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Market Reform Office

Market Reform ForumMarch 2009

Christopher Croft, MROIan Springett & Adrian Duggleby, MAPRob Myers, Xchanging

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9Market Reform

OfficeAgenda

• Market reform update

• Adapting to ECF – a practical solution

• Accounting & Settlement – a year of progress and improvement

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9Market Reform

OfficeLloyd’s customer survey

Speed of contract much improved

Satisfaction by touch point

Q. How satisfied are you with…, on a scale of 1-10?

Lloyd's Customer Satisfaction November 2008 Source: Acritas

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9Market Reform

OfficeeMRCE

• MRG target – 3,000 in April

• Bi-lateral agreements – protocol on marketreform.co.uk

• Feb number likely to be lower than Jan

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9Market Reform

OfficeElectronic endorsements - broker submissions

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OfficeeMRCE trend

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9Market Reform

OfficeElectronic policy signings

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OfficeElectronic policy submissions

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9Market Reform

OfficeMRC – version 1.3?

• Gathering input via the Associations

• Tax guidance possible subject

• If there is a new version, timescales will be similar to previous years

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9Market Reform

OfficeLloyd’s Exchange

• Technical testing underway

• 3 suppliers connected

• Phase 1 pilot due to commence 01/05/09

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9Market Reform

OfficeFWWS

• MRG to prioritise prospective spend for 2009

• Includes scope increase (IMR Security model) and usability improvements

• E-Accounting – broker plans due by end March

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9Market Reform

OfficeFSA still interested

“As the London Market competes for global business, it is always important – and perhaps even more so now – to pursue improvements in efficiency. Underwriters and intermediaries, along with suppliers of support services to the industry, have a collective interest in the health of the London Market, and the FSA is pleased to see the Market Reform agenda shifting gear from 'Finish what we have started' – including the very good work that you have already done on legacy issues –  to pursuing in a well-defined way the MRG vision for a business model that meets customers' needs, is cost-effective and provides the infrastructure necessary to allow all participants to manage the risks that they take.”

Tony Brooke-Taylor, Head of Wholesale Insurance, FSA

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9Market Reform

Office

Questions?