Embed Size (px)
Citation preview
Market ReformProgramme Office
Electronic Claim File and A&S Repository Briefing
Market Forum
24th August 2006
Mark
et
Refo
rm
Page 2
• Introduction – New team structure
• Update on A&S Repository
– Restatement of purpose and benefits
– What is being delivered and when?
• Update on Electronic Claim File Project
– Restatement of overall objective
– What is being delivered in Phase 5
– Challenges for the Market
• Questions
Agenda
Mark
et
Refo
rm
Page 3
Update on A&S Repository
Mark
et
Refo
rm
Page 4
Restatement of overall A&S Objectives
• Rationalise and streamline business processes, specifically:
–Speed up premium and claims payment
–Remove reliance on paper
–Reduce errors and reconciliation by capturing richer data once
–Enable back office rationalisation
– Introduce flexibility - process the way the business requires rather than the business being driven by constraints
• Implement international standards for the communication and processing of accounting & settlement data (the ACORD XML RLC standards)
• Provide a firm base for the future
Mark
et
Refo
rm
Page 5
Repository
• Broker loads slip, LPANs and supporting documentation to repository thereby removing paper (and vans)
– Three methods:– Direct Load– Email– DRI Message
• Carriers can gain access and view and download documents
• DRI enabled repository that also enables direct loading and enquiries to:
–deliver documents to Xchanging Ins-Sure Services for checking
–deliver documents directly between brokers and carriers i.e. in support of non-bureau or P2P processes
Mark
et
Refo
rm
Page 6
PREPARE / UPDATEPREMIUM SUBMISSION
SEND TO XIS
PAPER
DRI PUSH
DRI PULL
DIRECTLOAD
WORK PACKAGECOMPLETE?
XIS RECIEVEWORK
PACKAGE
XIS CHECKWORK PACKAGE
QUERIES?
PREMIUMSIGNED
BROKER
WORK SUBMISSIONMETHOD
XIS LOGISTICSXIS CHECKING
NO
YES
NO
YES
Resultant Bureau Premium Submission Processes
Mark
et
Refo
rm
Page 7
Repository Benefits and Implications
• Faster turnaround times for documentation since “van time” is eliminated.
• No “van time” and speedier query resolution means signed lines available quicker
• Speedier resolution of queries will reduce the volume of rejections
• DRI functionality consistent with ECF. Brokers have options on how to connect, DRI Push, DRI Pull or Direct load (or additionally email for delivery to Xchanging for checking)
• Gives insurers access to a copy of the slip and other premium submission documentation in the repository
• Carriers can be notified as a slip is loaded on the repository thereby allowing signed lines to be communicated sooner, thus allowing speedier exposure management
• Utility function of the repository, without XIS processing, allows broker to distribute documents in a controlled manner to specified parties
Mark
et
Refo
rm
Page 8
A&S Step 1 - Status
• Status
• MAT progressing well for email and Direct Load
• MAT DRI testing to started Monday 14 August with 4 brokers
– More to do but on track for September go-live
• Challenges
• Market focus required to agree contracts for A&S and ECF
• Operational efficiency challenges
– S&A submissions require policy printing -> ePolicy project started
– Change management effort and time for transition to esubmission
– Broker resubmission to correct errors
Mark
et
Refo
rm
Page 9
A&S Repository
• In Scope
• Marine, Non-Marine, Aviation
• Original Premiums, FDO’s, AP’s and RP’s
• Stage One, Stage Two, S&A
• Slip Policies, PPS, Broker produced wordings
• Repository support of alternative submissions
•Out of Scope (Release One)
• Proportional Treaty processing
• Simultaneous settlement items and Reinstatements
Mark
et
Refo
rm
Page 10
A&S Step 1
• September Release
• Removal of the paper from the closing process
• Electronic submission to Xchanging via email, Direct Load and ACORD DRI
• November Release
• Email and repository storage of OSND and SND
• Document security updates (access control lists) via ACORD DRI
• February 2007 Release
• Further DRI functionality
• ‘Unstructured’ Repository – for non A&S and claims documents
Mark
et
Refo
rm
Page 11
Direct Load
Mark
et
Refo
rm
Page 12
Direct Load
Simple online form to allow brokers to submit work electronically to Xchanging
Mark
et
Refo
rm
Page 13
A&S Repository
• Xchanging currently receiving email submissions from 6 brokers
• Xchanging are ready to engage with other brokers for esubmissions now
– Email submissions prior to mid September
– Preference for prioritisation of binders and XL business
– Xchanging-broker Roll-out methodology in place
• Contact [email protected] to initiate roll-out planning
• For more details on A&S Design and Market Implementation Documents, see the Market Reform Web Site http://www.marketreform.co.uk/A&S_home.htm
Mark
et
Refo
rm
Page 14
Update on ECF
Mark
et
Refo
rm
Page 15
Overview
• Software delivered to MAT on schedule
• Substantial testing and implementation task started and progressing well
• Will change working practices from paper to electronic for many claims practitioners
• Named brokers and Lloyd’s managing agents committed to 100% of new Lloyd’s claims from Q4 2006
• Early implementation partnerships growing (111 live)
• IUA piloting repository since 1st June
Mark
et
Refo
rm
Page 16
Status todayKey Enhancements
Phase 1 - See all documents in one view
Phase 2 - Leader control of file/improved searching
Phase 3 - ACORD DRI (receipt of documents)
Completed 2005
Phases 4/5 – Merged into a single phase
CLASS @ Lloyd’s data through GUI, full DRI and
Seamless link with documents in repository
Live – mid-September
Release 6 (MAT February 2007)
• Support for further variations to the standard claims process
– E.g. Partial markets, delegated leads, leaders reserve
Mark
et
Refo
rm
Page 17
Overall Scope
• Deploys CLASS in the Lloyd’s market
– acts as a simple workflow manager of claims transactions
• Delivers an interactive Insurers’ Market Repository to carriers (a shared electronic filing cabinet)
– Interactive service available to brokers subject to XIS contract
• Adopts ACORD standards for the transfer of electronic documents
– To/From brokers’ repositories (at no charge to brokers)
– To/From carriers’ repositories
Mark
et
Refo
rm
Page 18
Mark
et
Refo
rm
Page 19
Screen shot – Transaction Summary Screen
Screens are currently under development and are subject to change
Mark
et
Refo
rm
Page 20
MAT - Latest
• Started on schedule, 9am, 15th May
• First Phase (Non-DRI): 25 out of the 26 scenarios scheduled for the first phase tested successfully.
• Second Phase (DRI): DRI Integration testing underway;
• 1 priority 1 (show stopper) fault logged to date.
Mark
et
Refo
rm
Page 21
Systems Processes & Procedures
• Systems Processes and Procedures
– Broker & Underwriter Collaborative Approach
– High-level guide
– NOT a claims adjusting manual
• Workshops held to review generic process
– Confirmed generic process
– Confirmed little variation by class of business
– Issues Identified and documented.
Mark
et
Refo
rm
Page 22
Contractual Framework - latest
• Includes
– A main agreement with Xchanging for the use of ECF & A&S
– Systems Processes and Procedures for the use of ECF
– User guides for the use of A&S; and
– The Mandatory Rules binding all users of ECF and A&S
• Next Steps
– Unlikely alterations to Schedules 5 and 6 of the LPSO agreement likely to be in place for the launch
– Interim measures are likely for brokers and managing agents to have agreed SP&P, User Guides and Mandatory Rules
– LMA will be holding meetings over the next few weeks to ensure managing agents are in alignment
– Market participants to sign interim Xchanging letter
Mark
et
Refo
rm
Page 23
IUA Pilot
Mark
et
Refo
rm
Page 24
Early Implementations
• Implementation by Broker-driven trading partnerships
– by classes of business and risks
– with participating underwriters and XCS
– MRPO monitoring progress
• In parallel with the enhancements
– early experience of electronic work
– assess impact on internal broker and carrier procedures and processes
• Using today’s CLASS and repository
Mark
et
Refo
rm
Page 25
Carriers
• Aegis
• Amlin
• Chaucer
• Faraday
• Hiscox
• Kiln
• Limit
• MAP
• St Paul
• MAP
• Markel
• Brit
• Catlin
• Talbot
• Ascot
Brokers
• Benfield
• Cooper Gay
• Guy Carpenter
• Marsh
• Miller
• Willis
• Glencairn
• Claytons
• Aon
Early Implementers
Class of Business
Marine Hull
Aviation Direct
Reinsurance
PI
Non Marine Property
Binding Authorities
FinPro
Marine Cargo
Energy
• Ace
• AIG
• Advent
• Atrium
• Well’n
• Heritage
• Aspen Re
• XCS
• Beazley
• XL
• Cathedral
• Marketform
• Mitsui
• Whittington
• Watkins
• Wurt
• Wellington
Mark
et
Refo
rm
Page 26
Public Commitment to 100% Target
Brokers
Committed to deliver new claims to Lloyd’s electronically
Aon
Benfield
Marsh
Guy Carpenter
Cooper Gay
Active support from:
JLT ARB
Millers
Willis
Glencairn
Claytons
Managing Agents
Committed to deal electronically with new claims
Amlin Advent
Beazley Beaufort
Brit Cathedral
Chaucer Faraday
Hardy Heritage
Hiscox Limit
SVB Marlborough
St Paul Wellington
Mark
et
Refo
rm
Page 27
Key Dates
Monday 15th May Started
ECF Market Acceptance Testing (managing agents/interactive brokers)
Monday 31st July Started Market Acceptance Testing using ACORD DRI standards (managing agents/batch brokers)
Friday 1st September Completion of Market Acceptance Testing
Monday 11th September One week sign-off period
Week commencing 10th September Live ECF trading
Mark
et
Refo
rm
Page 28
How to get started?
1. Contract with Xchanging
2. Signed up to Contractual Framework
3. Who are you going to partner with initially? What classes of business?
4. Logons, connection, training – Xchanging
5. Have you read the System Processes and Procedures
6. Register all partnerships with MRPO
7. Business procedure training with the CII
• Start up procedures available on market reform website
Mark
et
Refo
rm
Page 29
Next Steps
• Delivers first version – Mid September
– of an integrated electronic claims service for Lloyd’s
– replicating existing file electronically
– with improvements where possible
– companies and syndicates can see the same claim
• Things change and we won’t have thought of everything
• There will be more issues and enhancements
– Legacy claims
– Issues and suggestions recorded
Mark
et
Refo
rm
Page 30
Contacts
• Claire Bulman ([email protected])
– 020 7327 6513
• Adam Stafford ([email protected])
– 020 7327 6634
Mark
et
Refo
rm
Page 31
QUESTIONS?
