electronic placing in the london market
DESCRIPTION
Electronic Placing in the London Market. Rob Gillies Lloyd’s Market Association. July 2007. What is electronic placing?. What is electronic placing?. Data and negotiation. - PowerPoint PPT PresentationTRANSCRIPT
Electronic Placing in the London Market
July 2007
Rob GilliesLloyd’s Market Association
What is electronic placing?
• Data and negotiation
What is electronic placing?
MRG Vision 2007-2009: All risks submissions sent electronically; wholly electronic trading for some simple risks with no manual intervention; face-to-face when required for large and complex risks
What is electronic placing?
Face to Face
Complex
Face to Face, Telephone, Electronic
Moderate
Electronic
Simple
Negotiation
Data Exchange
• Improved regulatory compliance
Why electronic placing?
= Improved client service and increased shareholder return
• Reduced costs
• Increased operational efficiency
• Strategic business opportunities
Why electronic placing?
• What’s in it for me
• The organisational perspective – the personal perspective
• Relevance of benefits reflects organisation’s business model
• Benefits model
What has been achieved so far?
• Development of the Market Reform Contract to meet ACORD standards
• Review and standardisation of the endorsement process
• Development of a Wordings Repository
• Development of the data sets and processes for EP to meet ACORD standards
What has been achieved so far?
• Successful piloting of peer-to-peer placement by five brokers and six managing agents
• The use of electronic placing standards by Aon, Marsh, Guy Carpenter and other organisations for inter-office routing of risk information
• The electronic placement of 98% of Benfield’s Japanese renewals for second quarter 2007
• Announcement of Aon’s intention to use the Ri3K electronic placing system to deliver all Treaty business. They are also looking to expand scope
• Adoption of RI3K by Lloyd’s China
• Adoption by Aspen Re of electronic messaging standards
• Active involvement in or serious expression of interest in electronic placing by total of fifteen managing agents, three insurance companies and six brokers
Project Scope
• to create clarity in the market about the benefits and implications of, and options for, the adoption of EP
• to extend significantly the use of EP amongst organisations in the London insurance market.
Project runs to end of Q2 2008
Objectives
• This is a London market business issue
Project Scope
• Benefits based business case for adoption
• Agnostic towards technology
• Adoption of ACORD standards, implemented consistently
• All business in scope
• Briefing pack
Resources
• Benefits model
• Landscape analysis
• Promotion and support
• Implementation guides and groups
• The technology exists and is available
• Entry costs are affordable
Technology
www.the-lma.com
Peter Holdstock Consultant020 7327 8383
Rob Gillies Head of Market Reform Policy
020 7327 8377
Contacts
Please leave a business card to be added to our distribution list
Questions
Electronic Placing in the London Market
July 2007
Rob GilliesLloyd’s Market Association