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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



Lmg forum april 2011

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


Lmg forum april 2011

Electronic Support for Endorsements

Plans for the next phase

April 2011

Chris Buer

LIIBA


Lmg forum april 2011

  • 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


Lmg forum april 2011

  • 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.


Lmg forum april 2011

  • 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 Chris.Buer@LIIBA.co.uk to register your attendance


Future processing model update

Future Processing ModelUpdate

Steve Hulm, LMG Secretariat