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Market Reform Forum

On April 21, 2005, Andy Brookes provides an update on business reform strategies at the Market Reform Forum. The session highlights key topics including Contract Certainty, the implementation of LMP slips, and the development of electronic infrastructure for claims and settlement processes. Focus on partnerships and governance reveals progress in operational aspects and timelines for future phases, including migration and testing strategies aimed at enhancing efficiency in the market. This update is essential for firms to understand their roles and upcoming changes.

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Market Reform Forum

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Presentation Transcript

  1. Market Reform Forum Update on business reform 21 April 2005 Andy Brookes LMP/Lloyd’s BPR

  2. Objective: up to speed in (less than) half an hour…… • Aims, end vision, overall approach – take it as read • Contract Certainty – today’s special topic • LMP slips • Implementations • Kinnect • Back office electronic infrastructure • Accounting and Settlement • Electronic Claims Files • What you should be doing • Comms – newsletter, website

  3. Accounting & Settlement • Xchanging costs (£10.4mn) being reviewed • Interim report with Project Board • Technical and data information: Phase 1, publish 22 April • Who is digesting it in your firm/supplier? Views please • Phase 2 likely to be May – claims, ORI • Accounting splits: Code of practice being finalised; now costs • Migration (legacy and crossover): Complete for premium, claims (Section 2 of technical information) • Testing – first convoy on behalf of market; subsequent convoys • Working through options • MRIB and Project Board working on implementation timetable • Had aimed to publish in Q1, will be Q2 - greater certainty required on costs • Sequence and timetable for deliveries • Convoy one membership

  4. Electronic Claims File • XIS development work • Phase 1 - Operational in February • Phase 2 - Delivered and tested, now live • Overall business process requirements - Agreed • Overall business process spec being signed-off • DRI designnear completion • Implementation • 4 partnerships operational – low volumes (fine) • 40 (up from 25 last month) potential partnerships identified • Governance – Project Board and MRIB • Named brokers commit to deliver 100% new claims from Q3 2006 • Named Managing Agents commit to use ECF for new claims from Q3 2006 • Live issues • Monitoring implementation partnerships • Documentation needs stepping up

  5. Communication • Newsletter • Useful? Boring? • Websites • LMP – used? Quality?

  6. Market Reform Forum Update on business reform 21 April 2005 Andy Brookes LMP/Lloyd’s BPR

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