With

LMG Secretariat

LMG ForumDecember 2009

Christopher Croft, LMGSRob Gillies, LMAIan Devonald, TravelersSimon Gaffney, WillisTrevor Maddison, Lloyd’s

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Agenda

• Update

• Endorsements via structured data messaging. Plans for 2010

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Initiative T’scale Target Progress

Policy submissions Q1 All via IMR Fully adopted

Policy signings Q4 90% of signings Adopted, except where client requirement for paper

E-placing support Q1-Q4 Promote adoption; develop ACORD standard

ACORD 2009.1 developed

Lloyd’s Exchange Q4 Pilot Exchange Connections established. Live messages transmitted

Electronic endorsements Q4 Drive up usage; transition to ACORD messaging

Volumes increased; messaging initiative underway

Measurement/benchmarking framework

Q1-Q4 Continue measurement.

Each project supportedby measurement

Collaboration with ACORD on standards development

Q1-Q4 ACORD 2009.1 Developed

Refine vision of market of choice

Q2 Refine vision Process work group vision developed

Develop strategy/priorities Q4 Publish strategy Future process project established for 2010

Pla

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Su

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LMG 2009: Progress against plan

Str

ateg

y

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Electronic policy submissions

Electronic policy submissions

0

500

1000

1500

2000

2500

3000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Total policies signed Electronic requests Electronic proportion

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Electronic policy signings

Electronic policy signings

0

500

1000

1500

2000

2500

3000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Total policies signed Electronic policies signed

Electronic proportion Monthly interpolated target

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Initiative T’scale Target Progress

Policy submissions Q1 All via IMR Fully adopted

Policy signings Q4 90% of signings Adopted, except where client requirement for paper

E-placing support Q1-Q4 Promote adoption; develop ACORD standard

ACORD 2009.1 developed

Lloyd’s Exchange Q4 Pilot Exchange Connections established. Live messages transmitted

Electronic endorsements Q4 Drive up usage; transition to ACORD messaging

Volumes increased; messaging initiative underway

Measurement/benchmarking framework

Q1-Q4 Continue measurement.

Each project supportedby measurement

Collaboration with ACORD on standards development

Q1-Q4 ACORD 2009.1 Developed

Refine vision of market of choice

Q2 Refine vision Process work group vision developed

Develop strategy/priorities Q4 Publish strategy Future process project established for 2010

Pla

cin

g

Su

pp

ort

ing

LMG 2009: Progress against plan

Str

ateg

y

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Lond

on

Mark

et

Gro

up

LMG 2009: Progress against plan

Initiative T’scale Target Progress

New claims already in scope Q1 Full ECF usage For in-scope claims

Extend scope to all new claims Q4 For all claims IMR security model liveBinders prototype being developed

ECF usage for all new claims Q2 2010

Full ECF usage Scheduled for Q4 2010

Legacy claims Q4 2010

Full ECF usage Recognised only appropriate for complex/long-standing claims

Use repository for original premiums

Q4 100% of in-scope submissions

Security model implementation increases scope

Use repository for additional/return premiums

Q3 100% use for in-scope transactions

Security model implementation increases scope

Non fundamental splits service Q4 In place Service defined & scheduled for Q2 2010

E-accounting Q4 2010

Full usage Scheduled for 2011

De-linking Q1 Full usage Revised 85% market target agreed

Cla

ims

A&

S

--

-

-

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A&S via the repository

A&S: Proportion of premium submissions made via IMR

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Original Premium Additional/Return Premium

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Lond

on

Mark

et

Gro

up

LMG 2009: Progress against plan

Initiative T’scale Target Progress

New claims already in scope Q1 Full ECF usage For in-scope claims

Extend scope to all new claims Q4 For all claims IMR security model liveBinders prototype being developed

ECF usage for all new claims Q2 2010

Full ECF usage Scheduled for Q4 2010

Legacy claims Q4 2010

Full ECF usage Recognised only appropriate for complex/long-standing claims

Use repository for original premiums

Q4 100% of in-scope submissions

Security model implementation increases scope

Use repository for additional/return premiums

Q3 100% use for in-scope transactions

Security model implementation increases scope

Non fundamental splits service Q4 In place Service defined & scheduled for Q2 2010

E-accounting Q4 2010

Full usage Scheduled for 2011

De-linking Q1 Full usage Revised 85% market target agreed

Cla

ims

A&

S

--

-

-

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Delinking in the Lloyd’s market

Proportion of submissions delinked in the Lloyd's market - three year comparison data

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Lloyd's 2007 Lloyd's 2008 Lloyd's 2009

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2010 workplan

• Finish What We’ve Started

– Full ECF usage

– Binders prototype

– eAccounting

• Support for placing

– Endorsements pilot

• Right first time

– Accounting submissions

• Strategic

– Future process model

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IMR security model

• LIVE on 7th December

• 80+ people from 23 organisations involved in MAT

• Smooth implementation

• Increases scope of IMR to 100% for A&S

• Extends ECF scope by circa 7%

• Documentation available at www.londonmarketgroup.co.uk

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Finish What We’ve Started

• eAccounting replanning

• ECF2 – on target

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Placing…

• Rob et al to update on plans

• Endorsements measurement update…

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Events…

• Barnabas Hurst-Bannister “The edge of the frontier is here”. ID Technology Forum, 26th November – text available on website

• Stephen Riley “Market reform – are we there yet?” IIL Lecture: 12th January 2010 1:15pm, Old Library Lloyd’s

• Barnabas Hurst-Bannister "Subject of Speaker's Choice”. IIL Lecture: 31st March 2010 1:15pm, Old Library Lloyd’s

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Forums 2010

• Dates

– January 29th

– February 24th

– March 17th

– April 21st

– May 20th

– June 23rd

– July 21st

– August 18th

– September 22nd

– October 20th

– November 17th

– December 22nd

• Ideas/volunteers/suggestions for speakers welcome!

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Questions?