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Update on Market Reform

Update on Market Reform. John Harvie and Andy Brookes Market Reform Forum 25 May 2006. Market Reform Update. Contract Certainty – today’s special topic Back office Electronic Infrastructure Claims infrastructure Accounting and Settlement

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Update on Market Reform

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  1. Update on Market Reform John Harvie and Andy Brookes Market Reform Forum 25 May 2006

  2. Market Reform Update • Contract Certainty – today’s special topic • Back office Electronic Infrastructure • Claims infrastructure • Accounting and Settlement • Schematron: London Market tool for “top up intra-message validation” Page 1 www.marketreform.co.uk

  3. Accounting and Settlement • Measurement and checks • Benchmark data – late but pressing on • Accounting procedure checks published April on MRPO website • Tax checks developed by end of May 06 • Repository • Being built. Full details can be found at: www.marketreform.co.uk/AS_repository_home.htm • Market Acceptance Testing for Release 1 is due to start 19 June for e-mail and Direct Load submissions • MAT participants: Benfield; Guy Carpenter; Marsh; Miller and Willis. MAs: Brit; Canopius; Chaucer; Hiscox; Kiln; Liberty Int'l; Markel; Swiss Re; Zurich and Wurttembergische • Strategy • Detailed documentation in progress • Big issues: Franchisor reporting; Ability to complete design within published timeframes Page 6 www.marketreform.co.uk

  4. Claims Infrastructure • On track for software delivery to allow electronic claims processing in the Lloyd’s market using ACORD DRI standards. Live in mid-Sept • To support this: • Substantial Market Acceptance Testing and implementation in May - Sept • MAT started, 15/05/06 - 5 brokers and 14 Managing Agents involved • Draft Systems Processes and Procedures Manual published, see website • Contractual framework – late but coming soon • Early implementation partnerships: 64 and rising rapidly Page 7 www.marketreform.co.uk

  5. ECF MAT Phase 5 - Update • MAT of ECF started at 9am 15th May on schedule • Run by MRPO on behalf of the Market with support from Xchanging • 3 month duration with full DRI functionality being tested from 19th June • Integrated with A&S repository testing • System due live week ending 15th September 2006 Page 8

  6. ECF MAT Phase 5 - Update • Participants • Brokers: Benfield, Guy Carpenter, Marsh, Miller and Willis • Managing Agents: Ace, Advent, Amlin, Beazley, Danish Re, Faraday, Heritage, Hiscox, Limit, Markel, Marlborough, St Paul Travelers, SVB and Wellington. • XCS, XIS (support of development / testing) • Regular progress reports and live issue updates available on the MRPO website throughout MAT (www.marketreform.co.uk) • To date progressing well and to schedule Page 9

  7. Claims Infrastructure – other issues • Claims infrastructure strategy: Planning for proposal in August/September • Pricing of repository services • IUA companies now actively participating in pilots • Expected start date, 01/06/06 Page 10 www.marketreform.co.uk

  8. Your actions • Your business sponsor and project manager • Regular meetings of sponsors and PMs • Early partnerships • If not in MAT, when will you use it? • Training of claims staff • CII planning to advertise in August for September courses Page 11

  9. www.marketreform.co.uk Andy Brookes, John Harvie Market Reform Forum 24 May 2006

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