With
LMG Secretariat
LMG ForumAugust 2011
Christopher Croft, LMG Secretariat Sarah Thacker, Lloyd’sGemma Reed, Lloyd’s
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Agenda
• Modernisation update
• Coverholder standards – a global aspect to modernisation
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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
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)
• 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
Claims Workflow Services (CWS)
• 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.
Claims Data Warehouse (CDW)
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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
eAccounts
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.
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
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New MR C version
• New version coming – version 1.4
• Release in the next couple of weeks for implementation by 1st February
• Guidance changes only – no changes to headings anticipated
• 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
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Endorsements
• Marine, property, PI and specie now live across market
• Bi-laterals emerging in Bloodstock, Livestock and Terrorism
• Engagement matrix to be published
• MAT underway led by the Lloyd’s Exchange team
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New MR C version
• 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
• Work on ‘subjectivities’ and ‘multi-section risks’ process improvements taking longer than anticipated
• Project update to be issued later this week.
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Non bureau progress
• Live action underway
• Communications across the market in the autumn – including September Forum
• Structured plan for implementation in 2012?
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Speeches, rallies etc
• Coverholder Technology Forum 29th – 30th September (www.lloyds.com/coverholderstechnologyforum)
• Insurance Technology Congress 11th – 12th October
• Xchanging Conference 9th- November
• Barnabas Hurst-Bannister IIL Lecture 22nd November
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Questions?
Lloyd’s Coverholder programme
31st August 2011
© Lloyd’s
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
INTRODUCTION: Lloyd’s Coverholder Programme
© Lloyd’s
Agenda
Coverholder reporting standards
Claims processing
Technology
The Coverholder Technology Forum
Education
Marketing and communications
© Lloyd’s
Coverholder reporting Standards: The business problemCoverholders
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?
© Lloyd’s
Coverholder reporting Standards: The options
Standards
Do nothing
Central system
© Lloyd’s
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
No standards
Different information requests
Re-keying
Regulators asking for moredetail
today
ACORD ER3001 US Property Exposure Reporting
Premium Reporting
Claims Reporting
New version
STARTING POINT
Coming up
© Lloyd’s
PROGRESS TO VISION: CLAIMS PROCESSINGVISION - Settlement times equal or better than competitor markets, with reliable electronic claims handling
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?
Starting point
© Lloyd’s
PROGRESS TO VISION: technologyVISION - Transactional information available to all parties in the chain
Starting point
Systems not typically designed to hold transactional binderinformation
Manual manipulation of data
Re-keying
Lack of awareness in Londonof systems available
Starting to see systems holding transactional data
ACORD test version of XML forexposure reporting
ACORD working on XML for premiumsand claims
Working with coverholderand binder system vendorsto get the standards embedded
Ability for real-timetransactional information where this is required
Increased use of XML as amethod to transfer data
Continue working with coverholder and binder system vendors to get the standards embedded
today Coming up
© 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
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
Coverholder Technology Forum: 29-30 September 2011
© Lloyd’s
PROGRESS to vision: EDUCATION
STARTING POINT
Many coverholders found Lloyd’s confusing
Coverholders interestedin learning more, but no accessible training
Lack of awareness of Lloyd’samongst prospectiveclients and coverholders
today
Strategic review of educational requirements in 2010
New educational materials available on www.lloyds.com
Technical Author hired andstarting to author e-learningmodules (CoverholderToolkit)
Australian Diploma launched
COMING UP
Explore LLMIT accreditation in key US States and market globally via country managers
Delegated UnderwritingModule in LLMIT
Release and publication of the Coverholder Toolkit
VISION: - range of guidance and educational offerings - clear pathway from introductory to advanced learning - easy to find and use training & guidance materials
© Lloyd’s
PROGRESS to vision: MARKETING & COMMS
STARTING POINT
No easy way for retail brokersto find their nearest Lloyd’scoverholder
Coverholders lacking thetools they need to promotethemselves
No consistent communication tocoverholders on key issues
Confusion over the Lloyd’sbrand and when it can be used
Today
Coverholder Directory live
E-bulletin:- ‘CoverholderNews’ launched
New coverholder website
New Brand Guidelines including a coverholdersub-brand
Coverholder plaques in US
COMING UP
Marketing fact sheets to helpCoverholders explain Lloyd’sto their clients
New policy jackets to be piloted
VISION: - Regular targeted communication - Easy to find information to understand & explain Lloyd’s
- Coverholders well informed about Lloyd’s
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