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Market Reform Office

Market Reform ForumApril 2009

Christopher Croft, MRORoger Oldham, HSBCJohn Muir, Willis

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9Market Reform

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• Market reform update

• London market - setting the pace

• Endorsements update

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9Market Reform

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• 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.

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• 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

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• 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

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• Cross market group progressing

• Tax guidance central

• If there is a new version, timescales will be similar to previous years

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Electronic policy submissions

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200

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02/03/2009 09/03/2009 16/03/2009 23/03/2009 30/03/2009 06/04/2009

60%

70%

80%

90%

100%

Total policies signed Electronic submissions

Electronic submission proportion

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• 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.

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Questions?