the journey so far…

London Market – Setting the paceLondon Market – Setting the paceMRO Briefing 15 April 2009MRO Briefing 15 April 2009

Roger OldhamHead of Market Practice

HSBC Insurance Brokers LimitedHSBC Insurance Brokers Limited

The journey so far…..

• Contract Certainty – BAU

• Market Reform Contract 1.2 – BAU

• Market Reform Contract Endorsement

• ACORD international standards

• Electronic Claim File

• Accounting & Settlement

• IMR

• Lloyd’s Exchange

• Electronic Messaging/Placements

20062006 20092009 20122012

Global Vision… Our Approach

To be Contract Certain in all of our operations:

• Business process review and GAP analysis

• Impact on business

• Market consultation and acceptance

• Process re-engineering

• Education and training

• System of measurement, check and supervision

• Client consultation and acceptance

• Contract Certainty was a “dirty word”

• Replaces existing “Slips” used in many territories

• Improves quality of placing – benefits clients, underwriters, brokers

• Creates consistent standards across entire organisation

• Brings about a need for retraining – never a bad thing

• Use as Evidence of Cover – improves speed of communication

Market Reform Contract – GPD Benefits

Why has this been possible……..

• 3 years down the track, early lessons learned

• London seen as leading the charge with reform

• Regulators taking a closer look at ways local markets operate

• Contract Certainty starting to be introduced overseas

• A need to change and enjoy the efficiencies

• Allows inter-office communication with ease

Hurdles and barriers

• Overcome reservations/cultural/historical issues held by international colleagues and make them aware of the benefits

• Convince our trading partners and clients of the benefits

• Re-engineer processes, train our staff, introduce checks and controls

What’s next ?

• More widespread adoption of Contract Certainty internationally

• Increased use of electronic messaging, creating significant opportunities and a truly global marketplace

• Other markets closely monitoring how we have modernised our placing, premiums, accounting and claims processes

Thank you

Any Questions?