slide1 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Sue Langley, Director of Market Development, Lloyd’s PowerPoint Presentation
Download Presentation
Sue Langley, Director of Market Development, Lloyd’s

Loading in 2 Seconds...

play fullscreen
1 / 13

Sue Langley, Director of Market Development, Lloyd’s - PowerPoint PPT Presentation


  • 156 Views
  • Uploaded on

The coverholder programme. Sue Langley, Director of Market Development, Lloyd’s Adam Stafford, Head of Electronic Distribution, Lloyd’s Stephen Moore, International Markets, Lloyd’s Peter Montanaro, Head of Delegated Authorities, Lloyd’s. The Coverholder Programme:

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Sue Langley, Director of Market Development, Lloyd’s' - adah


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

The coverholder programme

Sue Langley, Director of Market Development, Lloyd’s

Adam Stafford, Head of Electronic Distribution, Lloyd’s

Stephen Moore, International Markets, Lloyd’s

Peter Montanaro, Head of Delegated Authorities, Lloyd’s

slide2
The Coverholder Programme:

Continuing 2010-2012 programme of initiatives

Making it easierto do business with Lloyd’s

Developing the channel, subject to proper controls

Today’s agenda:

Reminder of strategic objectives

What have we done this year

What is coming up

INTRO & AGENDA

slide3
A reminder of Lloyd’s strategic plan …

Make placing business into the Lloyd’s market more efficient

Undertake promotional and educational activities aimed at existing and potential coverholders

Provide robust oversight of business written by coverholders

To inform our work: -

2010 survey of 1100 coverholders

Structured interviews with key stakeholders (brokers, MAs and key country managers)

Structured interviews with MGA ‘advisory panel’

Context: - strategic importance

vision standard data flowing between all parties without re keying acord xml widely used

PROGRESS TO VISION: TECHNOLOGY & STANDARDS

VISION: - - Standard data flowing between all parties without re-keying & ACORD XML widely used

Starting point

No reporting standard for

Coverholders, with inconsistent

requests to coverholders.

XML not used

Poor quality data in London

Heavy burden on

coverholders, lots of rekeying.

Today

Premium, Claims and

US Property Risk Standards,

mandated for new coverholders

XML property standard live

Reporting is becoming easier

Coming up

Working with coverholder

system vendors to deliver standards, measure & promote

XML standards for premiums

and claims in progress

slide6

PROGRESS TO VISION: CLAIMS PROCESSING

VISION - Settlement times equal or better than competitor markets, with reliable electronic claims handling

Coming up

Implement outcome of pilot

Measure & promote use of standards

-

Implement and maintain TPA

register

STARTING POINT

Significant delays for

Co-lead claims

Poor feedback on

settlement time for claims

referred to London

TPA population not centrally

registered

today

New Co-lead claims

process being piloted

Claims standard delivered

to facilitate use of technology

Measurement of

processing times underway

Larger MA and Binder brokers

Implementing new systems

TPA register being

created

slide7

PROGRESS to vision: EDUCATION

VISION: - range of guidance & educational offerings - clear pathway from introductory to advanced learning - easy to find & use training & guidance materials

COMING UP

Explore LLMIT accreditation in

key US States and market globally via country managers

Delegated Underwriting

Module in LMA Academy

Inwards visit programme to be considered

ACII Diploma to be

considered

STARTING POINT

Many coverholders found Lloyd’s confusing

Coverholders interested

In learning more, but

no accessible training

Lack of awareness of Lloyd’s

amongst prospective

clients and coverholders,

especially in 20-35 yr age group

CURRENT POSITION

Strategic review of educational

requirements in 2010

New educational materials available on www.lloyds.com

LLMIT on-line training is live

The Coverholder Toolkit is live

Australian Diploma launched

slide8

PROGRESS to vision: the coverholder toolkit

Vision:A clear and simple guide to doing business with Lloyd’s - an on-line one stop shop for coverholder information

www.lloyds.com/coverholdertoolkit

slide9

PROGRESS to vision: MARKETING & COMMS

VISION: - Regular targeted communication - Easy to find information to understand & explain Lloyd’s - Coverholders well informed about Lloyd’s

COMING UP

-

Marketing Fact Sheet to help coverholdersexplain Lloyd’s to clients

-

New branded policy jackets to be piloted

‘Coverholder plaque’ pilot for approved US coverholders

STARTING POINT

No easy way for retail brokers

To find their nearest Lloyd’s

coverholder

Coverholders lacking the

tools they need to promote

themselves

No consistent communication to

coverholders on key issues

Confusion over the Lloyd’s

brand and when it can be used

Today

New Coverholder Directory live

Lloyd’s Quick Guide explains

how Lloyd’s works

New e-bulletin:- ‘Coverholder

News’ launched

New coverholder website

Release of new brand

Guidelines

slide10

PROGRESS to vision: EVENTS & networks

Vision:Sense of pride & engagement as part of community - vibrant local associations & networks- varied range of local & London events

* = UK, Ireland, France, Sweden, Switzerland, Italy, Spain, Hong Kong

slide11

PROGRESS to vision: brand

Vision:Sense of pride & engagement as part of community - supported by new Coverholder Sub-Brand

Brand guidelines available at :

www.lloyds.com/brand

slide12
The coverholder model is under threat in some jurisdictions(i.e. brokers holding binding authorities):

Switzerland, South Africa & EU (review of IMD)

Enhanced conflict of interest arrangements proposed

Consultation with BOLT & AAMGA

Bribery Act / Money Laundering / Sanctions

Legal and IRA teams considering implications for the market

Practical guidance and on-line training being developed

What is coming up: protecting the model

Legal and regulatory considerations