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LMG Forum January 2011

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  1. LMG ForumJanuary 2011 Christopher Croft, LMGSRoy Laker, ACORD

  2. Agenda • Modernisation update • ACORD 2011

  3. Racing results

  4. Racing results Lingfield Going: Standard 12:35 | Non-runners: Private Equity; 1:05 | Non-runners: Amends; Hecton Lad; Mayfair's Future; 1:35 | Non-runners: Wilfred Pickles; 2:05 | Non-runners: Yer Woman; Mr Willis; 2:35 | Non-runners: Baby Dottie; Methaaly; 3:05 | Non-runners: Bollywood Style; 3:35 | Non-runners: Jemimaville; Fayre Bella; Cheveyo; Boy The Bell;

  5. Racing results

  6. ECF2 Current Status

  7. eAccounts • eAccounts Release 1B (R1B) • Code now released into production • Miller Start due to start live operation during the week beginning 17/1/11 • Upgraded testing and training environment being established for full rollout • Aon testing continuing, but may switch to new rollout environment. • UIB, Guy Carpenter & Price Forbes start initial implementation meetings 17/1/11 • eAccounts Release 2 (R2) • Resources in place • Work has started

  8. Endorsements • Key tasks now underway are: • Completion of final market survey • Completion of investigation of benefits • Preparation of analysis of message and transactions volumes for pilot period • Completion of review of issues arising from the pilot and identification of resolution paths. • LMG decision 3rd March

  9. Technological advances… • BMS & Catlin have placed business using an iPad • “Now we have the initiative and tools which mean we can retain the contact whilst making the whole process exponentially more efficient.” – Steve Knight, BMS

  10. Future processing model • Consultation paper published • Consultation runs until end March • Contact your association or • future@londonmarketgroup.co.uk • www.londonmarketgroup.co.uk/future

  11. Hulm/Summers report • Benefits of modernisation thus far • Demonstrates that we have achieved quite a lot • Signed copies…

  12. Questions?

  13. ACORD UpdateJanuary 2011

  14. Agenda Some Background The London Market The Rüschlikon Initiative Global Implementations Further ACORD Activity/2011 Plans

  15. ACORD implementations are Global London Europe USA Other regions Bermuda

  16. The London Market

  17. London Market – Messages maturing over time….. Paper with London Messages (1988) EDI Electronic documents with London Messages (2005) EDI Electronic documents with skinny RLC Messages (2006) XML Electronic documents with fuller/fat RLC Messages (2010/11) XML

  18. The London Market Summary ACORD standard are mature, are a proven solution driving benefits today Vendor partners have matured significantly reduced the barriers to entry and reduced the ongoing operational costs Focus is on implementation with more trading partners Information captured at its earliest point and reused in downstream processes transparency, simplicity and clarity across processes for all Future processes all supported by ACORD

  19. The Rüschlikon Initiative

  20. What?……..this is Rüschlikon…….

  21. AonBenfield, Munich Re, SCOR, Swiss Re and Willis Now plus Guy Carpenter, Hannover Re Further automate (re)insurance back-office processes Realise business benefits of using ACORD standards reducing implementation costs Improving data speeding up processes (with target service levels) pushing up implementation volumes Structured as an open, non-profit industry initiative under ACORD umbrella Rüschlikon in a nutshell

  22. 3 Years‘s view: What was it – and what is it now? • Preparation: • Review and confirm RLC standards • Changes via MR process • Formulate Rulebook • Install/test SWIFT connections • Full standardization: • Members upgrade to same version • Central validation installed Initiative proposed Meetings commence 2008 2009 2010 Pilot of Swift network • Members confirmed:- • Support of ebot/ecot • Need for a “Rulebook” • Participants: • Aon Benfield • Munich Re • SCOR • Swiss Re • Willis • Completion of SWIFT pilot: • Case not there for central hub / reverted to P2P • Huge value in cooperation – so initiative • continued • Keep Rulebook (but amend) • Expand membership and implementation • Continue to review/enhance standards • Look at alternatives for ‘light’ solutions

  23. The Rüschlikon Initiative in motion Already delivered Strong community SLA’s Common standards Business case Ongoing Refine content of messages Grow volumes within the initial group and new business partners Strengthen cooperation with IT vendors Pursue options to attract lower volume and/or less e-sophisticated business partners

  24. Governance:Rüschlikon Bodies and Key Tasks Business Implementation Group (BIG) • Sponsor from overall industry perspective-Europe • Steer Rüschlikon progress and develop future strategy • Guide BIG-activities • Encourage traffic increase amongst members (exchange roadmaps) • Increase attractiveness to trade electronically with business case material and concepts like Rüschlikon Light • Develop and monitor process for reaching-out to others, marketing activities and documentation • Engage with service providers to encourage implementation Steering Committee • Identify potential enhancements for discussion and consideration to widen the ACORD standards; With experience gained from 10,000 plus messages since April 2010, focus is on • Providing greater business return with enhancements to ebot/ecot • Production of post placement message • The query process • Performance reporting standard mechanisms • The settlement process • Document exchange methods

  25. Documentation ACORD Standards • ….. Content related to initiative partners implementations, the way they use the standards (not the standards themselves)… • Background • Rules of engagement • Standards overview • Versions control • Some detailed points... • Data outside the standard • Referencing • Document exchange methods supported • Link/URL, Instream Attachment , Document Repository Interface • Message grouping recommendations (will be proposed as MR) • Target performance standards • Frequency of information exchange, targets for follow-up actions • Base for agreed service levels and performance monitoring/reporting • Glossary Rulebook • ........ The standards agreed on by the ACORD RLC community as a whole

  26. The Rüschlikon Summary Rüschlikon accelerating its pace with regards to traffic volumes, market penetration, geographical scope and richness of offering Strong support of leading brokers and the reinsurers, with ongoing alignment of other communities and vendors 2011 expected to be year of truth from all perspectives ACORD heavily involved and supporting Industry attention, thought leadership, enhanced standards, global cooperation

  27. Global Co-operation on Implementation

  28. An ACORD implementation challenge To ensure that business benefits are captured in an increasingly global world To balance global and regional requirements to the benefits of the industry To coordinate globally, so that unnecessary regional variations don’t creep in To conduct the maintenance process so that it does not delay implementation, but does take into account all views

  29. Global Co-operation Europe North America London Bermuda

  30. Cooperation – Regional perspectives as input into common implementation base Rüschlikon Steering Group USA advisory group Other community steering group (London, GDV) • Sponsor & steer community priorities • Encourage traffic increase via community exchange roadmaps • Endorse community-specific requirements and innovations • Drive process for reaching-out to new community members • Engage with service providers relevant to the community • Ensure community voice in BIG Business Implementation Group • Discuss and agree common implementation base around ACORD ebot/ecot and Rulebook • Identify potential enhancements to ACORD standards

  31. Other Territories

  32. Further ACORD activity

  33. Implementation Help ACORD awareness for business and IT technicians ACORD training for all Health checks for individual organizations relating to ACORD Messaging implementation help ACORD XML Message Mapping TCF help for organizations testing and those seeking certification

  34. Other Key Areas Cedent Bordereau Regulatory and Tax Reporting Catastrophe Exposure Premium and Claim Bordereau for Binders Testing and Certification ACORD re-organisation

  35. 2011 Plans Cedent Bordereau - complete Q1 Regulatory and Tax Reporting -complete Catastrophe Exposure - complete Q1 Premium and Claim Bordereau for Binders – in development Global ebot and ecot Rollout - ongoing London support – ongoing

  36. Two Blue Hill Plaza3rd FloorPearl River, NY 10965USA+1 845 620 1700 NEW YORK OFFICE London Underwriting CentreSuite 1/33 Minster CourtMincing LaneLondon EC3R 7DDUnited Kingdom+44 (0)20 7617 6400 LONDONOFFICE Wednesday, September 24, 2008