ECF003, ECF004, ECF005 and LADD LREC 1.1 is in MAT with the remainder to follow during August and early September Report distribution mechanism nearing completion of MAT.

eAccounts

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eAccounts Current Production use

R1b signed off by the market Miller, Price Forbes, UIB and Guy Carpenter continue with live operation and have been joined by Aon UK.

Aon Benfield, Lockton, Ropner, Towers Watson & Cooper Gay are anticipated to be live in September.

The brokers joining the next convoy are being agreed.

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eAccounts Release 2 (R2)

Market PM and Xchanging continue working together to produce a viable plan to deliver R2 using the ‘big bang’ approach to delivery.

Analysis of the requested change requests continues and it is anticipated to conclude in Q4 © Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.

New MR C version

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New version coming – version 1.4

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Release in the next couple of weeks for implementation by 1 st February

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Guidance changes only – no changes to headings anticipated

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Principal changes

– Nonadmitted and Reinsurance Reform Act and changes to surplus lines regulation – Guidance to reflect usage of Lloyd’s pilot claims scheme – Some other minor changes to guidance to align different MRC standards (open market, binder etc) and for clarification

Endorsements

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Marine, property, PI and specie now live across market

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Bi-laterals emerging in Bloodstock, Livestock and Terrorism

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Engagement matrix to be published

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MAT underway led by the Lloyd’s Exchange team

New MR C version

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Exchange data shows:

– ‘Unconditional Acceptance’ averaging 2,000 per month (data at end of July 2011) – ‘Unconditional Acceptance’ messages in July up 16% on June at 2,013 •

Market data requested from insurers and brokers for August by 7 September

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Work on ‘subjectivities’ and ‘multi-section risks’ process improvements taking longer than anticipated

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Project update to be issued later this week.

Non bureau progress

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Live action underway

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Communications across the market in the autumn – including September Forum

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Structured plan for implementation in 2012?

Speeches, rallies etc

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Coverholder Technology Forum 29 th – 30 th September ( www.lloyds.com/coverholde rstechnologyforum )

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Insurance Technology Congress 11 th – 12 th October

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Xchanging Conference 9 th November

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Barnabas Hurst-Bannister IIL Lecture 22 nd November

Questions?

Lloyd’s Coverholder programme

31 st August 2011

INTRODUCTION:

Lloyd’s Coverholder Programme

Coverholders are delegated authority to write risks on behalf of Lloyd’s syndicates Lloyd’s strategic review 2009 emphasized the need to focus on coverholders as a key distribution channel Lloyd’s developed a vision for reporting standards, claims, technology, education and marketing

Agenda

 Coverholder reporting standards   Claims processing Technology   The Coverholder Technology Forum Education  Marketing and communications © Lloyd’s

Coverholder reporting Standards:

The business problem

Coverholders have to provide information on risks, premiums and claims Different syndicates asking for different info Regulators asking for more detail Re-keying How can we make it easier for coverholders?

Coverholder reporting Standards:

The options Do nothing Central system Standards

Coverholder reporting Standards:

The benefits

 Easier for coverholders to do business with Lloyd’s   Clear statement of the information needed Freedom to choose systems and technologies   Standard information flows Consistent requirements around which processes and systems can be designed   Reduction in re-keying and the need for manual intervention More informed decision making © Lloyd’s

PROGRESS TO VISION: reporting standards

VISION - Standardised information flows

STARTING POINT

No standards Different information requests Re-keying Regulators asking for more detail

today ACORD ER3001 US Property Exposure Reporting Premium Reporting Claims Reporting Coming up

VISION - Settlement times equal or better than competitor markets, with reliable electronic claims handling

Starting point Poor feedback from coverholders on settlement time for claims referred to London The “co-lead” claims problem Risks associated with TPA performance

today Claims standards Measurement of processing times for paper based bordereau Future ECF bordereaux inclusive of co-lead claims pilot TPA registration processes being considered Coming up

Promote use of standards Actions based on outcome of review Pilot to progress to BAU?

VISION

technology

- Transactional information available to all parties in the chain

Starting point

Systems not typically designed to hold transactional binder information Manual manipulation of data Re-keying Lack of awareness in London of systems available today

Starting to see systems holding transactional data ACORD test version of XML for exposure reporting ACORD working on XML for premiums and claims Working with coverholder and binder system vendors to get the standards embedded

Coming up Ability for real-time transactional information where this is required Increased use of XML as a method to transfer data Continue working with coverholder and binder system vendors to get the standards embedded © Lloyd’s

Coverholder Technology Forum: 29-30 September 2011

  Lloyd’s is hosting the Coverholder Technology Forum as part of a commitment to improve access to the market through better use of technology This forum is for coverholders, TPAs, brokers, underwriters and vendors to learn more about the opportunities that technology can bring © Lloyd’s

Coverholder Technology Forum: 29-30 September 2011

   20 system suppliers will be exhibiting, chosen for their offerings for binding authority business Presentations include:       Vendor carousel Bluffers guide to technology Lloyd’s and ACORD coverholder reporting standards Presenting the vision Coverholder panel Coverholder programme update This event is free to attend, however, you must register  See the agenda, or www.lloyds.com/coverholdertechnologyforum to register © Lloyd’s

PROGRESS to vision: EDUCATION

VISION: - range of guidance and educational offerings - clear pathway from introductory to advanced learning - easy to find and use training & guidance materials

STARTING POINT

Many coverholders found Lloyd’s confusing Coverholders interested in learning more, but no accessible training Lack of awareness of Lloyd’s amongst prospective clients and coverholders

today Strategic review of educational requirements in 2010 New educational materials available on www.lloyds.com

Technical Author hired and starting to author e-learning modules (Coverholder Toolkit) Australian Diploma launched COMING UP

Explore LLMIT accreditation in key US States and market globally via country managers Delegated Underwriting Module in LLMIT Release and publication of the Coverholder Toolkit © Lloyd’s

VISION:

MARKETING & COMMS

- Regular targeted communication Easy to find information to understand & explain Lloyd’s Coverholders well informed about Lloyd’s

STARTING POINT

No easy way for retail brokers to find their nearest Lloyd’s coverholder Coverholders lacking the tools they need to promote themselves No consistent communication to coverholders on key issues Confusion over the Lloyd’s brand and when it can be used

Today Coverholder Directory live E-bulletin: ‘Coverholder News’ launched New coverholder website New Brand Guidelines including a coverholder sub-brand Coverholder plaques in US COMING UP