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e-Accounting A Market Reform Initiative

21 st May 2008. e-Accounting A Market Reform Initiative. Richard Lester – Guy Carpenter Brian Austin – Lloyd’s Corporation. Bureau A&S. ACORD A&S. EBOT. Electronic Placing. Bureau ECF. Xchanging LPAN. e-Accounting What’s happened so far?. Exchange Funds.

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e-Accounting A Market Reform Initiative

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  1. 21st May 2008 e-AccountingA Market Reform Initiative Richard Lester – Guy Carpenter Brian Austin – Lloyd’s Corporation

  2. BureauA&S ACORD A&S EBOT Electronic Placing Bureau ECF Xchanging LPAN e-AccountingWhat’s happened so far?

  3. ExchangeFunds e-AccountingWhat’s the process? Process Transaction ReceiveTransaction Acknowledgement ACORD TA UpdateTransaction ProcessTransaction Business Response ProduceStatement ReceiveStatement ACORD FA Acknowledgement UpdateStatement ReconcileStatement Business Response

  4. Direct messaging Messaging hub Trading platform Email Electronic Form Electronic Form e-AccountingWhat options do you have? Communication directly between trading partners Communication between partners managed by external provider Transaction processing or workflow provided by external provider Data package creation from screen entry or integration Email between trading partners with or without external provider support Carriers Brokers

  5. e-AccountingWhy? Economy Reduce cost of processing No re-keying of data Increase cash flow Efficiency Increase Process Efficiency Speed up transaction cycle Reduce query delays Effectiveness Improved Client Experience Increase quality & accuracy Reduced errors Reduce re-work Ethical No more paper No more vans

  6. e-AccountingWhat Now? • Cross market group • coordinated by Guy Carpenter & Company • To gain significant increase in e-Accounting by the end of 2009. • Communication and engagement • Brokers • Managing Agents • Insurance Companies • LMA • IUA • LMBC • Lloyds Corporation • Xchanging

  7. e-AccountingWhat should it mean to firms? Internal change programmes are the key to benefits realisation Sponsor it Use standards don’t tweak Measure & target Resource it

  8. E-AccountingFurther Resources • There are further resources available which can be easily obtained via the internet: • Available on the LMA web site • Landscape analysis http://www.the-lma.com/DocImages/7784.xls • Available on the ACORD web site • RLC Introduction http://www.acord.org/webfiles/RLC/open/RLC-introduction-Nov-2007.pdf • Accounting and Settlement overview http://www.acord.org/webfiles/RLC/open/Accounting-and-Settlement-overview-jan-2008.pdf

  9. www.guycarp.com

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