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Market Reform “from the top”

Market Reform “from the top”. Andy Brookes Market Reform Office 21 May 2008. Agenda. 9.30 – 10.10 Market Reform Overview – Andy Brookes (MRO) 10.10 – 10.30 Standards and ACORD – Steve Hulm (MRO)

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Market Reform “from the top”

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  1. Market Reform “from the top” Andy Brookes Market Reform Office 21 May 2008

  2. Agenda 9.30 – 10.10 Market Reform Overview – Andy Brookes (MRO) 10.10 – 10.30 Standards and ACORD – Steve Hulm (MRO) 10.30 – 10.50 Endorsements – plans for increased efficiency in processing contract changes – Steve Hulm (MRO) 10.50 – 11.05 Break 11.05 – 11.30 Electronic Claims Files – Adam Stafford (Lloyd’s) 11.30 – 12.00 e-Accounting – Richard Lester (Guy Carpenter) & Brian Austin (Lloyd’s) 12.00 – 12.30 Electronic Placing - Rob Gillies (LMA) 12.30 – 12.45 Wrap up & Questions – Steve Hulm

  3. Why reform? To sharpen London’s competitive edge… • London losing share of the global commercial insurance market • For example: Marine 32% 1988, 15% 2006 • Customers dissatisfied with the speed of processing • 2006 - Lloyd’s customer survey - market poor on: speed of contract documentation; information about claims; speed of claims settlement • 2007 - better • Regulatory pressure • Dec 2004: FSA CEO John Tiner challenges market to put an end to “deal now, detail later” culture • Emphasis on achieving contract certainty or face rules to enforce • Operational Risk

  4. Why reform? Deliver more for less… • Reverse the trend and make London the market of choice • Collaboration between firms can deliver a larger, more competitive market • Addressing inefficiencies will reduce costs and remove barriers to profitable business coming to London

  5. Market Reform: Who is involved?

  6. What have we achieved so far ? PLACING & SETTLEMENT Slip creation guidelines providing certain and consistent placing documentation MRC - complete Clear, unambiguous contracts agreed at formation Contract Certainty - complete Early delivery of single insurance document to client Contract Certainty - complete Improving the speed of premium processing - delinked premiums Repository (IMR) in useDelinking circa 70%

  7. What have we achieved so far ? Endorsements Improved speed of endorsement processing MRCE adopted; e-endorsements being used Claims IMR in use for 90+% new in scope Lloyd’s claims Electronic storing of documents allowing simultaneous access

  8. What have we achieved so far ?

  9. Key 2008 priorities • Placing: • Electronic placing support – increase proportion of risks for which structured data is exchanged • Endorsements – adopt MRCE & increase use of e-endorsements • Legacy – further reduce legacy risks • Claims: • Electronic Claim Files – develop system & expand usage • Service targets - implement • Accounting & Settlement: • Insurers’ Market Repository – develop system & expand usage • ‘De-linking’ – extend use • ACORD Messaging – increase use

  10. Market Reform MRG 2008: Q1 Progress against plan    Placing      Supporting 

  11. MRG 2008: Q1 Progress   Market Reform    Claims    A&S  

  12. Next phase…? • Begin the thinking – what comes next? • Candidates • Role of broker and underwriter • Single claims platform • Others? • Associations and Lloyd’s to start with

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