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IT Club September 2006

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London-based firms establishing a presence in Bermuda ... Make London easy to do business with seamless, simple, fast & compliant ... – PowerPoint PPT presentation

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Title: IT Club September 2006


1
IT Club September 2006
2
Agenda
  • Welcome
  • ACORD
  • IT Club current position
  • IT Club moving forward
  • Questionnaire for ideas
  • Harvey Nash CIO Survey Simon La Fosse
  • Market Reform Update
  • ACORD View of London Roadmap
  • Closing Remarks

3
  • ACORD View of London Roadmap

4
ACORD View of London Roadmap
  • GOALS
  • Introduce greater efficiency to London market
    processes
  • Straight-through-processing
  • Improved data quality
  • Increased data quantity / availability
  • Improve the service experience for clients
  • Increased certainty and transparency
  • Faster turnaround of assets and payments
  • Grow local and international business
    opportunities
  • Develop a scalable infrastructure capable of
    supporting next tier of business benefit
  • Start small and grow rather than a Big Bang
    change

5
ACORD View of London Roadmap
  • TRENDS
  • Increased regulatory pressures nationally (FSA,
    Lloyds franchise standards) and internationally
    (Sarbanes-Oxley, Spitzer)
  • Downwards pressure on costs, leading to
    outsourcing, off-shoring and consolidation
  • An acceptance that technology can support the
    business process(es)
  • Emergence of e-business initiatives Placing,
    Accounting Settlement and Claims
  • London-based firms establishing a presence in
    Bermuda
  • Increased overview and measurement of market
    participants performance in key areas of client
    care and efficiency

6
ACORD View of London Roadmap
  • ENABLERS
  • A consistent international business process
  • Reduce Londonisms
  • International data standards for common business
    messages
  • A robust, standards-based, messaging
    infrastructure (AMS, DRI), scalable for future
    needs (AWSP, Web Services, SOA etc.)
  • Continuous assessment of market performance
    measurements

7
ACORD View of London Roadmap
  • ISSUES
  • Achieving standardisation of processes
  • Achieving market consensus
  • Managing transition from pure bureaux-based
    processing to a mixture of bureaux and direct
    processing
  • Nervousness in capital investment for centralised
    technology
  • Legacy systems / lack of systems
  • Alignment of implementation priorities

8
ACORD View of London Roadmap
  • SUMMARY
  • Improve client service
  • Make London easy to do business with seamless,
    simple, fast compliant
  • Make London more cost-effective
  • Ensure infrastructure is scalable
  • Automate processes
  • Ensure regulatory compliance and best-practice
    are designed in from the outset
  • Highly standardised processes and technologies
  • Flexible to allow for bespoke nature of
    business

9
ACORD View of London Roadmap
10
ACORD View of London Roadmap
11
World Headquarters Two Blue Hill Plaza 3rd
Floor Pearl River, NY 10965 USA
1 845 620 1700

SLIDE 11
12
ACORD London Agenda a reminder of tasks
identified
  • Standards Strategy
  • Business Process and Process Services
  • Single Business Dictionary
  • Single Data Model
  • UN CEFACT and eEG7
  • Standards Development
  • Placing Implementation Guide
  • Electronic Facultative Claims Submission (ECOT)
  • Maintenance Requests
  • Potential Ocean Marine/Cargo Joint work with PCS
    Domain
  • Web Services Profile
  • Standards Implementation
  • Enhanced Certification
  • Enhance Implementation Reporting OARS
  • ROI Model
  • DRI for claims, AS, placing, and wordings
  • AS
  • Placement
  • Claims
  • On-going ACORD support for
  • Market Reform
  • Other London Market - Non Reform initiatives
    (local and international)
  • Membership
  • Growth
  • Retention
  • Participation
  • London Market
  • International Market
  • Industry and Government Affairs
  • UK/Europe Whitepaper
  • IAIS
  • XBRL
  • Advocacy
  • London Forum
  • ACORD LOMA Forum
  • ACORD TV
  • Other Industry meetings
  • Year in Review
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