electronic claim file 4 july 2007 adam stafford – project manager

Electronic claim file

4 July 2007

ADAM STAFFORD – PROJECT MANAGER

© Lloyd’sELECTRONIC CLAIM FILE UPDATE 05072

Aim of the Electronic Claims File Improve service to customers: broker, assured, coverholders, etc.

How?

Current, contemporaneous access to claims…

… allowing brokers to spend more time on complex claims

Ability to “broke” claims files outside of normal market hours

Reducing the claims lifecycle i.e. first advice to settlement.

Other benefits

Cost savings!


ECF – Key Messages The ECF project has been live since November 2006

Brokers and Managing Agents are able to trade fully electronically without the need to present a paper utilising CLASS at Lloyds and Market Repository in respect of all claims which are currently in scope.

The IUA are participating in pilots and the commitment is there with a live date of 1st July 2007.

Take up is currently in line with Market Reform Group targets but momentum must be maintained.

The reformed market place will benefit our clients with faster response times, electronic trading will work this time.


Key Benefits to Brokers Electronic transfer of data and documents, broker desktop to underwriter

desktop.

Claims workflow managed from the desktop electronically.

Removal of the paper claim file.

Simple claims – straight through processing, no broker involvement.

Claims advocacy – broking where it matters.

Delivery of a quality client and underwriter service.


Why An Electronic Claim File? Storage Requirements

Collaborative Agreement

Lloyd’s Claims Scheme/ Claims Agreement for Followers

Concurrent/Contemporaneous Access

Transparent and Auditable Process

The Technology Exists

In everyday use by all London Market Practitioners

Standard Interface & Sign in

Data Integrity and Backup


OVERVIEW OF ECF

· References· Paid / Outstanding

Amounts· Claim Status /

Agreement· Reports· Correspondence· Bordereau· Placing Documents

ECF Screens

CLASS

Repository

Broker Input

Agreement Parties Can Review All Claim Details, Perform Updates & Record Agreement in One Place

(Without a Broker?)

Data

Documents

Insurer Access &

Input


Status - Key Enhancements in 6 Phases

Phase 1 - See all documents in one view

Phase 2 - Leader control of file/improved searching

Phase 3 - ACORD DRI (receipt of documents)

Phases 4/5 – CLASS@Lloyd’s data through GUI, full DRI and seamless link with docs in repository

Phase 6a – decoupling - increases percentage of “in scope” claims

COMPLETE

Phase 6b – delegation to XCS, risk routing

Phase 7 - Currently being scoped by User Groups.


Current Scope

Business Types not supported by current implementation of ECF:

Delegated Lead to XCS (other than 100% Delegation, which is in scope)

Certain Binding Authorities, Cover Collections and Other Bordereaux Claims

Political risks

Aviation verticals

Certain Multiple OSND claims

Third Party Access to ECF

Existing paper claims files


Systems Processes & Procedures Systems Processes and Procedures

The ECF Process Guide

Broker & Underwriter Collaborative Approach

High-level guide

NOT a systems user manual or adjusting manual

Available on line at www.marketreform.co.uk


Claims: next steps

Enhance ECF capabilities to bring more claims into scope

2007 release to support binding authorities and delegated claims and enable

legacy claims to be tackled (DONE: 8/05/07)

Embed electronic claims handling as business as usual

With FPD review managing agents’ and brokers’ plans and processes

Include electronic processes as part of FPD standards and monitoring

Target all in scope new claims by the end of 2007

FPD to improve measurement capabilities so that we can track throughput and

service turnaround more accurately


Summary of Usage

Current usage

29% of (in scope) first advices presented via ECF

Total volume of claims notified: 4,700

Total volume of ECF transactions: 7,747

17 brokers and 33 Managing Agents already transacting electronically

Nigel Roberts seconded from Aon to assist ramp up activity

FPD also investigating “stalled” claims

System enhancements being progressed and current omissions, eg binders, will be supported by late Q2 2007 on current schedule

collinsi

Options:Cumulative 2007 to end of March - 12.9% (this is what I believe is the latest value of the previous figure quoted)for all of March - 15.6%Currently (i.e. 1st week of April) - 23.9%


ECF TAKE UP SUMMARY

Update Summary:

All active Managing Agents and 44 brokers have now signed the Repository Rules

23 managing agents actively using the system

17 brokers actively using the system

Monthly % of in scope claims using ECF (rolling 4 week figure): 21.5%

Cumulative % of in scope claims using ECF for 2007 (YTD): 14.8%


Market: Weekly ECF as % of In Scope: As at 29/06/07

0

200

400

600

800

1,000

1,200

1,400

1,6005t

h Ja

n

12th

Jan

19th

Jan

26th

Jan

2nd

Feb

9th

Feb

16th

Feb

23rd

Feb

2nd

Mar

9th

Mar

16th

Mar

23rd

Mar

30th

Mar

6th

Apr

13th

Apr

20th

Apr

27th

Apr

4th

May

11th

May

18th

May

25th

May

1st J

un

8th

Jun

15th

Jun

22nd

Jun

29th

Jun

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Weekl y In Scope New Cl aims (Estimation)

Weekl y ECF New Notifications

Weekl y New Notifications: ECF as % of In Scope Estimation


Going Live with ECF - BROKERS

• Class @ Lloyds access either online or ‘batch’

• The ability to load scanned claims documents to the Xchanging hosted market repository either via DRI auto load or interactive load

• Both Class and the ability to put documents in the repository are prerequisites to ‘eclaims’ trading with underwriters

• Sign the repository rules and the Xchanging market repository agreement – refer to LMBC circular 26/2007

• Establish ECF trading partnerships with your key leads

Contact Simon Collins ([email protected] 020 7327 6683) to get started


Going live with ecf – MANAGING AGENTS

Requirements for Managing agents:

Contact your Xchanging customer relationship manager

You’ll need to :

Sign the repository rules,

Sign the class contract with Xchanging,

Ensure your system meets the minimum requirements,

Publish which classes of business for which you’re able to accept ECF.


SYSTEM DEMONSTRATION

And

Questions