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ACORD RLC for 2009 Mike Smith

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Title: ACORD - XIS Conference Author: Roy Laker Last modified by: Puneet Bharal Created Date: 3/15/2006 8:55:19 AM Document presentation format: On-screen Show – PowerPoint PPT presentation

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Title: ACORD RLC for 2009 Mike Smith


1
ACORD RLC for 2009Mike Smith Puneet Bharal
2
ACORD Standards
3
Agenda
  • Standards Implementations
  • Implementation Help
  • TCF
  • Communications
  • 2009 Tasks

4
Standards Implementation
5
ACORD Standards
  • What
  • ACORD Insurance data, messaging and process
    standards
  • 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

6
ACORD Standards geographical usage
Reinsurance and Large Commercial
7
RLC Standards
  • Cross border business
  • Used Internationally
  • Supported by the ACORD London Office
  • Key task is implementation of Standards

8
ACORD Implementations
  • The ACORD messages are multi functional
  • Organisations tend to implement in bite size
    chunks
  • 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

9
ACORD RLC Global Roadmap
10
RLC Implementations WorldwideLondonEuropeNor
th America
11
London Implementations
  • London Market standardised on the use of ACORD
    RLC
  • 70,000 ACORD DRI messages per week
  • Peaking at 25,000 per day
  • ACORD RLC Placing message is operational
  • Adoption of the ACORD RLC Technical Account
    message is underway.
  • to support premium transactions
  • Lloyds 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.

12
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

13
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
    transmission

14
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

15
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
    senders
  • Bermuda
  • Placing starting to happen from London
  • Accounting implementations
  • Canada
  • Examining the use of claim movement message for
    advices and implementing accounting messages

16
Status
  • 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
    partners

17
STP
  • Lower Cost
  • Automated Workflow
  • Integrated Systems
  • Reduce Errors
  • Less Translation
  • Better Service
  • More Consistency
  • Higher Quality
  • More Transparency
  • Speed to Market
  • Ease of Doing Business

18
Implementation Help
  • Advisory Services

19
Implementation Help
  • ACORD awareness for business and IT technicians
  • ACORD training for all
  • Health checks for individual organisations
    relating to ACORD
  • Messaging implementation help
  • EDI
  • ACORD XML
  • TCF help for organisations testing and those
    seeking certification

20
Implementation Help
  • Testing and Certification Facility

21
Test first with ACORD Testing and Certification
Facility (TCF)
YOU
BUSINESS PARTNER
  • Connectivity
  • Security
  • Standards compliance

And get trouble-free implementation with partners
YOU
BUSINESS PARTNER
22
Testing Certification
  • Over 7,000 messages sent/received
  • All London initiatives supported
  • ECF / AS 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 systems capabilities
  • Proven to reduce mean time between bug fixes
  • Avoids you performing diagnostic work /
    consultancy for your competitors

23
ACORD RLC Blog
  • London Office Blog www.acordlondon.org

24
2009 Tasks/Activitiesfor RLC
25
2009 RLC Key Tasks - Overview
  • Standards Implementation
  • Standards Development
  • Advocacy
  • Operations and Process

26
2009 RLC Key Tasks
  • Standards Implementation
  • Implementation Focus Groups
  • Rueschlikon
  • London
  • USA Focus group
  • European Focus Group
  • Lloyds Hub
  • Advisory Services
  • TCF and Implementation Tracking
  • E-Forms

27
2009 RLC Key Tasks - continued
  • Standards Development
  • Business
  • ECOT
  • PIG review
  • Exposure data
  • Account Current
  • EBOT
  • Reporting Messages (Regulatory/Management)
  • Technical
  • RLC into AML
  • AWSP
  • NDR
  • TCF
  • E-Forms
  • FA, Claims, Exposure data

28
2009 RLC Key Tasks - continued
  • Advocacy
  • Member Groups
  • ACORD Club
  • LMBC group
  • Breakfast meetings
  • New Members/Company discussions
  • Conferences
  • AFL
  • ISF
  • AIF
  • Video
  • General Communication
  • Web site, blogs, newsletters etc

29
2009 RLC Key Tasks - continued
  • Operations and Process
  • Standards
  • Governance
  • MR Review
  • Certification
  • Standards Framework
  • Membership

30
ACORD RLC DSC Members Locations
Mark Kinsella (Benfield) Anne Rannie
(Lloyds) Tom Payne (Kiln) Steve Williams
(JLT) Mark Barwick (LIIBA)
Monique Hesseling (Zurich) Patrick Vice (Frank
Cowan) Thomas Neff (Aon Re) Rob Gorski (XL
Re) Pete Marotta (ISO)
Peter Arbenz (Swiss Re) Regis Delayat (SCOR) Ute
Morlock (Munich Re) Amer Ahmed (Allianz)
31
World Headquarters Two Blue Hill Plaza 3rd
Floor Pearl River, NY 10965 USA
1 845 620 1700

SLIDE 31
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