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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
slide8

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
slide12

Electronic Support for Endorsements

Plans for the next phase

April 2011

Chris Buer

LIIBA

slide13

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
slide14

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.
slide15

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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