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Vision for London 2009 Insurance Reform

Discover the roadmap for insurance reform in London, addressing declining market share, regulatory pressure, and operational risks. Explore achievements, future goals, and the transition to electronic processes. Stay informed and involved in the evolution of the market.

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Vision for London 2009 Insurance Reform

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  1. A vision for London in 2009 ACORD Software providers briefing, 14th January 2009 Christopher Croft – MRO

  2. Why reform? • Increased competition from other markets • Other insurance centres • Capital markets Why Reform? Declining market share • Regulatory pressure • Contract certainty • Operational Risk • Speed of processing • Claims • Settlement • Chris McGloin article

  3. Vision • All claims processed and agreed electronically • Face to face where needed Market of choice • All risk submissions sent electronically • Face to face where needed • All A&S performed electronically • IMR first step • Business messages & automation

  4. Reform: state of the nation • Reform in 2008: solid progress • Major achievement – IMR Agreement • Pretty much done: • Lloyd’s ECF • OP submissions • Legacy (but firms must not lose focus) • Up and running • Company ECF • E-Policies • eMRCE • Slower than hoped • Delinking E-Placing

  5. Reform agenda 2009 - 11 • Finish what we have started • Full ECF usage for all claims including legacy • Full usage of e-Accounting • Fully electronic policy submissions • Dependent on Xchanging for a lot of work • IMR Upgrades • Security model • Claims developments • Ongoing usability enhancements • Taking ACORD accounting messages • Non fundamental splits service • MRG has a plan…

  6. MRG/Xchanging deliverables

  7. Reform agenda 2009 - 11 • Keep up progress on e-Placing • Pilot Lloyd’s Exchange • Further develop ACORD standard • e-Endorsement bilateral agreements • Transition to ACORD messaging

  8. Reform agenda 2009 - 11 • Next wave - FWWS does not mean we’ve finished • Looking at five year vision • Where will market be and what do we need to do to prepare? • Work with market • Key questions • Central services • Claims strategy • Who does what?

  9. Questions?

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