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LMG Forum April 2011. Christopher Croft, LMG Secretariat John Hobbs, IUA Chris Buer, LIIBA Steve Hulm, LMG Secretariat. Agenda. Modernisation update Endorsements – pilot results and the next steps The future of future process. eAccounts. eAccounts Release 1B (R1B)

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Lmg forum april 2011

LMG ForumApril 2011

Christopher Croft, LMG Secretariat John Hobbs, IUAChris Buer, LIIBASteve Hulm, LMG Secretariat


Agenda
Agenda

  • Modernisation update

  • Endorsements – pilot results and the next steps

  • The future of future process


Eaccounts
eAccounts

eAccounts Release 1B (R1B)

Miller continue their controlled submissions of live business

Upgraded testing and training environment being established for full rollout – due April / May

UIB, Guy Carpenter & Price Forbes continue with their implementation process with a target live date of 3rd May

eAccounts Release 2 (R2)

Detailed review of functional specifications produced early 2010 has completed

Options for progressing are being reviewed


The message exchange limited tmel
The Message Exchange Limited (TMEL)

  • Cross market ownership of key infrastructure

  • Directors:

    • Shirine Khoury-Haq (IUA)

    • Simon Gaffney (LIIBA)

    • Kirk Maddern (LMA)

    • Peter Spires (Lloyd’s)

  • Contract signed on 23rd March

  • Comes into effect on 18th May

  • New terms and conditions with you today


Non bureau progress
Non bureau progress

  • Pilot work continues

  • Firms involved:

    • Xl Re

    • XL Insurance

    • Chartis

    • Chubb

    • RSA

    • Aon

    • Willis

  • More welcome



Electronic Support for Endorsements

Post Marine Pilot Update

April 2011

John Hobbs

Director of Market Services

International Underwriting Association


Key activities post pilot
Key Activities Post Pilot

  • Understanding / Learning from Pilot Experience

    • Final (3rd) survey of participants

    • Analysis / segmentation of issues (BDPA)

    • Ernst & Young benefit review

  • Review / Consultation with Marine Community

    • IUA & LMA Marine committees

    • Prioritisation of required improvements

    • Joint PSSG / Marine practitioners meeting

    • Agreement of final report


Key activities post pilot cont d
Key Activities Post Pilot (cont’d)

  • Review of Provisional (Oct. 2010) Roll Out Plan

    • Which classes next (Property, PI, Specie)?

    • Timetable (delivery of improvements)?

    • Support (workshops, etc.)

  • Marine Transition to “Business as Usual”

    • 10,000+ ACORD messages

    • Additional IUA carriers (Groupama, Axa, Allianz)

    • 600+ endorsement requests p.w. (Jan – April 2011)


Key pilot outcomes
Key Pilot Outcomes

  • Process works (best for “silent” endorsements)

  • Process Improvements required (changes in hand)

  • Scope issues (mixed paper / electronic markets)

  • Benefit evidence limited by technology and volumes

  • Greater senior sponsorship / change effort required


Electronic Support for Endorsements

Plans for the next phase

April 2011

Chris Buer

LIIBA


  • Broker views

  • Improvements in end-to-end process time from initial client request to confirmation of cover

  • Improved accuracy due to re-use of data/documents without re-keying

  • Reduction in the movement of paper

  • Improved auditability and compliance


  • Further Endorsement Rollout

  • April 2011

  • Marine to continue as “business as usual”

  • All other classes open on a bi-lateral agreement basis

  • July 2011

  • Three additional classes will be formally sponsored

  • Three major brokers and three major carriers involved

  • Other firms will be encouraged to participate

  • October 2011

  • Implementation of 11 key improvements identified

  • February 2012

  • Solutions for conditional acceptances, subjectivities and multi-section risks to be implemented

  • March 2012

  • All insurers will be asked to be ready to receive electronic endorsements for all classes of business from March 2012.


  • Broker Technology Event

  • Event takes place on 13th May 2011 (14:00-17:00) at the Old Library

  • Demonstrations of broker messaging systems

  • A wide range of software suppliers attending:

    • Tri-Systems

    • Trace

    • TIW

    • Ri3K

    • Websure

    • Sterling Commerce

    • Total Objects

  • Email [email protected] to register your attendance


Future processing model update

Future Processing ModelUpdate

Steve Hulm, LMG Secretariat



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