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ACORD - London Market Group

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ACORD in the London
Insurance Market
March 2007
Agenda
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About ACORD
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Current Activities
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Future Plans
Who is ACORD?
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Independent and Objective Trade Association
пЃЁ Serving the Insurance Industry since 1970
пЃЁ Facilitating Industry-Driven Standards for
Brokers, Carriers, Solution Providers, Market
Associations
пЃЁ Not For-Profit Corporation
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Anti-Trust protected forum for developing
Standards and promoting implementation
Develops, Manages, and Promotes Standards
Why Standards
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Sharing data
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Simplified processes
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Straight through processing
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Reduce the cost of processing
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Connect to trading partners
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Enhances the quality of data
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For Global trading/processing
The Business Wish List
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Competitive quotes
Improve claims ratio
Increase access to Markets
Process efficiency
Open all hours
Satisfy Regulators more easily
Clarity of Contract
Understanding exposure
Globalisation
Automation
Intra Office communication
Legacy Management
Manage claims exposure and R/I recoveries
Efficient reporting
The Need for Standards
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Competitive quotes
Improve claims ratio
Increase access to Markets
Process efficiency
Open all hours
Satisfy Regulators more easily
Clarity of Contract
Understanding exposure
Globalisation
Automation
Intra Office communication
Legacy Management
Manage claims exposure and R/I recoveries
Efficient reporting
Electronic movement of information
and the
Need for Standards
The ACORD Vision
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The Global Insurance/Reinsurance Industry has
one, common set of Business Data Definitions
All solutions implemented are built upon these
Standards
ACORD Governance
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3 Standard Domains
пЃЁ Non Life
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пЂёReinsurance Large Commercial
пЂёProperty Casualty &Surety
пЃЁ Life
пЂёLife and Annuity
ACORD Board
пЃЁ Advisory Boards
ACORD Standards Committee
Domain Steering Committee
пЃЁ Business
пЃЁ Technical
пЃЁ Implementation
ACORD staff
Working groups
ACORD Governance
ACORD
Board of Directors
ACORD
Standards Committee
Non-Life
Reinsurance
Large Commercial
Steering Committee
Association
Liaisons
Personal, Commercial
& Surety
Steering Committee
Association
Liaisons
Domain
Advisory Boards
Reinsurance & Large Commercial
Personal & Commercial
Life & Annuity
Surety
London
Life
Life, Annuity, Health
& Reinsurance
Steering Commmittee
Business
Requirements
Business
Requirements
Business
Requirements
Technical
Requirements
Technical
Requirements
Technical
Requirements
Implementation
Advocacy
Implementation
Advocacy
Implementation
Advocacy
Implementation
Pilots
Working
Groups
Plenary
Sessions
Proof of Concept
Groups
Association
Liaisons
RLC Messages – the standards to be used by
London
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Placing
пЃЁ Slip and contract details for quotation, firm order and
endorsement processing
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Technical Account
пЃЁ Technical accounting movements (eg LPAN)
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Financial Account
пЃЁ Listing of settlements
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Claim Movement
пЃЁ Claim and loss reserve details
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Bordereau
пЃЁ To list premium and claim or risk information
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Technical standards
пЃЁ Includes DRI
ACORD Implementations
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The ACORD messages are usually large with lots of
functionality
Organisations tend to implement in �bite size’ chunks
пЃЁ Start with skinny messages
пЃЁ Enhance functionality gradually
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Roadmaps are needed to explain implementation
phases and plans
Implementation guides are developed that reflect the
agreed phased implementations
Benefits
пЃЁ Implementations are tighter, simpler, more manageable
and cost effective
London Projects – the ACORD involvement
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Placing
пЃЁ Implement the ACORD Slip (GPD)
пЃЁ Implement ACORD Placing message
A&S
пЃЁ Implement A&S Repository
пЃЁ Implement ACORD messages for Bureau
and non Bureau accounting
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Claims
пЃЁ Implement Electronic Claims File
ACORD London Market Plans
Placing
Quote
Place
Endors
e
Placing
Quote
Endors
e
Place
MR slip
Implemented
G6
G6 phase 1
Implemented
MRSIG
G6 phase 2 (Two-way messaging)
Implementation
from June 2007
Implemented
Complete pilot
end Q2 2007
Placing
Quote
Endors
e
Place
MR slip
Implemented
G6
G6 phase 1
Implemented
MRSIG
Complete pilot
end Q2 2007
PLACING
IMPLEMENTATION
GUIDE
Update to
include MRSIG
Q3 2007
G6 phase 2 (Two-way messaging)
Implemented
Implementation
from June 2007
GPD
Completed awaits MRG
decision on rollout
PLACING IMPLEMENTATION GUIDE
Publish June 2007
(G6 incorporated)
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Re-publish June 2007 with London rules incorporated
TESTING AND CERTIFICATION FACILITY
•Already implemented with London DRI rules included
•Support for placing targeted for June 2007
Global Placing Document (GPD)
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The ACORD Slip
Implementation Guide with examples
Originally based on LMP (MR) Slip
пЃЁ Extended to include additional content for
specific areas of business
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GPD is mapped to the ACORD Placing
message
Placing Implementation Guide (PIG)
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An implementation guide for the ACORD Placing
message – Processes and data required at each stage
 Build: client – agent negotiations about the structure of a proposed
placement. ACORD messages allow agents to propose terms for their
client to review and approve or decline.
пЃЁ Quotation: where a client (or their agent) approaches one or
more carriers for a quotation. ACORD messages allow clients, carrier
and agents to request and provide quotations.
пЃЁ Client Approval: where a client has engaged an agent and
wishes to approve their work before any contracts are placed.
ACORD messages allow clients to approve the work of their agents
before the placement is continued.
пЃЁ Order: the process of binding and formally accepting a contract.
ACORD messages allow for clients and carriers to enter into a binding
contract (either directly or via their agents), as well as indicate
declinatures, supply conditions and manage contracts post-bind.
пЃЁ Endorsement: the amending of a contract after it has been
bound, ACORD messages allow clients, carrier and agents to
propose, agree and notify endorsements.
Placing
Quote
Endors
e
Place
MR slip
Implemented
G6
G6 phase 1
Implemented
MRSIG
Complete pilot
end Q2 2007
PLACING
IMPLEMENTATION
GUIDE
Update to
include MRSIG
Q3 2007
G6 phase 2 (Two-way messaging)
Implemented
Implementation
from June 2007
GPD
Completed awaits MRG
decision on rollout
PLACING IMPLEMENTATION GUIDE
Publish June 2007
(G6 incorporated)
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Re-publish June 2007 with London rules incorporated
TESTING AND CERTIFICATION FACILITY
•Already implemented with London DRI rules included
•Support for placing targeted for June 2007
ACORD Testing Certification Facility
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Software that confirms messages are ACORD
compliant
Test own systems as though interacting with
real business partner
Performs data and business validation
Ensures new business partners are ready
before becoming engaged
ACORD have an effective and efficient
method of certifying messages
Accounting and settlement
Close
Accoun
t
Settle
Accounting and settlement
Accoun
t
Close
Settle
A&S Strategic
A&S phase 1
ELPAN2
Implemented
Guide for ongoing
reference
Signing
messages; BSM,
Generally available CSM, USM
from October 2007
Peer to Peer accounting
Implemented
Implemented internationally,
not yet in London
Accounting and settlement
Accoun
t
Close
Settle
Guide for ongoing
reference
A&S Strategic
A&S phase 1
ELPAN2
Implemented
Signing
messages; BSM,
Generally available CSM, USM
from October 2007
Peer to Peer accounting
Implemented internationally,
not yet in London
ACCOUNTING & CLAIMS IMPLEMENTATION GUIDE
ELPAN2: Bureau
EBOT: Non Bureau
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Re-publish June 2007 with London rules incorporated
TESTING AND CERTIFICATION FACILITY
•Already implemented with London DRI rules included
•Support for Accounting targeted for August 2007
Implemented
Publish June 2007 with
ELPAN2 and EBOT
requirements
incorporated
Claims
Advice
Paymen
t
Settle
Claims
Paymen
t
Advice
CLASS (Company market)
Settle
Implemented
CLASS (Lloyd’s)
Rolling out
ECF
Rolling out
Peer to Peer claims
Signing
messages; BSM,
CSM, USM
Implemented
Implemented
internationally
Claims
Paymen
t
Advice
CLASS (Company market)
Settle
Implemented
CLASS (Lloyd’s)
Rolling out
ECF
Rolling out
Signing
messages; BSM,
CSM, USM
Peer to Peer claims
ACCOUNTING & CLAIMS IMPLEMENTATION GUIDE
EBOT: Non Bureau
DOCUMENT REPOSITORY INTERFACE IMPLEMENTATION GUIDE
Re-publish June 2007 with London rules incorporated
TESTING AND CERTIFICATION FACILITY
Already implemented with London DRI rules included
Implemented
Implemented
internationally
Publication with
EBOT requirements
targeted June 2007
ACORD – Key dates for London in 2007
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TCF
пЃЁ DRI messages
пЃЁ Placing messages
пЃЁ Accounting messages
Complete
June 2007
August 2007
пЃЁ Complete for current work load
пЃЁ Updated for London Endorsements
June 2007
Q3 2007
пЃЁ EBOT
пЃЁ ELPAN2
June 2007
June 2007
пЃЁ Guide enhanced
June 2007
пЃЁ IT Club
пЃЁ Service Providers Forum
Ongoing
Ongoing
Placing Implementation Guide
Accounting Implementation Guide
DRI
Forums
ACORD – other areas
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Roadmaps
пЃЁ London Roadmap - this has been developed
into the MRG Roadmap
пЃЁ ACORD is developing Roadmaps for North
America and Europe
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ACORD TV
пЃЁ Communication and Education service
пЃЁ Video on demand providing insurance
information via ACORD website
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Working on Exposure reporting
ACORD Membership
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Over 500 Worldwide members
London
 Lloyd’s on behalf of all Managing Agents
 Brokers – the major organisations
 Companies – many of the IUA membership
пЃЁ Service providers
пЃЁ Market Associations (LMBC, LMA and IUA)
Purpose of Standards
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Reduce the cost of doing business
пЃЁ Reduction in time and costs
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Connect trading partners efficiently
пЃЁ Sharing data with business partners
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Simplified and common business processes
пЃЁ Straight through processing
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Enhance data quality and transparency
Improve customer service
Provide access to markets and partners
globally.
Speed to market with products and services
Sharing data within own organisation
Electronic movement of information
World Headquarters:
Two Blue Hill Plaza
3rd Floor
Pearl River, NY 10965 USA
+1 845 620 1700
London office:
LUC - Suite 1/3
3 Minster Court
Mincing Lane
London EC3R 7DD UK
+44 207 617 6400
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