with lmg secretariat lmg forum january 2011 christopher croft, lmgs roy laker, acord

With

LMG Secretariat

LMG ForumJanuary 2011

Christopher Croft, LMGSRoy Laker, ACORD

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Agenda

• Modernisation update

• ACORD 2011

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Racing results

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Lingfield

Going: Standard

12:35 | Non-runners: Private Equity;

1:05 | Non-runners: Amends; Hecton Lad; Mayfair's Future;

1:35 | Non-runners: Wilfred Pickles;

2:05 | Non-runners: Yer Woman; Mr Willis;

2:35 | Non-runners: Baby Dottie; Methaaly;

3:05 | Non-runners: Bollywood Style;

3:35 | Non-runners: Jemimaville; Fayre Bella; Cheveyo; Boy The Bell;

Racing results

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Racing results

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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.

ECF2 Current Status

Claims Agreement Screen (CAS)

Single Sign On (SSO)

• MAT begins 24th J an• Deployment to production in February• Rollout from March onwards

Document File Viewer (DFV)

• 4.5 million documents extracted and converted• 320k documents have been loaded• MAT starts beginning April• Deployed to production in beginning of May

• Rollout from late May onwards

Claims Workflow Services (CWS)• MAT start reschedule to May• Deployment to production in J une• Rollout from J uly onwards

Claims Data Warehouse (CDW)

• ECF005 is the focus• Options for distribution are being examined

• Update due in the near future

• 13 carriers receiving live messages• 1 fully integrated into own workflow • Others carriers to join by arrangement with Xchanging

Claims Workflow Triggers (CWT)

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© Xchanging 2010, no part of this document may be circulated, quoted or reproduced without prior written approval of Xchanging.

eAccounts

eAccounts Release 1B (R1B)

Code now released into production

Miller Start due to start live operation during the week beginning 17/1/11

Upgraded testing and training environment being established for full rollout

Aon testing continuing, but may switch to new rollout environment.

UIB, Guy Carpenter & Price Forbes start initial implementation meetings 17/1/11

eAccounts Release 2 (R2)

Resources in place

Work has started

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Endorsements

• Key tasks now underway are:

– Completion of final market survey

– Completion of investigation of benefits

– Preparation of analysis of message and transactions volumes for pilot period

– Completion of review of issues arising from the pilot and identification of resolution paths.

• LMG decision 3rd March

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Technological advances…

• BMS & Catlin have placed business using an iPad

• “Now we have the initiative and tools which mean we can retain the contact whilst making the whole process exponentially more efficient.” – Steve Knight, BMS

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Future processing model

• Consultation paper published

• Consultation runs until end March

• Contact your association or

• [email protected]

• www.londonmarketgroup.co.uk/future

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Hulm/Summers report

• Benefits of modernisation thus far

• Demonstrates that we have achieved quite a lot

• Signed copies…

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Questions?

Roy LakerVP London Office, ACORD

© ACORD 2011

ACORD UpdateJanuary 2011

January 24th 2011 14

Agenda

• Some Background

• The London Market

• The Rüschlikon Initiative

• Global Implementations

• Further ACORD Activity/2011 Plans


ACORD implementations are Global

LondonLondonEuropeEuropeUSAUSA

BermudaBermuda Other regionsOther

regions


© ACORD 2011

The London Market


London Market – Messages maturing over time…..Paper with London Messages (1988)

Electronic documentswith London Messages (2005)

Electronic documentswith skinny RLC Messages (2006)

Electronic documentswith fuller/fat RLC Messages(2010/11)

EDI

EDI

XML

XML


The London Market Summary

• ACORD standard are mature, are a proven solution• driving benefits today

• Vendor partners have matured• significantly reduced the barriers to entry and reduced the

ongoing operational costs

• Focus is on implementation with more trading partners

• Information captured at its earliest point and reused in downstream processes• transparency, simplicity and clarity across processes for

all

• Future processes all supported by ACORD


© ACORD 2011

The Rüschlikon Initiative


What?……..this is Rüschlikon…….


• AonBenfield, Munich Re, SCOR, Swiss Re and Willis

• Now plus Guy Carpenter, Hannover Re

• Further automate (re)insurance back-office processes

• Realise business benefits of using ACORD standards

• reducing implementation costs

• Improving data

• speeding up processes (with target service levels)

• pushing up implementation volumes

• Structured as an open, non-profit industry initiative under ACORD umbrella

Rüschlikon in a nutshell


3 Years‘s view: What was it – and what is it now?

20082008 2010201020092009

InitiativeproposedInitiativeproposed

Participants:•Aon Benfield•Munich Re•SCOR•Swiss Re•Willis

Participants:•Aon Benfield•Munich Re•SCOR•Swiss Re•Willis

Meetings commenceMeetings

commence

Members confirmed:- •Support of ebot/ecot•Need for a “Rulebook”

Members confirmed:- •Support of ebot/ecot•Need for a “Rulebook”

Pilot of Swift network

Pilot of Swift network

Preparation:•Review and confirm RLC standards•Changes via MR process•Formulate Rulebook•Install/test SWIFT connections

Preparation:•Review and confirm RLC standards•Changes via MR process•Formulate Rulebook•Install/test SWIFT connections

Completion of SWIFT pilot:• Case not there for central hub / reverted to P2P• Huge value in cooperation – so initiative continued

• Keep Rulebook (but amend)• Expand membership and implementation• Continue to review/enhance standards• Look at alternatives for ‘light’ solutions

Completion of SWIFT pilot:• Case not there for central hub / reverted to P2P• Huge value in cooperation – so initiative continued

• Keep Rulebook (but amend)• Expand membership and implementation• Continue to review/enhance standards• Look at alternatives for ‘light’ solutions

Full standardization:• Members upgrade to same version• Central validation installed

Full standardization:• Members upgrade to same version• Central validation installed


The Rüschlikon Initiative in motionAlready delivered

• Strong community

• SLA’s

• Common standards

• Business case

Ongoing

• Refine content of messages

• Grow volumes within the initial group and new business partners

• Strengthen cooperation with IT vendors

• Pursue options to attract lower volume and/or less e-sophisticated business partners


Governance:Rüschlikon Bodies and Key Tasks

• Sponsor from overall industry perspective-Europe• Steer Rüschlikon progress and develop future strategy • Guide BIG-activities• Encourage traffic increase amongst members (exchange

roadmaps)• Increase attractiveness to trade electronically with business

case material and concepts like Rüschlikon Light • Develop and monitor process for reaching-out to others,

marketing activities and documentation• Engage with service providers to encourage implementation

• Identify potential enhancements for discussion and consideration to widen the ACORD standards; With experience gained from 10,000 plus messages since April 2010, focus is on

• Providing greater business return with enhancements to ebot/ecot

• Production of post placement message• The query process• Performance reporting standard mechanisms• The settlement process• Document exchange methods

Steering Committee

Business Implementati

on Group (BIG)


Documentation• ….. Content related to initiative partners

implementations, the way they use the standards (not the standards themselves)…

BackgroundRules of engagementStandards overviewVersions controlSome detailed points...

– Data outside the standard– Referencing– Document exchange methods supported

Link/URL, Instream Attachment , Document Repository Interface–Message grouping recommendations (will be proposed as MR)

Target performance standards– Frequency of information exchange, targets for follow-up actions– Base for agreed service levels and performance monitoring/reporting

Glossary

• ........ The standards agreed on by the ACORD RLC community as a whole

Rulebook

ACORDStandards


The Rüschlikon Summary

• Rüschlikon accelerating its pace with regards to traffic volumes, market penetration, geographical scope and richness of offering

• Strong support of leading brokers and the reinsurers, with ongoing alignment of other communities and vendors• 2011 expected to be year of truth from all

perspectives

• ACORD heavily involved and supporting• Industry attention, thought leadership, enhanced

standards, global cooperation


An ACORD implementation challenge• To ensure that business benefits are captured in

an increasingly global world

• To balance global and regional requirements to the benefits of the industry

• To coordinate globally, so that unnecessary regional variations don’t creep in

• To conduct the maintenance process so that it does not delay implementation, but does take into account all views


Global Co-operation

• Europe

• North America

• London

• Bermuda


Rüschlikon Steering Group

Rüschlikon Steering Group

Business Implementation

Group

Business Implementation

Group

Cooperation – Regional perspectives as input into common implementation base

USA advisory groupUSA advisory group Other community steering group (London,

GDV)

Other community steering group (London,

GDV)

• Discuss and agree common implementation base around ACORD ebot/ecot and Rulebook

• Identify potential enhancements to ACORD standards

• Sponsor & steer community priorities • Encourage traffic increase via

community exchange roadmaps• Endorse community-specific

requirements and innovations • Drive process for reaching-out to new

community members• Engage with service providers relevant

to the community• Ensure community voice in BIG


Implementation Help

• ACORD awareness for business and IT technicians• ACORD training for all• Health checks for individual organizations relating

to ACORD • Messaging implementation help

• ACORD XML• Message Mapping

• TCF help for organizations testing and those seeking certification


Other Key Areas

• Cedent Bordereau• Regulatory and Tax Reporting• Catastrophe Exposure• Premium and Claim Bordereau for

Binders• Testing and Certification• ACORD re-organisation


2011 Plans• Cedent Bordereau - complete Q1• Regulatory and Tax Reporting -

complete• Catastrophe Exposure - complete Q1• Premium and Claim Bordereau for

Binders – in development• Global ebot and ecot Rollout -

ongoing• London support – ongoing

Wednesday, September 24, 2008

Two Blue Hill Plaza3rd FloorPearl River, NY 10965USA+1 845 620 1700

London Underwriting CentreSuite 1/3

3 Minster CourtMincing Lane

London EC3R 7DDUnited Kingdom

+44 (0)20 7617 6400

NEW YORK

OFFICENEW YORK

OFFICE

LONDONOFFICE

LONDONOFFICE

with lmg secretariat lmg forum january 2011 christopher croft, lmgs roy laker, acord

Documents

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acord acord

bms slide

london market slide

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rschlikon initiative

acord standards

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