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E-Policies Update Mark Barwick, Associate Director, LIIBA

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E-Policies Update Mark Barwick, Associate Director, LIIBA Agenda 1 What is an e-policy Scope Benefits MRG Targets and milestones Measurement Implementation Planning ... – PowerPoint PPT presentation

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Title: E-Policies Update Mark Barwick, Associate Director, LIIBA


1
E-Policies UpdateMark Barwick, Associate
Director,LIIBA
2
Agenda
  • 1 What is an e-policy
  • Scope
  • Benefits
  • MRG Targets and milestones
  • Measurement
  • Implementation Planning
  • Detailed process
  • Further Information
  • Questions

3
What is an e-policy?
  • There are three types of policy now available
    from Xchanging
  • Paper policy wording and associated
    documentation submitted for signing as paper.
  • E-policy Submission Submitted electronically
    via the IMR but Policy Control form specifies
    broker requires a paper policy
  • True e-policy policy request submitted via the
    IMR and policy document returned to the broker
    electronically as a digitally signed PDF document.

4
Scope of e-policies
  • In-Scope
  • Covers marine, non-marine and aviation
  • Insurance and reinsurance
  • Direct, facultative and excess of loss
  • SA or Policy only
  • Policies, policy endorsements and slip policies
    (companies only)
  • Binding authority wordings
  • Policy endorsements where the original policy was
    on paper
  • Out of Scope
  • Policy requests by renewal receipt

5
Benefits of e-policies
  • Faster turnaround time allows brokers to meet
    their contract certainty obligations
  • Reduction in paper handling costs
  • Still allows paper policy to be produced where
    local regulation demands it
  • Electronic record of policy held in repository
    for subsequent processing and claims
  • AND SAVE TREES!

6
MRG Targets Milestones
  • 31/12/2008 80 of policy submissions to be
    electronic.
  • 1/3/2009 100 of policy submissions to be
    electronic or supported by an e-policy exemption
    form.
  • Paper policy submissions without exemption form
    will be rejected prior to normal policy checks
    being performed.
  • e-policy submissions will be signed
    electronically as a default.
  • Brokers should only request paper policy where
    insured requires embossed policy.
  • Q4 2009 90 of all policies both submitted and
    signed electronically.

7
Measurement
  • TARGET 100 of policy submissions electronic by
    1/3/2009
  • Broker level data not available for e-policy
    submissions
  • Progress against target based on manual count of
    e-policy submissions at market level
  • TARGET 90 of policies signed electronically by
    Q42009
  • LIIBA producing monthly league tables showing
    of true e-policies as a of total policies
    signed for each broker
  • Binding authority wordings a late addition to the
    scope and therefore excluded
  • Binding authority data available and will be
    added as later development

8
MRG Target 100 by 1/3/2009
9
MRG Target 90 by Q4 2009
10
Before using e-policies
  • Broker must complete registration form See MRO
    website.
  • Broker must be an existing user of AS, either
    Direct Load or DRI
  • Adobe Acrobat Reader (version 5 or above) must be
    installed to view e-policy
  • Determine central email address for signed
    e-policy to be sent to
  • Consider what you tell your clients about the
    change
  • Train your policy technicians in Direct Load or
    your DRI solution

11
E-policy submission process
  • Establish at quotation whether e-policy suitable
    for (re)insured
  • If (re)insured requires paper policy could this
    be printed version of e-policy or do they
    require embossed paper policy?
  • Ensure MRC makes it clear policy required, and
    policy attached to MRC when placed.
  • Submit word/PDF copy of wording via AS as part
    of work package
  • Ensure a Policy Control Form is completed and
    present in work package
  • If (re)insured has requested embossed policy then
    specify a paper copy required on Policy Control
    Form

12
E-policy signing process at Xchanging
  • Xchanging sign policy electronically and apply
    electronic seal to the document, similar to
    embossed seal found on paper policies.
  • Xchanging load copy of signed policy to UMR
    folder of IMR with document type of Signed
    Policy.
  • Xchanging email signed document to brokers
    central email address provided at registration.
  • Brokers may send e-policy to client
    electronically, or if client preference print and
    sent as paper

13
E-policy exemption process
  • Brokers have identified minority of contracts
    where e-policy submission not possible. Examples
    include
  • (re)insured requires wet signature due to local
    requirements or preference.
  • (re)insured wants London security to be
    documented in consistent manner as other
    insurers on risk
  • Legacy or complex risk
  • E-policies exemption form requires broker to
    explain why paper submission required
  • Information gathered from exemption form will
    allow service to be enhanced to bring more
    policies in-scope
  • Paper policy submissions without e-policy
    exemption form will be rejected prior to policy
    checks being completed

14
LIIBA members NOT registered as at 13th February
2009
  • Smith Bilborough Co
  • Special Contingency Risks
  • Special Risks Insurance Brokers
  • SSL International Brokers
  • Tasker Partners
  • Texel Finance
  • The Broker Network
  • The Underwriting Exchange
  • Towergate London Market
  • WT Butler Co
  • Woodgate Partners
  • FP Marine Risks
  • Gresham Insurance Brokers
  • Griffiths Armour Global Risks
  • Hayward Aviation
  • Howard Global Insurance Services
  • International Risk Solutions
  • KM Dastur Co
  • Paragon International Insurance brokers
  • Parker Norfolk Partners
  • Baronsmead Partners
  • Bennett Gould Partners
  • Camberford Law
  • CKRe
  • Corrie Bauckham Batts
  • Crescent Global UK
  • Croton Stokes Wilson
  • Culver Ltd
  • Decus Insurance
  • Endeavour Insurance
  • European Insurance Reinsurance Brokers
  • OAMPS Special Risks

15
Further Information
  • The following documentation is available from
    Market Reform website
  • Xchanging E-policies User Guide.
  • List of brokers who have signed up for E-Policies
  • Specimen E-Policy
  • Frequently asked questions document
  • E-Policies broker registration form
  • To view or download these documents go to
  • www.marketreform.co.uk
  • For further information contact
  • Mark.Barwick_at_LIIBA.co.uk - 0207 280 0152 or
    Michael.Langston_at_Xchanging.com - 01634 887 662

16
  • Joe Plumeri
  • This is a further example of the London market
    improving its processes to deliver benefit to our
    clients. E-Policies help us to meet our
    obligations to provide our clients with evidence
    of the business we have placed for them and they
    help us do that in an efficient manner consistent
    with a twenty first century market place. Lower
    cost to process, better service delivered. That
    is what market reform is all about.

17
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