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LMG Forum 23 June 2010

LMG Forum 23 June 2010. Confidence in Lloyd’s 2002-2010. Base: All respondents (n=301) Source: Q17 How positive do you feel about using Lloyd’s as a market in which to do business in the next three years, very positive, quite positive, not very positive or not at all positive?.

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LMG Forum 23 June 2010

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  1. LMG Forum 23 June 2010

  2. Confidence in Lloyd’s 2002-2010 Base: All respondents (n=301) Source: Q17 How positive do you feel about using Lloyd’s as a market in which to do business in the next three years, very positive, quite positive, not very positive or not at all positive?

  3. Lloyd’s process performance v other markets 2004-2010 Base: All respondents (n=301) Source: Q18b Compared with other insurance markets, how do you think Lloyd’s performs on each of the following aspects of business processing? Net %age saying Lloyd’s ‘better’

  4. Placing – modernisation timeline Dec 2007 FSA agree Contract Certainty success Jan 2006 Contract Certainty 65% Nov 2009 Exchange live June 2007 Contract Certainty Code of Practice Oct 2001 LMP slip Dec 2004 John Tiner Contract Certainty challenge Dec 2008 FSA agree legacy success June 2006 Market Reform Slip June 2007 Market Reform Contract June 2010 Endorsements pilot Dec 2007 Market Reform Contract Endorsement EMRCE

  5. RI3K In 2009

  6. Legacy Policies • Legacy Policies • With FSA agreement market wide measurement ended in December 2008 • Continuous improvement through • Arrow visits & Underwriting Minimum Standards reviews • Approx 239,000 legacy policies reduced to approx 29,000

  7. Insurer’s Market Repository timeline Oct 2008 IMR Agreement signed Sept 2010 ECF2 live – major usability upgrade for carriers Sept 2006 IMR live Dec 2009 IMR security model live – expands scope of A&S & ECF Usability releases July 2009 IMR upgrade – robust infrastructure in place March 2010 Time and motion study – ECF twice as quick as paper Nov 2006 ECF live May 2008 90% of OP submissions via IMR

  8. 100 0 Apr 07 Dec 08 How successful has the Lloyd’s market been at reform? Electronic Claims April '07 - 14.4% in scope December ‘08 - >90% in scope BENEFIT Money to client 40% faster 16,000 transactions per month 82,000 claims to date

  9. Comparative service performance of Lloyd’sClear lead for Lloyd’s on all claims performance measures Base: All Claims personnel (n=150) Q15: Thinking again about the five locations, London, Lloyd’s, Bermuda, the US and Europe, which markets do you most closely associate with excellence in each of the following areas? You can say as many or as few as you like. Please remember, even if you don’t deal directly with each market we are still interested in your perception.

  10. ECF impact on service to clients 2009; started on the back foot, but Q3 and 4 trend is very positive... Base: All Claims Personnel Q2 (n=50), Q3 (n=50) Q4 (n=51) Q19b: Thinking now about ECF. do you think that the introduction of ECFs has improved service to your clients? Q19b1: Would you say the service has stayed about the same or got worse?

  11. 100 0 Apr 07 Nov 08 How successful has the Lloyd’s market been at reform ? Accounting & settlement • Jan ’08 – 45% Original Premiums November ‘08 - 96% Original Premiums BENEFIT Faster money movement to the Managing Agent. 1 day = £600,000 investment income on average Contributing to profitability 62,976 transactions per month 456,305 transactions to date

  12. Why Have a Bureau Model? The London Bureau demonstrates the business value to all participants that a ‘hub’ type business and technical service can bring compared to typical “Open Market” practices • Net Settlement – reduces working capital requirements. For example, in 2009 XIS processed £46.7bn of premium through central settlement, which netted to £7.7bn of actual cash movement • Leverage scarce skills – multiple followers benefit from sharing scarce technical skills • Once only data entry and processes– enter data once for multiple parties, especially in the subscription market • Faster movement of cash – rolling daily settlement on 1 day, 3 day,1 week,1 month • Reduced broker and insurer back office effort (and cost) – Independentstudiesdemonstrate a factor of 5-9x reduction in numbers of accounting staff required to process Lloyd’s v. equivalent number of open market (non-subscription) claims and premium transactions • Enforcement of standards– both business processing and electronic messaging – multiple bilateral agreements not necessary • Single connection – connect to 1 trading partner, connect to all – accelerates electronic take-up • Complex workflow orchestration – authoritative view of process status across multiple parties. Especially in the subscription market e.g. ECF / Class@ Lloyd’s

  13. IMR – SLA Performance & Key Metrics • Key Metrics • 40m page hits per month • 400k DRI messages per month • 6,500 registered users • 10.5 m documents stored

  14. Amlin • G6 – why, when, how, what and whether • Xchanging • Lloyd’s • Internal Amlin issues

  15. % of risks placed electronically: current and 2012 Base: All respondents (n=301)

  16. Where and how risks are placed: current and in 2012 Base: All respondents (n=301) Current 2012

  17. 2010 Work-Plan

  18. 2010 Work-Plan

  19. The Future • Solvency II – Preparation • Solvency II – Delivering • Solvency II – Embedding

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