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E-Accounting Update Mark Barwick, LIIBA

E-Accounting Update Mark Barwick, LIIBA. Background. LMG workplan for 2009 is based on “Finish what we’ve started” E-accounting a key part of this LMG Objective – Full Usage by Q42010

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E-Accounting Update Mark Barwick, LIIBA

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  1. E-Accounting Update Mark Barwick, LIIBA

  2. Background • LMG workplan for 2009 is based on “Finish what we’ve started” • E-accounting a key part of this • LMG Objective – Full Usage by Q42010 • Steering group formed –, Aon, Bell & Clements, HSBC, JLT, Marsh, Tyser, Miller, Willis, Cooper Gay participating • Steering group committed to implementing e-accounting within six months of go live date • Phase One due to go live in November 2009, Phase 2 in Q3 2010

  3. Objectives • Move to the use of structured data for key fields • Use international (i.e. ACORD) standards for submissions • Reduce re-keying on submissions and improve data quality (i.e. what you submit is what you get back) • Remove the concept of Work Order and LPAN for brokers • Remove the burden of performing Accounting Splits from brokers • Provide consistent splits service and reduce query / rejection loops • Continue to fulfil reporting requirements (Lloyd’s and companies) • Minimise carrier impact • Removal of BSM (optional)

  4. Scope • All premium types and all contract types with the exception of proportional treaty • Release 1 - Submissions at the Non-fundamental Accounting splits level • Release 2 – Submissions at the Fundamental level (or partial) • Delinked and non-delinked • Some contract functions still processed via existing A&S functionality, e.g. An e-Policy request on it’s own

  5. E-accounts – Release 1 Tech Account

  6. E-accounts – Release 1 Financial Account

  7. E-accounts – Release 2 Tech Account

  8. E-accounts – Release 2 Financial Account

  9. Release 2 Accounting Splits Service • Xchanging create any non-fundamental splits required to support insurers regulatory/ tax requirements • Brokers provide Xchanging the information in MRC and/or provided in an optional spreadsheet format • Brokers receive Broker Signing Number & Date (BSND) at the level they submit • Carriers receive a Carrier Signing Number & Date (CSND) at the non-fundamental level • Lloyd's Account Enquiry and the company market equivalent will have mapping between BSND and CSND • BSND to CSND file sent to both broker and carriers • Claims may quote BSND

  10. Timescales – Release 1

  11. Timescales – Release 2

  12. Rollout Approach • Limited LMG funding in place for 2010 • The objective; connect as many brokers as possible for the funds which are available • Process managed by Xchanging and LIIBA • Brokers will be assigned to convoys based on when their software will be available • Brokers need to hit convoy milestones or face being dropped from a convoy and having to wait until last • Business plans required detailing internal rollout so Xchanging can plan

  13. Implementation Plan

  14. Implementation Plan

  15. Implementation Plan

  16. Benefits of E-accounts • Common approach for brokers for bureau and non-bureau insurers • Single approach makes automation easier • Reduces staff training costs • Reduction of Xchanging re-keying • Improved reconciliation & faster process • Removal of need to create non-fundamental accounting splits • Saving cost and time where brokers use the service • Reduced future IT costs – regulatory changes irrelevant • Additional front end validation can reduce premium queries • Preventing unnecessary human intervention • Builds upon your investment in DRI and the XML Gateway • Removal of work orders & PANs

  17. Next steps for brokers • Speak to your software house • Speak to LIIBA about your convoy allocation • Ensure slips contain base information to drive Accounting Splits • Identify your internal Project Manager for the implementation • Register for the LIIBA briefings on 30th October or 9th November for more details – Email jo.brady@liiba.co.uk.

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