|Current agenda - finish what we've started|
So that is the why we are here and the history – what next? We have a number of pieces of work that we have been running and we need to see through to completion – what we call our Finish What We’ve Started (FWWS) programme.
eAccounts is the second phase of our work to improve premium processing. Moving to sending accounting submissions via the repository has taken, on average, 2 days off the average processing time. But we are still reliant on scanned pieces of paper. Now we need to progress to moving structured data between brokers and the bureau (the insurer back office run by Xchanging). This will be implemented in 2010 and we will roll it out across the market in 2011. This will reduce the error rate on submissions (currently sometimes as high as 40% in any given month) down to practically zero. It also utilises a standard – the ACORD EBOT standard – for accounting submissions which is the same as brokers use to settle business in other markets – reducing the barriers to business coming to London.
The Electronic Claims File (ECF) was delivered when it did a basic job, with the commitment to make usability improvements as the need for those was identified by live usage. We now have defined a package of these – ECF2. This includes faster, easier to search electronic files; better workflow management and vastly improved Management Information. ECF has already more than halved the end to end transaction time for the average claim. ECF2 will further that process by making life easier – especially for the carrier.
The final piece of work is to bring binder claims within the scope of ECF. These represent around 30% of claims in the Lloyd’s market so are a significant tranche that are yet to feel the benefits of electronic processing. We will build a prototype solution this year and then assess the results of that before determining whether to progress to live implementation.