with lmg secretariat lmg forum january 2012 christopher croft, lmg secretariat rob gillies, lma mark...
TRANSCRIPT
With
LMG Secretariat
LMG ForumJanuary 2012
Christopher Croft, LMG Secretariat Rob Gillies, LMAMark Barwick, LIIBA
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Agenda
• Modernisation update
• Endorsements – the road to March 5th
• ACORD RLC Programme
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In ink, therefore it is…?
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© Xchanging 2011, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
ECF2 Current Status 16 Jan 2012
Claims Workflow Triggers (CWT)
• 22 carriers receiving live messages• 16 fully integrated into own workflow• Other carriers to join by arrangement with Xchanging
Claims Agreement Services (CAS)
& Single Sign On (SSO)
• CAS & SSO are live• 84 carriers plus XCS rolled out in production• Rollout is now largely complete, with only 4 carriers
remaining to be completed by the end of Q1.
Document File Viewer (DFV)
• DFV is live and converting 5000 – 7000 documents a day• Some intermittent teething problems continue and are
scheduled for resolution by the end of Feb• Rollout in line with CAS & SSO schedule
Claims Workflow Services (CWS)• Service deployed to 68 organisations • Only 1 organisation remains to be implemented by the
end of Q1
• ECF001, ECF002, ECF003, ECF004, ECF005, LADD & LREC are in use with 134 usersClaims Data Warehouse (CDW)
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© Xchanging 2011, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.
eAccounts
eAccounts Current Production use
• Miller, Price Forbes, UIB, Guy Carpenter, Aon UK, Lockton, Towers Watson and
Ropner continue with live operation
• NMB, Houlder & Aon Benfield are undertaking business testing as part of convoy three
implementation.
• The Winter maintenance release remains on schedule.
eAccounts Release 2 (R2)
• Xchanging continue working together with the Market to deliver R2 using the ‘big
bang’ approach to delivery.
• 5 out of 6 final estimates and timescales for the requested change requests have been
delivered. Development has approved by the AAC. The corrections CR is proving to
be complex and we anticipate the estimate will be ready by the end of January.
• MAT planning continues
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LMG 2012 targets
Initiative Target Date
ECF All new claims via ECF.Increase ECF usage to 80% of all open claims.
Q4
eAccounts release 1 12 brokers live; processing 20% of their business.
Q2
eAccounts release 2 Deliver into live usageAchieve 70% of potential live volume.
TBC
Non bureau business
10 new broker-insurer partnerships live.
Q4
Endorsements Rollout across all classes70% of endorsements processed electronically
Q1Q4
Electronic support for placing
Agree roadmapExisting & early adopter activity
Q2Ongoing
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Non Bureau Accounting
• Live partnerships involving:
– Aon
– Willis
– XL
– ACE
• Organising an event for potential new participants
• Case study/business case document to be published
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Endorsements Manager of the Month
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An Endorsements Manager of the Month official partner
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Endorsements broker of the month
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Endorsements insurer of the month
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Questions?
Endorsement Initiative UpdateAgenda
Electronic Support for Endorsements
January 2012
Endorsement Initiative UpdateAgenda
Build-up to 5 March – all classes in scope
Reviews with MAs
Broker implementations and broker engagement
Comments
Endorsement Initiative UpdateAgendaRoll-out matrix
www.londonmarketgroup.co.uk > Placing Support > Electronic Support for Endorsements
Exchange Message Volumes
Endorsement Initiative UpdateAgendaManaging Agent Data
Endorsement Initiative UpdateAgendaResponse times
Endorsement Initiative UpdateAgendaResponse times
Endorsement Initiative UpdateAgendaWhat next
• Project surgeries
• Systems, procedures and practice document
• Readiness checklist
• Engagement with underwriting groups
• Communications
All classes live:
5 March 2012
Endorsement Initiative UpdateAgenda
Questions?
LMA
• Rob GilliesTelephone: 020 7327 8377Email: [email protected]
• Peter HoldstockTelephone: 020 7327 8383Email: [email protected]
LMG Secretariat contact
• Steve HulmTelephone: 020 7327 5249Email: [email protected]
IUA Contact
• John HobbsTelephone: 020 7617 4445Email: [email protected]
Lloyd’s Contacts
• James Bobbitt (Technical) Telephone: 020 7327 5248Email: [email protected]
• Paul Willoughby (Project Management)Telephone: 020 7327 6634Email: [email protected]
• Trevor Maddison (Relationships)Telephone: 020 7327 5231Email: [email protected]
LIIBA Contact
• Chris BuerTelephone: 020 7280 0154Email: [email protected]
Contacts
LMG Forum – ACORD UpdateJanuary 2012
Mark Barwick Global Reinsurance Large Commercial Programme Director, ACORD
Month XX, 2011 24
Agenda• Placing• Exposure Reporting• Accounting & Claims• Roadmap
Month XX, 2011 25
Placing
• London Endorsements• ACORD Form based placing in other markets• Post placement message likely to be piloted in
2012 by Ruschlikon • DRI placing Document delivery being
considered – better than email• Exposure Reporting Message now available
Month XX, 2011 26
Exposure Reporting - The Problem• Insufficient, Little, if any, data supplied
• Typically paper format• No standard database to capture schedules• Exposures recorded on cards / datasheets• Manually calculated exposures
• Data is costly and unreliable • Requiring significant checking & re-work
• Inconsistent regarding data definitions• A mixture of external and proprietary code sets• regulatory requirements regarding data
reliability
Month XX, 2011 27
How Can Standards Help?
• Reliable data – consistent definitions and format assists regulatory requirements to prove data is correct
• Cheaper data – The costs associated with receiving and supplying data will drop since only one format to support
• More data – As data acquisition costs drop more data will be provided
• Quicker data - receivers and senders of data don’t have to reformat it and interpret it for each trading partner
Month XX, 2011 28
ACORD Exposure Reporting Standards
• Spreadsheet standards available for:• Binding Authority property schedule – ER3001• Simple address level reporting – ER3002• Aggregated exposure reporting – ER3003
• XML standard available for all above as well as:• Comprehensive Exposure Reporting
• Insurance specific code sets for:• Perils• Construction types• Occupancy (usage) types• GeoCode Match Levels (precision of Lat/ Long
coordinates)
Month XX, 2011 29
• The three main cat modellers are committed to implementing ACORD import and export functionality - AIR Worldwide, EQECAT and RMS
• Other notable supporters:• CRESTA• PERILS• Allianz, Lloyd’s, Scor, Swiss Re, Tiger Risk
Support for ACORD’s Exposure Reporting Standards
Month XX, 2011 30
Accounting & Claims• Premium and claims advice and settlement• Insurance and Reinsurance, Broker or direct• Geography – 6 continents & more than 30
countries• EBOT – Electronic Back Office Transactions• ECOT – Electronic Claims Office Transactions• Ruschlikon Rulebook – target performance
standards• Ruschlikon Lite – Low cost option for
cedents/brokers
Month XX, 2011 31
FOUR COMMITTEES
ONE STANDARD
NON
Month XX, 2011 32
Ruschlikon Steering Group• AonBenfield, Guy Carpenter & Willis, Swiss Re, SCOR,
Munich Re, Axis, XL Re and Catlin Bermuda • Message volumes continue to rise; 2010 = 150,000,
2011 = 215,000, projected 2012 = 360,000.• Steering Group liaises with other implementation
communities and coordinates work of the Business Implementation Group (BIG)
• Pilots being considered for 2012 for placing administration
• Visit www.ruschlikon-global.com
Month XX, 2011 33
London Non Bureau Group• Participants - Chubb, Xl Insurance, XL Re, Chartis, RSA,
Ace, Willis, Aon and Marsh. • Implementations in 2011 between Willis and Aon and
XL insurance and ACE • Chartis have secured executive support and are
finalising their business case• Focus is large commercial insurance – EBOT now, ECOT
later• http://www.londonmarketgroup.co.uk/index.php?option=com_content&view=category&id=102
&Itemid=213
Month XX, 2011 34
US Advisory Group• Participants - Aon, Guy Carpenter, Willis, Chartis,
Munich Re, Swiss Re, Partner Re, Travelers and XL Re• Implementations in place this year between Willis
and Aon and XL insurance and ACE • Chartis have secured executive support and are
finalising their business case• Focus is on large commercial insurance – EBOT only
to start with (ECOT later)• See http://www.acord.org/usrecom/Pages/default.aspx
Month XX, 2011 35
Ruschlikon in Bermuda Steering Group• Participants - Chubb, Xl Insurance, XL Re, Chartis, RSA,
Ace, Willis, Aon and Marsh. • Implementations in place this year between Willis and
Aon and XL insurance and ACE • Chartis have secured executive support and are
finalising their business case• Focus is on large commercial insurance – EBOT only to
start with (ECOT later)
Month XX, 2011 36
Further developments in 2012• Franco-German event
planned for Q2• Targeting Brokers,
insurers, cedents, captive brokers
• Could lead to groups in each market being formed
Month XX, 2011 37
Month XX, 2011 38
FIND OUT MORE ABOUT THIS AT THE FEBRUARY 23RD
ACORD CLUB.Contact [email protected]
Month XX, 2011 39