acord 2007 the role of messaging and acord phil brown project manager
TRANSCRIPT
ACORD 2007
The role of messaging and
ACORD
Phil BrownProject Manager
SLIDE 2 SLIDE 2
Paperdocumentexchange
Electronic messageexchange
Exchanging information
Standardsvaluable
Standardsessential
SLIDE 3
Agent/Producer
InsuranceCarriers
RegulatoryAuthorities
ServiceProviders
InsuranceAgency
Reinsurer
Claims Management Applications Auditing
RegulatoryCompliance
Payment transactions
Premium transactions
Broker/InsurerIns/Reinsurer
Claims
Submission
Without standards
SLIDE 4
With standards
Agent/Producer
`InsuranceCarriers
RegulatoryAuthorities
ServiceProviders
InsuranceAgency
Reinsurer
Claims Management Applications
Regulatory Compliance
Payment transactions
Premium transactions
Broker/InsurerIns/Reinsurer
Claims
Submission
STANDARDS&
IMPLEMENTATION
Auditing
SLIDE 5
London Market slide –1991
SLIDE 6
Who is ACORD?
Independent and Objective Trade Association Serving the Insurance Industry since
1970 In London since 2001 Facilitating Industry-Driven Standards for
Brokers, Carriers, Solution Providers, Market Associations.
Not For-Profit Corporation Anti-Trust protected forum for
developing Standards and promoting implementation.
Develops, Manages, and Promotes Standards.
SLIDE 7
Why relevant to London?
ACORD RLC standard was developed by London
ACORD RLC standard has been refined by London market initiatives A&S initiative G6 input London repository
Can use standards implemented within North America and Europe
ACORD London presence
SLIDE 8
Placing
Quote PlaceEndor
se
SLIDE 9
Placing
Quote PlaceEndor
se
MR slip G6
MRSIGG6 phase 1
Implemented
Implemented
ImplementedComplete pilot end Q2 2007G6 phase 2 (Two-way
messaging)
Implementation from June 2007
SLIDE 10
Placing
Quote PlaceEndor
se
MR slip G6
MRSIGG6 phase 1
GPD
PLACING IMPLEMENTATION GUIDE
PLACING IMPLEMENTATI
ON GUIDE
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Implemented
Implemented
Completed - awaits MRG decision on rollout
ImplementedComplete pilot end Q2 2007
Publish June 2007 (G6 incorporated)
Update to include MRSIG Q3 2007
Re-publish June 2007 with London repository rules incorporated
TESTING AND CERTIFICATION FACILITY
•Already implemented with London repository rules included•Support for placing targeted for June 2007
G6 phase 2 (Two-way messaging)
Implementation from June 2007
SLIDE 11
Accounting and settlement
Close
Account
Settle
SLIDE 12
Accounting and settlement
Close
Account
Settle
A&S Strategic
A&S phase 1Signing messages; BSM, CSM, USM
Peer to Peer accounting
Implemented
No implementation plans
Implemented
Implemented internationally, not yet in London
ELPAN2Generally available from October 2007
SLIDE 13
Accounting and settlement
Close
Account
Settle
A&S Strategic
A&S phase 1
ACCOUNTING & CLAIMS IMPLEMENTATION GUIDEELPAN2: Bureau
EBOT: Non Bureau
Signing messages; BSM, CSM, USM
Peer to Peer accounting
Implemented
No implementation plans
Implemented
Implemented internationally, not yet in London
Publish August 2007 with ELPAN2 and EBOT requirements incorporated
ELPAN2Generally available from October 2007
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Re-publish June 2007 with London repository rules incorporated
TESTING AND CERTIFICATION FACILITY
•Already implemented with London repository rules included•Support for A&S targeted for August 2007
SLIDE 14
Claims
AdvicePayme
ntSettl
e
SLIDE 15
Claims
AdvicePayme
ntSettl
e
ECF
CLASS (Company market)Signing messages; BSM, CSM, USMCLASS (Lloyd’s)
Implemented
Rolling out
Rolling out
Implemented
Peer to Peer claimsNo implementation plans available
SLIDE 16
Claims
AdvicePayme
ntSettl
e
ECF
CLASS (Company market)
ACCOUNTING & CLAIMS IMPLEMENTATION GUIDE
EBOT: Non Bureau
Signing messages; BSM, CSM, USMCLASS (Lloyd’s)
Implemented
Rolling out
Rolling out
Implemented
Peer to Peer claimsNo implementation plans availablePublication with EBOT requirements targeted August 2007
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Re-publish June 2007 with London repository rules incorporated
TESTING AND CERTIFICATION FACILITY
Already implemented with London repository rules included
SLIDE 17SLIDE 17
London office:LUC - Suite 1/33 Minster CourtMincing LaneLondon EC3R 7DD UK+44 207 617 6400
World Headquarters:Two Blue Hill Plaza3rd FloorPearl River, NY 10965 USA
+1 845 620 1700