With Market Reform Office Market Reform Forum July 2009 Christopher Croft, MRO Roy Laker, ACORD Geoff Kennard, Xchanging.

With

Market Reform Office

Market Reform ForumJuly 2009

Christopher Croft, MRORoy Laker, ACORDGeoff Kennard, Xchanging

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9Market Reform

OfficeAgenda

• Market reform update

• ACORD in action

• IMR progress

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9Market Reform

OfficeFWWS

• Reminder: MRG targets for finishing what we have started:

– Full usage of eAccounting by end 2010

– Full usage of ECF for all claims by end 2010

– ePolicies used for 90% of signings by end 2009

• Work to be done:

– Build and implement an eAccounting capability at XIS and broker firms

– XIS to develop and deliver a non-fundamental splits service

– Expand the scope of ECF to cover all claims

– Improve usability of ECF to drive full usage

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OfficeFWWS next steps

• Development programme

– IMR Security model to expand scope of IMR

– XIS systems development to accept and process structured accounting messages

– Non-fundamental splits service

– “ECF2” package of usability improvements

– Binders solution for ECF

On target for Nov 2009

On target for Nov 2009

On target for May 2010

Release from Q1 2010

Prototype approved

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9Market Reform

OfficeeMRCE

• MRG target – 3,000 in July; achieved 2,958 in June

• Early indicators that July higher

• Endorsement volumes follow a seasonal pattern…

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9Market Reform

OfficeEndorsements volume by month (index: Jan 2005 = 100)

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20

40

60

80

100

120

140

160

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2006 2008 2009

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OfficeElectronic endorsements by method of delivery

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500

1000

1500

2000

2500

3000

3500

Structured msgs Trading Platform Via portal via email

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9Market Reform

OfficeLloyd’s Exchange

• Phase 1 ongoing and will finish at the end July; 20 organisations have successfully been set up on the Exchange.

• Organisations have been working at different paces. Those that have not completed testing continue into August.

• Organisations confirmed for phase 2 are published on the Lloyd's Exchange website - http://www.lloyds.com/lloyds-exchange.

• Phase 2 begins 1st Aug. So far 19 organisations interested in participating

• Further IT suppliers Trade Fair will be hosted later this year

• Please contact [email protected] if you are interested in more information, or visit the website

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OfficeMRC – version 1.3?

• Version should be published for wider consultation by end of the month

• Implementation timescales will be similar to previous years

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OfficeMRG Chair

• Peter Harmer standing down

• Discussions underway on succession

• More news to follow

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Office

Questions?