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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
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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
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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”
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• 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
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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
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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
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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
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Thank you
Any Questions?