with market reform office market reform forum april 2009 christopher croft, mro roger oldham, hsbc...
TRANSCRIPT
With
Market Reform Office
Market Reform ForumApril 2009
Christopher Croft, MRORoger Oldham, HSBCJohn Muir, Willis
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9Market Reform
OfficeAgenda
• Market reform update
• London market - setting the pace
• Endorsements update
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9Market Reform
OfficeFWWS
• MRG agreed the following assumptions for the finish what we have started work
– That the current systems will be in place for at least the next four years.
– That any work to these systems that delivers benefit within that timescale can be considered as part of the finish what we have started work.
– That the aim of the finish what we have started work is to get to as near as practicable 100% usage, of ECF in particular.
– That if further funding is required to deliver this work, it will be sought.
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9Market Reform
OfficeFWWS next steps
• Approvals
– IMR Security model
– Design study for co-lead binders
• Forward approval agenda
– April: ECF2 (claims workflow triggers/service; document viewer; claims database)
– May: eAccounting and outcome of co-lead binders study
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9Market Reform
OfficeeMRCE
• MRG target – 3,000 in April
• Bi-lateral arrangements – protocol and sample on marketreform.co.uk
• John Muir to provide more detail on this approach
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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
OfficeE-Policies
Electronic policy submissions
0
100
200
300
400
500
02/03/2009 09/03/2009 16/03/2009 23/03/2009 30/03/2009 06/04/2009
60%
70%
80%
90%
100%
Total policies signed Electronic submissions
Electronic submission proportion
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9Market Reform
OfficeLloyd’s Exchange
• Technical connectivity testing with pilot participants to begin on 1st May with business testing from 1st June.
• So far 35 Managing Agents; 6 company market insurers; and 14 brokers have expressed interest in participating in the first three phases of the pilot
• A number of suppliers/service providers have completed some preliminary technical testing these include Perspective Technologies, Ri3K, Room, The Insurance Workplace (TIW), Trace, Trisystems, Web Connectivity.
• Initial use of the Lloyd's Exchange to cover placing; endorsements and signed lines.
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Questions?