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LMG Secretariat
Endorsements Pilot 2010
John Hobbs (IUA)
Chris Buer (LIIBA)
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Agenda
•Pilot approach & timetable
•Market commitment
•Benefits
•Plan & next steps
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Mission
All contract changes in the London market, irrespective of complexity, submitted and agreed electronically using ACORD messaging (two-way electronic messaging).
This does not preclude negotiation, whether face to face or otherwise, where appropriate or desired.
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Timetable
• Bilateral live electronic transaction of endorsements now and ongoing
• Finalise project scoping and confirm broker and insurer commitment completed end Jan
2010
• Implementation of ACORD 2009.1 19th February 2010
• Review market readiness and confirm commencement of pilot 17th May 2010
• Latest technical readiness date 1 June 2010
• Business scenario testing to end August 2010
• Latest operational readiness date 1 September 2010
• Anticipated commencement of full market participation 1 January
2011
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Process validation
•Build on eMRCE work
–Same standard
–Better technology
–Wider market commitment
•Joint Hull & Cargo Committees working group
•Workshop input
•Pilot feedback
•Aim of the pilot is to demonstrate a ‘fit for purpose’ process that can deliver benefit
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15 Major Brokers have signed up to the Pilot
Broker commitment
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100% of Managing Agents
have signed up to the Pilot.
Managing agent commitment
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24 IUA members by 2011, 17 part of the endorsement pilot
IUA Carrier commitment
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• Reduced face-to-face for non-complex endorsements = spend underwriting time with broker more productively
• Earlier availability of risk information and documents = a more considered underwriting decision
• Earlier visibility of endorsements for follower agreement parties
• Reduced scanning / photocopying volumes
• Greater flexibility over workload = better time management and more efficient use of supporting staff
UNDERWRITERS
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• Simple and non-premium endorsements agreed electronically = no need for a broker visit
• Simultaneous distribution of endorsements to following agreement parties
• Simultaneous distribution of notifications (listings) to other carriers
• Agreed turnaround time from underwriters
• Reduced production and movement of paper
• Reduced box wait time - use of data and electronic documents means no carrier re-keying or scanning of paper
• Improved auditability and compliance
• Potential for improved tracking of agreement progress
BROKERS
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Pilot phases
• Prove technical connectivity
• Enable hands on experience for business users
• Process familiarisation
• Sign off for business as usual
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•Complete technical readiness
•Participate in practitioner workshops
•Engage in business scenario testing
•Reach operational readiness by 1 September
Next steps
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Workshops
•Additional sessions now taking bookings
•www.lmalloyds.com
[Marketplaces>Ops and Change>Placing Support>Endorsements]
•What to do next: To book onto a session please contact
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Technical documentation
•www.lmalloyds.com
[Marketplaces>Ops and Change>Placing Support>Endorsements]
Technical GuideBusiness IntroductionProject OverviewSingle Page Summary
Consolidated Implementation Guide
Technical GuideBusiness IntroductionProject OverviewSingle Page Summary
Consolidated Implementation Guide
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Contacts
LMA & Endorsements Pilot Contacts
• Rob Gillies
Telephone: 020 7327 8377
Email: [email protected]
• Peter Holdstock
Telephone: 020 7327 8383
Email: [email protected]
LMG Secretariat contact
• Steve Hulm
Telephone: 020 7327 5249
Email: [email protected]
Lloyd’s Contacts
• Paul Willoughby
Telephone: 020 7327 6634
Email: [email protected]
• Trevor Madison
Telephone: 020 7327 5231
Email: [email protected]
• Abby Wiggin
Telephone: 020 7327 5631
Email: [email protected]
LIIBA Contact
• Chris Buer
Telephone: 020 7280 0154
Email: [email protected]
IUA Contact
• John Hobbs
Telephone: 020 7617 4445
Email: [email protected]
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Questions…?
