LMG Secretariat Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)

LMG Secretariat

Endorsements Pilot 2010

John Hobbs (IUA)

Chris Buer (LIIBA)

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Agenda

•Pilot approach & timetable

•Market commitment

•Benefits

•Plan & next steps

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Mission

All contract changes in the London market, irrespective of complexity, submitted and agreed electronically using ACORD messaging (two-way electronic messaging).

This does not preclude negotiation, whether face to face or otherwise, where appropriate or desired.

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Timetable

• Bilateral live electronic transaction of endorsements now and ongoing

• Finalise project scoping and confirm broker and insurer commitment completed end Jan

2010

• Implementation of ACORD 2009.1 19th February 2010

• Review market readiness and confirm commencement of pilot 17th May 2010

• Latest technical readiness date 1 June 2010

• Business scenario testing to end August 2010

• Latest operational readiness date 1 September 2010

• Anticipated commencement of full market participation 1 January

2011

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Process validation

•Build on eMRCE work

–Same standard

–Better technology

–Wider market commitment

•Joint Hull & Cargo Committees working group

•Workshop input

•Pilot feedback

•Aim of the pilot is to demonstrate a ‘fit for purpose’ process that can deliver benefit

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15 Major Brokers have signed up to the Pilot

Broker commitment

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100% of Managing Agents

have signed up to the Pilot.

Managing agent commitment

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24 IUA members by 2011, 17 part of the endorsement pilot

IUA Carrier commitment

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• Reduced face-to-face for non-complex endorsements = spend underwriting time with broker more productively

• Earlier availability of risk information and documents = a more considered underwriting decision

• Earlier visibility of endorsements for follower agreement parties

• Reduced scanning / photocopying volumes

• Greater flexibility over workload = better time management and more efficient use of supporting staff

UNDERWRITERS

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• Simple and non-premium endorsements agreed electronically = no need for a broker visit

• Simultaneous distribution of endorsements to following agreement parties

• Simultaneous distribution of notifications (listings) to other carriers

• Agreed turnaround time from underwriters

• Reduced production and movement of paper

• Reduced box wait time - use of data and electronic documents means no carrier re-keying or scanning of paper

• Improved auditability and compliance

• Potential for improved tracking of agreement progress

BROKERS

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Pilot phases

• Prove technical connectivity

• Enable hands on experience for business users

• Process familiarisation

• Sign off for business as usual

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•Complete technical readiness

•Participate in practitioner workshops

•Engage in business scenario testing

•Reach operational readiness by 1 September

Next steps

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Workshops

•Additional sessions now taking bookings

•www.lmalloyds.com

[Marketplaces>Ops and Change>Placing Support>Endorsements]

•What to do next: To book onto a session please contact

[email protected]

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Technical documentation

•www.lmalloyds.com

[Marketplaces>Ops and Change>Placing Support>Endorsements]

Technical GuideBusiness IntroductionProject OverviewSingle Page Summary

Consolidated Implementation Guide

Technical GuideBusiness IntroductionProject OverviewSingle Page Summary

Consolidated Implementation Guide

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Contacts

LMA & Endorsements Pilot Contacts

• Rob Gillies

Telephone: 020 7327 8377

Email: [email protected]

• Peter Holdstock

Telephone: 020 7327 8383


LMG Secretariat contact

• Steve Hulm

Telephone: 020 7327 5249


Lloyd’s Contacts

• Paul Willoughby

Telephone: 020 7327 6634


• Trevor Madison

Telephone: 020 7327 5231


• Abby Wiggin

Telephone: 020 7327 5631


LIIBA Contact

• Chris Buer

Telephone: 020 7280 0154


IUA Contact

• John Hobbs

Telephone: 020 7617 4445


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Questions…?

LMG Secretariat Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)

Documents

Transcript of LMG Secretariat Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)