The
first priority for 2008 is to complete three key
workstreams
Accounting
and Settlement (A&S) submissions
via the Insurers Market Repository. The 2008 target
is for firms to submit all original premiums electronically
by the end of the first quarter.
Electronic
Claims File (ECF) using IMR. The MRG
aims to complete take-up by the end of the first
quarter for Lloyd’s in-scope new claims
and across the London market by the end of the
third quarter.
Legacy.
The target for 2008 is to reduce the outstanding
volume to below 20% of the original measured in
mid 2006.
The
second key priority for 2008 will be to increase
substantially the market’s ability to exchange
structured electronic data to support the insurance
process. This will reduce processing times; reduce
re-keying costs; and reduce operational risk across
the market.
E-Placing.
A key aim is moving to e-placing for all risk
placements and amendments in the London market.
ACORD international data standards will support
the submission of risk details, the agreement
of terms, and contract formation. In line with
the MRG vision, face-to-face negotiation on individual
risks, supported by the electronic process, will
remain a key part of market activity where it
adds value.
Endorsements.
2008 will see the full adoption of a new market
standard for contract changes (Market Reform Contract
Endorsements, MRCE). This builds on the successful
adoption of the Market Reform Contract (MRC) for
all open market risks in 2007. The MRCE will provide
the foundation for a significant increase in remote
electronic agreement of contract changes.
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