With London Market Group The Future Process Model – where are we headed? Tim Carroll LMG Forum -...
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Transcript of With London Market Group The Future Process Model – where are we headed? Tim Carroll LMG Forum -...
With
London Market Group
The Future Process Model – where are we headed?
Tim CarrollLMG Forum - 20th October 2010
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Launching LMP in 1998
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The drivers…
•Efficiency to keep London competitive
•Optimising central services
•Choice for insurers
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Progress thus far…
• Workshops held with Heads of Associations and Lloyd’s
• 2009 Future Process Working Group established.
– Agreed a set of principles that should underpin any future model
– Recommended to the LMG that the proposed future process is workable and warrants much more detailed design
• An LMG-sponsored project has been initiated to deliver:
– A robust London Market process model, expressed in sufficient detail that it can be adopted and implemented by the market.
– A recommended transition/implementation plan; likely to identify a two stage approach, with a new model for 100% written business as the first implementation, followed by subscription business
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Governance structure
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The starting point
•Finished what we had started
•Endorsements roll out & placing
•Claims transformation project
•The Exchange
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Key themes
• Future processes all supported by standard (ACORD) messages
• Information captured at its earliest point and reused throughout downstream processes
– Removal of rekeying of information
• Continued reliance on some central services for subscription business
• Transparency, simplicity, clarity across processes (for practitioners & customers)
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Placing
• Data exchanged electronically
– Moving to far richer ACORD messages over time
– Separation of pre and post bind processes so that data capture not onerous during negotiation
• Early data capture to remove rekeying in downstream processes
• Face-to-face broking continues but might be replaced eventually for straight-forward, non-complex placements
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Accounting & Settlement
• Accounting and settlement process separate from reporting
• Accounting entries and instruction to settle achieved electronically (ACORD)
• Alignment and consistency across the process
• Fewer queries and greater automation
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Claims Working Group
• A central Claims Platform
– Ability to integrate with back-office systems
• Flexible process to cater for future claims protocols/schemes
• Claims agreement parties confirmed during placing risk
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Facilities & Binders Group
• Placing of facilities supported electronically
• Standard bordereaux format and information (ACORD)
• Potential for “real-time” data provision from coverholders
• “Outside of authority” placing and claims to follow open-market processes
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Coming soon
• Consultation document
• Proposals on non-optional central services
• Pragmatic, deliverable model
• Basis for market debate
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Questions?
With
London Market Group
The Future Process Model – where are we headed?
Tim CarrollLMG Forum - 20th October 2010