control framework breakfast group agenda 9:00arrival, breakfast & networking 9:20 welcome &...
TRANSCRIPT
Control Framework
Breakfast Groupagenda
9:00 Arrival, Breakfast & networking
9:20 Welcome & Phase I Update
9:30 Direct reporting project update – Sharmi Bakrania & kevin Blake
9:45 Meet the phase II CF team Phase II planning activities at Lloyd’s – Jaana Rouvari Audit scope – Lindsey Davies Broker engagement – John Hibbert Next steps - Jaana Rouvari
10:15 Q & A
10:30 Close
Direct reportingCurrent STATUS
March, 2013
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Direct Reporting
What is it ?A process that enables Managing Agents to report regulatory & tax information directly to Lloyd’s for non-subscription Service Company businessData is at a transactional level as opposed to reporting information being derived from the bureau accounting processBreaks the link between accounting and reporting
What benefits could it provide managing agents?Reduces direct costs of transactional processing through a service providerMeets the desire for choice in operating modelReleases time and resource currently producing LPANs
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Historic position - Prototype pilot closed
Lloyd’s developed a pilot reporting engine for service company tax & regulatory information
Outputs internal data files for market reporting and claims monitoring purposes
Limited territories - Canada, Australia, EEA and US 3 managing agents – Catlin via XML, Chaucer & XL via CSV file formats Time was right to update the technology, increase the scope & the users
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Current position
• Replacement of the prototype - scalable for volume increase• Pragmatic and practical solution - CMR collection combined with
bespoke core system with a target delivery date of later in 2013 • Increased scope to world-wide• Some Managing agents have been visited and given an overview of
the project along with draft data requirements.
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Industrial strength, future-proofed solution
Key elements to the project
100% business to Lloyd’s – non-subscription Service Company business
Include all Territories ACORD standard XML message Flexible submissions timeframes Offer reporting service to all managing agents via
Core Market Return route
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Core MARKET RETURN
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Lloyd’s Direct Reporting
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KEY considerations
The Control Framework will need to be signed-off (applies to business reported directly or through Xchanging) prior to submission
Possible need to amend current systems to add new data fields Consider/confirm market maturity in the use of ACORD XML messaging Support required for your business case Implementation/cut-over strategy
Next Steps…
Lloyd’s to confirm the detailed data requirements Lloyd’s to assist Managing Agents’ benefits cases Lloyd’s to hold individual meeting with each participant Lloyd’s to assist Managing Agents’ define an implementation plan for
Direct Reporting if applicable
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IMPLEMENTATION PLAN
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Questions…?
Control Framework
Control framework Phase II
Project team introductions
Phase II planning activities at Lloyd’s
Audit scope
Broker engagement
Next steps
Control Framework
Phase II
Control Framework
54 Managing Agents
Coverholders
Lloyd’s
Managing Agent
Auditor
Communications
Broker/ Coverholder
Phase II
Control Framework
Phase II planning
Managing Agent tool kit
Consulting Brokers
Educating Auditors
Control Framework
Tools for the job
Control Framework
Audit Scope
Control Framework
Broker engagement
Driven through Managing Agents
How can managing agents work together to deliver a message to the broker community?
How can Lloyd’s help Managing Agents with their communications with Brokers?
The exercise!
10 minutes for brainstorming within your tables.
Share ideas with the group.
Control Framework
Next steps
Creating a road map
Managing Agent working group – volunteers
Quarterly road map with check points – April CF Breakfast Group
Project tool kit end of Q2
Face to face meetings Q2/Q3 – Contacts for Phase II
Control Framework
Q & A session