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Coverholder technology forum

Coverholder technology forum. welcome. Sue Langley, Director, Market Development, Lloyd’s. Coverholders at Lloyd’s . Lloyd’s strategic plan 2010 - 2012 Make placing business via coverholders more efficient

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Coverholder technology forum

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  1. Coverholder technology forum welcome Sue Langley, Director, Market Development, Lloyd’s

  2. Coverholders at Lloyd’s • Lloyd’s strategic plan 2010 - 2012 • Make placing business via coverholders more efficient • Undertake promotional and education activities aimed at existing and potential coverholders • Provide robust oversight of business written by coverholders • Key Coverholder facts: • Approx £8.8bn premium to Lloyd’s in 2010 (approx 30% of total) • 2,282 approved Lloyd’s coverholders • 6,457 registered binding authorities

  3. Global Picture – number of Coverholders worldwide Source: Lloyd’s Date: Figures correct as at August 2011

  4. Coverholder operations: The business challenge Coverholders have to provide information on risks, premiums and claims Different syndicates asking for different info Re-keying / Cost Regulators asking for more detail How can we make it easier for coverholders?

  5. Solving the problem… VISION: Standard data flowing between all parties without re-keying & ACORD XML widely used WHY? • Provides framework for use of technology • Granular, accurate, compliant data • Less rekeying, reduced costs • Consistent clear reporting requirements for all coverholders • Easier to do business at Lloyd’s

  6. Solving the problem… HOW? • An agreed set of reporting standards for Lloyd’s • Now live on www.lloyds.com • Part of the ACORD framework • Facilitating choice in technology for all stakeholders…..

  7. The exhibitors

  8. The Coverholder Technology Forum agenda • Various presentations taking place over two days, including: • Vendor Carousel • Bluffers Guide to Technology • Lloyd’s and ACORD Coverholder Reporting Standards • Coverholder Panel • Presenting the Vision • Coverholder Panel • Coverholder Programme Update • 20 system suppliers exhibiting on Friday 30th from 9am – 3pm

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