ACORD_SP_session by suchenfz


									Software Providers

  January 2009
   ACORD and the RLC Programme
     ACORD staff
   A vision for London in 2009
     Chris Croft - MRO
   Delivering the vision
     John Masters - XIS
ACORD Standards
   Introduction
   Implementations
   Exposures and Binders
   TCF
   Implementation Help
   2009 Tasks
ACORD Standards
   What
      ACORD Insurance data, messaging and process
      Set of processing rules and information that
       provide a standard way for communicating
   Why
      Standards enable an organisation to link with their
       trading partners to a common electronic method
   How
      By working with ACORD staff and members to
       develop and implement ACORD standards
   When
      Implementations happening today in London, the
       US and continental Europe
ACORD – Standards geographical usage
                 Reinsurance and Large Commercial
RLC Standards
   Cross border business
   Used Internationally
   Supported by the ACORD London Office
   Key task is implementation of Standards
ACORD Implementations
   The ACORD messages are multi functional
   Organisations tend to implement in „bite size‟
     Start with skinny messages
     Enhance functionality and data gradually
   Roadmaps are needed to show
    implementation phases and plans
   Implementation guides are developed that
    reflect the agreed phased implementations
   Implementations are tighter, simpler, more
    manageable and cost effective
ACORD RLC Global Roadmap
                                                                                                             Implementation Projects
                                                                                                                                                                                                                                           End Vision
                                                                  Quote                                                 Firm Order                                                    Placing Completion
                                                                                                                                                                                                                                      Improve Client Service
                                                         New business & renewals                                  New business & renewals                                            New business & renewals
                                                             Endorsements                                             Endorsements                                                       Endorsements                                 Make the RLC community

                                                                                                                                                                                                                      Exposure Data
                                                                                           Exposure Data

                                                                                                                                                     Exposure Data
                                                        1-way skinny (core) message                              1-way skinny (core) message                                        1-way skinny (core) message                       easy to do business with,
                                                                                                                                                                                                                                      creating greater
                                                        2-way skinny (core) message                              2-way skinny (core) message                                        2-way skinny (core) message
                                                                                                                                                                                                                                      opportunity for
                                                            1-way full message                                       1-way full message                                                 1-way full message                            globalisation and entering
Business Processes

                                                            2-way full message                                       2-way full message                                                 2-way full message                            new markets.
                                                       With electronic documents - DRI                          With electronic documents - DRI                                    With electronic documents - DRI
                                                                                                                                                                                                                                      Improve cost effectiveness
                                                                                                                                                                                                                                      of processes and reduce
                                                                                                                                                                                                                                      frictional costs
                           e-Accounting & Settlement

                                                                    Establish the debt                                                                 Initiate Settlement                                                            Promote international,
                                                               (Technical Account message)                                                        (Financial Account message)                                                         global nature of ACORD
                                                                                                                                                                                                                                      RLC messages
                                                                          Premium                                                                                       Premium
                                                                            Claims                                                                                        Claims                                                      Ensure regulatory
                                                                                                                                                                                                                                      compliance and best
                                                                     Balance Accounts                                                                                Balance Accounts
                                                                                                                                                                                                                                      practice are designed in
                                                              Messaging with technical acknowledgement                                           Messaging with technical acknowledgement                                             from the outset by
                                                                                                                                                                                                                                      improving data availability
                                                              Messaging with business acknowledgement                                            Messaging with business acknowledgement                                              and reporting ability
                                                               With electronic documents - DRI                                                    With electronic documents - DRI
                                                                                                                                                                                                                                      Standardised processes
                                                                                                                                                                                                                                      and technologies

                                                                                                                                                                                              Payment Request                         Flexible to allow for
                                                              First Notification                                          Further Advice
                                                                                                                                                                                         (Claim Movement Request)                     bespoke nature of business
                                                         (Claim Movement Message)                                   (Claim Movement Message)

                                                         Skinny (claims core) messaging                            Skinny (claims core) messaging                                       Skinny (claims core) messaging                Enables remote working,
                                                                                                                                                                                                                                      but does not impose it
                                                                 Full messaging                                             Full messaging                                                       Full messaging
                                                                                                                                                                                                                                      Promote ACORD XML
                                                        With electronic documents - DRI                           With electronic documents - DRI                                      With electronic documents - DRI
                                                                                                                                                                                                                                      messages to all players in
                                                               Claim Bordereau                                                                                                                Claim Bordereau                         the insurance value chain
                                                                                                                          Claim Bordereau
                                                                                                                                                                                                                                      requiring full business
                                                                                                                                                                                                                                      process/feedback loop
                                                                                                             Supporting Technology                                                                                                    Scalable infrastructure

                                                          ACORD Messaging Services                                ACORD Web Services Profile                                                        DRI                               Using ACORD Web Services
                                                             Asynchronous Asymmetric:                                Asynchronous Asymmetric:

                                                                                                                                                                                     Notify; Down Load: Request, Response
                                                             Inbox/Outbox, Post/Retrieve                             Inbox/Outbox, Post/Retrieve                                                                                      Electronic documents using
                                                                                                                 Symmetric Asynchronous: Inbox, Post                                                 Upload                           ACORD DRI messages
                                                        Symmetric Asynchronous: Inbox, Post
                                                                 Synchronous: Call                                        Synchronous: Call                                              Search: Request, Response;                   All processes fully automated
                                                                                                                                                                                        Download: Request, Response
                                                               Connectivity Test: Ping                                 Connectivity Test: Ping                                                                                        All processes traceable
                                                                 Mime Part url                                           Mime Part url                                                     Large Documents

                                                                                                           Draft 6 – Work In Progress
RLC Implementations

  North America
London Implementations
   London Market standardised on the use of ACORD RLC
   70,000 ACORD DRI messages per week
   ACORD RLC Placing message is operational
   Adoption of the ACORD RLC Technical Account
    message is underway.
     to support premium transactions
   Lloyd‟s Exchange
     Using ACORD standards
   Xchanging (the London market centralised back
    office) is introducing an “ACORD for All” service
     enable all London Underwriters to receive ACORD RLC
       messages in place of London EDI message.
RLC in Europe
   Over 50,000 Accounting Messages p.a.
   Some Claims
   Priority is:
     Accounting, settlement and claims (not
      Placing today)
     Greater volumes
   Brokers want:
     More Reinsurers
     More Insurers
   Reinsurers want:
     More Brokers
     Ceding Companies
RLC in Europe - Rueschlikon
   Agreement signed on 17th September 2008
   ACORD RLC premium, claims and DRI
   Running messages over the SWIFT network
   Partnership between:
     SWIFT, ACORD, Swiss Re, Munich Re, SCOR,
       Aon, Benfield and Willis
   A shared industry solution for electronic data
Rueschlikon - Other Key Points
   Full pricing proposal being discussed
   Validation to be included after June 2009
   Future phases include:
     Life Reinsurance
     Pairing
     Other ACORD standards
     Settlement netting
     Risk exposure data
North America
   USA
     XML is the Standard in the US
        Moving away from EDI but still being supported
      E-Reinsure over 500,000 Placing messages to date
      Need to increase the number of Reinsurance
       implementers and add Ceding companies as message
   Bermuda
      Placing starting to happen from London
      Accounting implementations
   Canada
      Examining the use of claim movement message for
       advices and implementing accounting messages
   ACORD RLC XML standard is mature

   ACORD RLC standards are a proven solution
     driving benefits today

   Vendor partners have matured
     significantly reduced the barriers to entry
     reduced the ongoing operational costs

   Focus is on implementation with more trading
    ACORD RLC Blog

   London Office Blog
Exposure and Binders
Exposures and Binders
   ACORD working group re-validating 2003
    Property standard
     Will also promote usage
   Verification of Exposure data
   Some pilots of binders
   Lloyd’s franchise also considering ACORD
    standard as part of regulation
Industry Value Chain


Original                                                                           Reinsurance
                   Insurer                                             Reinsurer
insured                                                                               broker

           Agent                  MGA                     specialty                       Retrcessionai
                                                       lines insurer                           rre
                                           Surplus/                                               rre
                                          specialty                                                   airre
                                        lines broker

    Testing and
Certification Facility
Test first with ACORD Testing and Certification Facility (TCF)

 YOU                 •Connectivity
                                               BUSINESS PARTNER
                     •Standards compliance

And get trouble-free implementation with partners…

     YOU                                     BUSINESS PARTNER
Testing & Certification
   Over 7,000 messages sent/received
   All London initiatives supported:
     ECF / A&S repository
     ELPAN2 / EBOT
     Electronic Placing (direct and via hubs)
   DRI Large Files (20mb+) now supported
     1.2Gb files transferred in testing
     Increasing demand from clients; implementors
       encouraged to support ASAP.
   Digital Signature testing supported
   Why struggle with counter-parties?
     TCF provides a neutral, authoritative overview which
      proves your system‟s capabilities
     Proven to reduce mean time between bug fixes
     Avoids you performing diagnostic work / consultancy
      for your competitors
Implementation Help
Implementation Help
   ACORD awareness for business and IT
   ACORD training for all
   Health checks for individual organisations
    relating to ACORD
   Messaging implementation help
     EDI
   TCF help for organisations testing and those
    seeking certification
2009 Tasks/Activities
    RLC Domain
2009 RLC Key Tasks - Overview

   Standards Implementation
   Standards Development
   Advocacy
   Operations and Process
2009 RLC Key Tasks

   Standards Implementation
     Implementation Focus Groups
       USA Focus group
       European Focus Group
       Lloyd‟s Hub
     Advisory Services
     TCF and Implementation Tracking
     E-Forms
2009 RLC Key Tasks - continued
   Standards Development
     Business
       PIG review
       Exposure data
       Account Current
       Reporting Messages (Regulatory/Management)
     Technical
       RLC into AML
     E-Forms
       FA, Claims, Exposure data
2009 RLC Key Tasks - continued
   Advocacy
     Member Groups
       ACORD Club
       LIIBA group
       Breakfast meetings
       New Members/Company discussions
     Conferences
     Video
     General Communication
       Web site, blogs, newsletters etc
2009 RLC Key Tasks - continued

   Operations and Process
     Standards
       MR Review
     Standards Framework
     Membership
World Headquarters:         London office:
Two Blue Hill Plaza          LUC - Suite 1/3
3rd Floor                    3 Minster Court
Pearl River, NY 10965 USA    Mincing Lane
                             London EC3R 7DD UK
+1 845 620 1700             +44 207 617 6400

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