With Market Reform Office Market Reform Forum June 2009 Christopher Croft, MRO Keith Alderman, PRO Insurance Solutions Barnabas Hurst-Bannister, Travelers Syndicate Management Ltd -------------------------------- ---------------------------
Mar 28, 2015
With
Market Reform Office
Market Reform ForumJune 2009
Christopher Croft, MROKeith Alderman, PRO Insurance SolutionsBarnabas Hurst-Bannister, Travelers Syndicate Management Ltd
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9Market Reform
OfficeAgenda
• Market reform update
• Barnabas…
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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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9Market Reform
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 Sept 2009
On target for May 2010
TBD June MRG
TBD June MRG
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9Market Reform
Office
Electronic policy signings
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Total policies signed Electronic policies signed
Electronic proportion Monthly interpolated target
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9Market Reform
OfficeElectronic policy submissions
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Total policies signed Electronic requests Electronic proportion
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9Market Reform
OfficePolicy requests index 2006 - 08 (Feb 2007 = 100)
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Policy requests index* (Feb 2007 = 100)2006 20082007
*index based on an indicative sample of data
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9Market Reform
OfficeeMRCE
• MRG target – 3,000 in April; achieved 2,854
• Marsh at circa 35% of all endorsements
• Endorsement volumes follow a seasonal pattern?
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9Market Reform
OfficeElectronic endorsements - broker submissions
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OfficeEndorsements volume by month (index: Jan 2005 = 100)
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OfficeEndorsements volume by month (index: Jan 2005 = 100)
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9Market Reform
OfficeElectronic placing
• Aon’s 2009 Watertrace report on ePlacement
• 73% of brokers and 77% of underwriters have increased their use of ePlacement support tools over the past year
• Recommendations
– Consultation through the creation of cross-market practitioner forums and working groups across all lines of business to allow process development and systems enhancement discussions;
– Emphasise the continued importance of face to face negotiations, while saving of individual brokers and underwriters’ time through the use of ePlacement support;
– Creation and promotion of the business case for more broking houses to participate in ePlacement;
– Back office systems to be more effectively integrated by underwriting firms to reduce re-keying and error rates.
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9Market Reform
OfficeLloyd’s Exchange
• The business pilot began 1st June and pilot participants are exchanging test messages over the Lloyd's Exchange
• Expect to see "live" business messages being sent very soon
• So far 18 participants have been successfully set up
• An IT suppliers trade fair was held 15th June so that organisations could understand what connection options were on offer by the different IT suppliers
• Contact
–http://www.lloyds.com/lloyds-exchange
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9Market Reform
OfficeMRC – version 1.3?
• Cross market group progressing
• Tax guidance central
• If there is a new version, timescales will be similar to previous years
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9Market Reform
OfficeStrategy
• Aim – to provide detailed description of “market of choice” that will aid investment decisions
• Discussions with market leaders
• Work with Associations and Lloyd’s
• Consultation paper - draft to MRG in July
• Target: publish in September
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Office
Questions?