Accounting & Settlement Peter Holdstock Senior Executive – Market Processes Lloyds Market Association 020 7327 8383

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Presentation transcript:

Accounting & Settlement Peter Holdstock Senior Executive – Market Processes Lloyds Market Association

Accounting & Settlement Brokers waiting for carriers to be open for business electronically Carriers waiting for brokers to bring business electronically Lack of electronic transactions makes engagement with practitioners difficult The Dilemma

Accounting & Settlement Managing Agents Brokers Insurance Companies Phase One Phase Two Phase Three (55) (80) Lloyds Exchange Confirmed Target

Accounting & Settlement Aon Marsh Willis JLT BMS Miller Price Forbes Denis M Clayton RK Harrison AHJ AJ Gallagher HSBC Heath Lambert Tysers Live through RI3K Planning A&S is a priority LEX phase 3 Live through RI3K Live LEX phase 2 No immediate plans LEX phase 2 LEX phase 1 Investigating options LEX phase 2 No immediate plans LEX phase 1 Broker Readiness

Accounting & Settlement Evidence of management and technical engagement Strong participation in Lloyds Exchange Increasing broker readiness BUT Lack of transaction volume Messaging: 20 firms connected (5 brokers & 15 carriers) 7 firms transacting (3 brokers & 4 carriers) 3551 risks and 2140 endorsements RI3K: 110 firms (2 brokers & 108 carriers) 18,318 risks and 12,878 endorsements Trading activity What are brokers plans to transfer existing volumes on to the Exchange? What really is the intention of firms regarding live trading?

Accounting & Settlement Source: ePlacement in 2009: An Update - Watertrace Considerable Benefit Underwriter Considerable Benefit Broker Benefits from ePlacing Delivery of documentation Receipt of quote slip Placement negotiation Quote creation Delivery of firm Order terms Binding Electronic advice of signed line Endorsements 0% 10% 20% 30% 40% 50% 60% 70% 80% Benefits during the process

Accounting & Settlement Complexity Documents Market Dynamics Function Placement Negotiation Endorsements Declarations Quote Creation Firm Order Binding Signed Line Advice SimpleComplex Segmentation (E.g. COBs) Partnerships100% PlacingsLineslips Vertical Slices Commercial opportunities Endorsements Declarations Horizontal Slices Operational characteristics PrivatePublic How to obtain market-level benefits without watering down individual commercial opportunities. Maintain contact with underwriter between busy renewal periods. Address client perception that endorsements processing adds little value. Brokers business strategy tends to be revenue focused rather than managing cost. Medium

Accounting & Settlement The Next Six Months Proposal being developed for EPSG o Governance. Clarify project aims and objectives. Re-focus EPSG and EPIG. Increased drive through market associations. o Use Lloyds Exchange Forum to address business implementation needs of practitioners. o Initiate a Class of Business pilot. o Refine and embed the EP process from a practitioners perspective. o Work with the market to develop case studies. o Initiate a program to help the market manage the business change by establishing and running practitioner workshops.

Accounting & Settlement Peter Holdstock Senior Executive – Market Processes Lloyds Market Association