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With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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Page 1: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

With

LMG Secretariat

LMG ForumJanuary 2012

Christopher Croft, LMG Secretariat Rob Gillies, LMAMark Barwick, LIIBA

Page 2: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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Agenda

• Modernisation update

• Endorsements – the road to March 5th

• ACORD RLC Programme

Page 3: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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In ink, therefore it is…?

Page 4: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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)

Page 5: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 6: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 7: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 8: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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Endorsements Manager of the Month

Page 9: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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An Endorsements Manager of the Month official partner

Page 10: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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Endorsements broker of the month

Page 11: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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Endorsements insurer of the month

Page 12: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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Questions?

Page 13: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgenda

Electronic Support for Endorsements

January 2012

Page 14: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgenda

Build-up to 5 March – all classes in scope

Reviews with MAs

Broker implementations and broker engagement

Comments

Page 15: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgendaRoll-out matrix

www.londonmarketgroup.co.uk > Placing Support > Electronic Support for Endorsements

Page 16: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Exchange Message Volumes

Page 17: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgendaManaging Agent Data

Page 18: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgendaResponse times

Page 19: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgendaResponse times

Page 20: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgendaWhat next

• Project surgeries

• Systems, procedures and practice document

• Readiness checklist

• Engagement with underwriting groups

• Communications

All classes live:

5 March 2012

Page 21: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Endorsement Initiative UpdateAgenda

Questions?

Page 22: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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

Page 23: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

LMG Forum – ACORD UpdateJanuary 2012

Mark Barwick Global Reinsurance Large Commercial Programme Director, ACORD

Page 24: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Month XX, 2011 24

Agenda• Placing• Exposure Reporting• Accounting & Claims• Roadmap

Page 25: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 26: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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

Page 27: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 28: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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)

Page 29: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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

Page 30: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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

Page 31: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Month XX, 2011 31

FOUR COMMITTEES

ONE STANDARD

NON

Page 32: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 33: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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

Page 34: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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

Page 35: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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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)

Page 36: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

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

Page 37: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Month XX, 2011 37

Page 38: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Month XX, 2011 38

FIND OUT MORE ABOUT THIS AT THE FEBRUARY 23RD

ACORD CLUB.Contact [email protected]

Page 39: With LMG Secretariat LMG Forum January 2012 Christopher Croft, LMG Secretariat Rob Gillies, LMA Mark Barwick, LIIBA

Month XX, 2011 39