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Market Reform Implementation Guide: Maximizing Benefits and Ensuring Compliance

This guide outlines essential steps for successful market reform implementation, including clarifying responsibilities, IT preparation, training, and compliance checking. Learn how to drive change and reap benefits effectively.

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Market Reform Implementation Guide: Maximizing Benefits and Ensuring Compliance

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  1. Market Reform What you need to do February 2005

  2. What you need to do • Different projects, different action required • Get information, get it to right place • Who’s doing what: clarify responsibilities • Plans, budgets and your IT programme • Your IT department or suppliers • Who is responsible for the change programme? • What needs to change? (IT, processes) • How can we get the benefits • Training • Implementation • Planning • Rollout • Compliance checking and review

  3. LMP Slips – your involvement • Check the Market Reports • How do my company perform re problem areas? • Do my Company action this and who is responsible? • League tables • How well do we do? • Do I need a PO feedback session?

  4. Accounting and Settlement – your involvement • Business design document • Who is responsible for digesting it and spelling out implications? • Do we understanding it? • Who sponsors change? • IT preparation • Who will digest technical info? • Budget? (internal or third party) • Should we be bidding to be in convoy 1? • If not, when?

  5. Claims – your involvement • Does my Company have a strategy for implementing and using Repositories? • And CLASS if a Lloyd’s managing agent • What is our approach to other firms’ repositories? • Will we be able to handle 100% of new claims electronical in mid-06? • MRIB and Project Board are pushing for that, and committing their own firms

  6. Contract Certainty and Documentation – your involvement • Do my Company understand the market proposals? • Who has read the documentation? • Who in a senior position owns the project? FSA will want to know. • When can we become involved? • Set up an internal Steering Group • Cross department issues

  7. Market Reform What you need to do February 2005

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