With
Market Reform Office
Market Reform ForumApril 2009
Christopher Croft, MRORoger Oldham, HSBCJohn Muir, Willis
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9Market Reform
OfficeAgenda
• Market reform update
• London market - setting the pace
• Endorsements update
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9Market Reform
OfficeFWWS
• 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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9Market Reform
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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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OfficeMRC – version 1.3?
• Cross market group progressing
• Tax guidance central
• If there is a new version, timescales will be similar to previous years
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9Market Reform
OfficeE-Policies
Electronic policy submissions
0
100
200
300
400
500
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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9Market Reform
OfficeLloyd’s Exchange
• 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?
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