With LMG Secretariat LMG Forum August 2010 Christopher Croft, LMGS Max Pell, XIS Roger Oldham, Marsh Paul Howell, RSA.

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Presentation transcript:

With LMG Secretariat LMG Forum August 2010 Christopher Croft, LMGS Max Pell, XIS Roger Oldham, Marsh Paul Howell, RSA

LMG Forum 2010 Agenda Modernisation this month ECF2 update Endorsements – navigating the route to live business

LMG Forum 2010 The Exchange The Message Exchange Ltd - incorporation forms submitted. Four directors: –Shirine Khoury-Haq (IUA) –Simon Gaffney (LIIBA) –Kirk Maddern (LMA) –Peter Spires (Lloyds) In discussion with IBM over transfer Transition plan being developed

LMG Forum 2010 Ts & Cs New terms and conditions to be circulated imminently Includes changes seen as pre-requisites for endorsements pilot No more changes until transfer of ownership – when further set will be developed

LMG Forum 2010 Other important market level documents relevant to the endorsements pilot but not necessarily solely about using the Exchange Market interchange agreement to be circulated imminently –Six initial parties –Other firms sign Letter of Adherence

LMG Forum 2010 Endorsements Reaching a crucial stage with the end of Market Acceptance Testing and the start of Business Scenario Testing (BST) on Monday 23 rd August. BST will be driven by the participating brokers testing the electronic transaction of endorsements with selected trading partners. Details of these partnerships were circulated by Trevor Maddison last week, together with contact details in all firms. Two issues crucial to the success of BST are: –Any insurer not partnered with at least one broker should approach broking firms to agree their participation in BST. Any insurer experiencing difficulties in establishing partnerships should contact Trevor –BST should involve front-line broking and underwriting practitioners if the objective of process familiarisation is to be achieved. Every firm to bring itself to readiness by 1 October at the latest, or earlier if participating in the vanguard. Assistance available from the centre to support BST: –the use of a testing facility –three suggested options for running BST –a library of BST scripts.

LMG Forum 2010 FWWS - eAccounts Release 1B –On course to start MAT with Miller using the Trace software in September. –Other users of the same software (Guy Carpenter, UIB and Price Forbes) have been engaged –Targeting a Q implementation. Release 2 targeted for Q3 2011

LMG Forum 2010 Right first time Visit to major brokers have proved productive Developing plans to achieve further improvements See newsletter for data

LMG Forum 2010 Future Processing model Full presentation on progress so far to September LMG Presentations to wider market including October Forum Interested to hear opinions of prospective supplier firms. Contact Simon Collins

LMG Forum 2010 Questions?