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Enhancing Global Insurance Trading Efficiency: A Comprehensive Overview

Dive into the current volumes, challenges, and benefits of the global insurance trading system as of October 2007, exploring developments to date, next steps, and your role in this dynamic landscape.

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Enhancing Global Insurance Trading Efficiency: A Comprehensive Overview

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  1. 25 October 2007 ECF – A GLOBAL SOLUTION? Gordon Street TPE2.19

  2. TOPICS • Current volumes • Status & developments to date • Next steps • Benefits • Challenges • Your role ?

  3. CURRENT VOLUMES AT LLOYD’S First week October 2007 (All business categories) • 45% of In-Scope • 35% of all claims • 44 Live Brokers (79% total claims volume) • 49 Brokers to implement by end of 2007 (Potential total 98% total claims volume).

  4. INSURERS PARTICIPATION TO DATE • 39 out of 43 Managing Agents • 12 IUA companies live or implementation • 32 IUA companies demo or discussion • Marsh Marine approx 80% of In-Scope

  5. OBJECTIVE • Global trading • Desktop to Desktop delivery • Changed method of delivery of claims information

  6. FIRST PHASE • Brokers (some) • Lloyd’s • Xchanging repository • ACCORD Global standard

  7. SECOND PHASE • Lessons learned & developments needed • Broker take-up • IUA companies

  8. FUTURE • Remaining Brokers • All IUA companies • Other improvements/developments • Insurers outside London Market • Experts/service providers

  9. BENEFITS • Speed of delivery of information • Easy access to file for all parties • Structured data • Audit trails • Claims management opportunities • Easier communication between everyone

  10. CHALLENGES • Cultural issues • Use of face to face discussions • Reduce paper • Manage inboxes/set priorities • Service levels & resourcing • Time taken to process • Training • Followers questions : delays & problems?

  11. THE OPPORTUNITY • All marine claims practitioners • Brokers • Lloyd’s underwriters • IUA companies • Other insurers • Experts

  12. CONCLUSION

  13. www.marsh.com

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