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LMG Forum April 2011

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

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  1. LMG ForumApril 2011 Christopher Croft, LMG Secretariat John Hobbs, IUAChris Buer, LIIBASteve Hulm, LMG Secretariat

  2. Agenda • Modernisation update • Endorsements – pilot results and the next steps • The future of future process

  3. 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

  4. 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

  5. Non bureau progress • Pilot work continues • Firms involved: • Xl Re • XL Insurance • Chartis • Chubb • RSA • Aon • Willis • More welcome

  6. Questions?

  7. Electronic Support for Endorsements Post Marine Pilot Update April 2011 John Hobbs Director of Market Services International Underwriting Association

  8. 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

  9. 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)

  10. 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

  11. Electronic Support for Endorsements Plans for the next phase April 2011 Chris Buer LIIBA

  12. 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

  13. 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.

  14. 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

  15. Future Processing ModelUpdate Steve Hulm, LMG Secretariat

  16. Questions?

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