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Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)

Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA). Agenda. Pilot approach & timetable Market commitment Benefits Plan & next steps. Mission.

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Endorsements Pilot 2010 John Hobbs (IUA) Chris Buer (LIIBA)

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  1. Endorsements Pilot 2010John Hobbs (IUA)Chris Buer(LIIBA)

  2. Agenda • Pilot approach & timetable • Market commitment • Benefits • Plan & next steps

  3. Mission All contract changes in the London market, irrespective of complexity, submitted and agreed electronically using ACORD messaging (two-way electronic messaging). This does not preclude negotiation, whether face to face or otherwise, where appropriate or desired.

  4. Timetable • Bilateral live electronic transaction of endorsements now and ongoing • Finalise project scoping and confirm broker and insurer • commitment completed end Jan 2010 • Implementation of ACORD 2009.1 19th February 2010 • Review market readiness and confirm commencement • of pilot 17th May 2010 • Latest technical readiness date 1 June 2010 • Business scenario testing to end August 2010 • Latest operational readiness date 1 September 2010 • Anticipated commencement of full market participation 1 January 2011

  5. Process validation • Build on eMRCE work • Same standard • Better technology • Wider market commitment • Joint Hull & Cargo Committees working group • Workshop input • Pilot feedback • Aim of the pilot is to demonstrate a ‘fit for purpose’ process that can deliver benefit

  6. Broker commitment 15 Major Brokers have signed up to the Pilot

  7. Managing agent commitment 100% of Managing Agents have signed up to the Pilot.

  8. IUA Carrier commitment 24 IUA members by 2011, 17 part of the endorsement pilot

  9. UNDERWRITERS • Reduced face-to-face for non-complex endorsements = spend underwriting time with broker more productively • Earlier availability of risk information and documents = a more considered underwriting decision • Earlier visibility of endorsements for follower agreement parties • Reduced scanning / photocopying volumes • Greater flexibility over workload = better time management and more efficient use of supporting staff

  10. BROKERS • Simple and non-premium endorsements agreed electronically = no need for a broker visit • Simultaneous distribution of endorsements to following agreement parties • Simultaneous distribution of notifications (listings) to other carriers • Agreed turnaround time from underwriters • Reduced production and movement of paper • Reduced box wait time - use of data and electronic documents means no carrier re-keying or scanning of paper • Improved auditability and compliance • Potential for improved tracking of agreement progress

  11. Pilot phases • Prove technical connectivity • Enable hands on experience for business users • Process familiarisation • Sign off for business as usual

  12. Next steps • Complete technical readiness • Participate in practitioner workshops • Engage in business scenario testing • Reach operational readiness by 1 September

  13. Workshops • Additional sessions now taking bookings • www.lmalloyds.com [Marketplaces>Ops and Change>Placing Support>Endorsements] • What to do next: To book onto a session please contact e-endorsements@lloyds.com

  14. Technical documentation • www.lmalloyds.com [Marketplaces>Ops and Change>Placing Support>Endorsements]

  15. Contacts • Trevor Madison • Telephone: 020 7327 5231 • Email: Trevor.madison@lloyds.com • Abby Wiggin • Telephone: 020 7327 5631 • Email: abigail.wiggin@lloyds.com • LIIBA Contact • Chris Buer • Telephone: 020 7280 0154 • Email: chris.buer@liiba.co.uk • IUA Contact • John Hobbs • Telephone: 020 7617 4445 • Email: john.hobbs@iua.co.uk LMA & Endorsements Pilot Contacts • Rob Gillies Telephone: 020 7327 8377 Email: robert.gillies@lmalloyds.com • Peter Holdstock Telephone: 020 7327 8383 Email: peter.holdstock@lmalloyds.com LMG Secretariat contact • Steve Hulm Telephone: 020 7327 5249 Email: steve.hulm@londonmarketgroup.co.uk Lloyd’s Contacts • Paul Willoughby Telephone: 020 7327 6634 Email: paul.willoughby@lloyds.com

  16. Questions…?

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