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The Electronic Distribution Team is helping the market reduce costs, maximise opportunities and protect market share in the advent of changing business flows and emerging electronic distribution initiatives.
The work being undertaken has three areas of focus:
As part of the Vision 2025, the objective for 2013 is to ensure managing agents and brokers are continued to be made aware of any recent changes in the e-trading platforms and hubs to ensure that th Lloyd's market can connect with all appropriate electronic trading hubs and platforms globally (via the London Message Exchange where required). This work includes regular contact with the LMA and other such relevant parties
These platforms, hubs and aggregators are simplifying wholesale insurance processes and increasing transparency in a way that requires us to be fully engaged. The initiatives are also offering Lloyd's significant opportunities to reduce acquisition costs and access new markets.
Part of the planned activities include harnessing the Corporation’s global knowledge to understand the opportunities and threats emerging through technology and sharing these findings with the market. Additionally, the Technology Library, which hosts profiles and information on key platforms/hubs and technology providers on Lloyds.com, is to be enhanced with more user friendly functionality.
Intelligence gathered in the above activities will guide further R&D work to assess costs and benefits of emerging ideas, as is happening with the current iPad and smartform projects.
The Technology Library is developed with the aim of providing a central library of electronic trading platforms/hubs and technology solutions, providing relevant profiles and key contacts to assist the market in exploring available opportunities.
Platforms and hubs
Profiles of each relevant platform, hub and key technology globally.
Profiles of relevant technology vendors with existing solutions used in e-trading and distribution processes.
Since its launch in 2010, brokers in the Lloyd's market have been taking part in a pilot which sees the iPad being used as an alternative to the more traditional paper underwriting slips. It is hoped the iPad will improve data quality, efficiency, reduce costs and enhance the face to face process.
The iPad pilot has now been completed. For more information please visit The Lloyds iPad pilot pages or contact Oliver Furner firstname.lastname@example.org.
SmartForms are electronic forms with capabilities beyond a traditional paper form, such as electronic completion, dynamic sections, database calls and electronic submission.
SmartForms provide an electronic form authoring environment and an easy and intuitive way for business users with no programming or design skills to quickly build forms (in a format that they require) that can run on desktops, tablets and smart phones. SmartForms help reduce the time, costs and problems inherent to paper-based forms processes.
The Lloyd’s market currently faces the following challenges:
Lloyd’s has developed, alongside Exari and Tier2 Consulting, a free-to-use form builder application that is hardware agnostic and which uses structured templates to create an MRC and MRCE (Market Reform Contract Endorsement).
The solution provides users with the ability to capture data and create an MRC wherever they are. As a result of using the solution, the user will have access to a document in a format they require (Word, PDF etc.) as well as structured standard data from the MRC in the form of an XML message.
Users will also be able to amend a document - either at their office or at the box using mobile technology - and automatically update the underlying data associated with it and vice versa.
This will employ the LMG published data standards for the construction of MRC that have been mapped to ACORD data.
The SmartForm solution is offered as a tool to brokers delivering the following benefits:
Please note that this access is restricted and does not include all of the additional functionality which is available in the form. Please contact Oliver Furner (email@example.com) for more details or to be provided with a secure login and password for your own use. Please use the following link to access a restricted example of the SmartForm with many of the fields populated with default answers (Username – testbroker, Password - pwd). The initial SmartForm questionnaire builds a North American Property Slip with additional classes being added as market interest grows.
Part of the Vision 2025 is for Lloyd’s distribution chain to be optimised through the efficient use of technology. More specifically, the Corporation’s strategic objectives for 2013 include a number of technology focused workstreams.
Supporting these initiatives, monthly Thought Leadership Sessions have been scheduled to take place over the course of the autumn with the purpose of sharing recent success stories and lessons learned of technology implementation in the market, as well as introducing new innovative solutions which work towards Lloyd’s current efforts to improve business practices. The overall aim is to enhance the Market’s awareness on the solutions and initiatives available which improve the overall business efficiency.
Venue: Lloyd’s Old Library
Time: 8.30 registration (tea & coffee) and 8.45 start
Presentations last approximately 25-30 minutes followed by a 10-15 minute Q&A
Registration: Required via www.lloyds.com/the-market/communications/events
Dates for 2014:
1 October 2013 - Northdoor and Torus: "Implementing a new underwriting system"
Click here for an audio recording of the presentation
8 November 2013 - IBM: "Gaining the most from Social Media"
To be added onto the Thought Leadership Session email invite list, please email Päivi Marshall with your contact details, firstname.lastname@example.org.
Tuesday 3 December 2013 in the Old Library
Why e-Distribution and Trading?
This year’s theme for the Technology Day is “e-Distribution and Trading”, reflecting the continued efforts of the Corporation to complement the face-to-face trading with the efficient use of technology while maintaining the London-based business model.
The key objectives of the Technology Day are:
The overall aim is to enhance the Market’s awareness on a range of e-distribution and trading initiatives that are designed to improve the access options to various types of business in different parts of the world.
Technology Day participants are expected to represent a cross section of both managing agents and brokers with three specific key target audiences:
While the day is free to attend, online registration for the event will be required via www.lloyds.com/the-market/communications/events.
Agenda for the Day
Registration from 8.30am with presentations starting at 9am. Lunch will be served 12.30pm-2pm.
Presentations from participating platforms and hubs:
Guest speakers Phil Hill from BMS and Mark Chapman from Global Aerospace
Networking drinks reception at 4.30pm
The presenting hubs/platforms will also be hosting stands outside the Old Library.
The event is free to attend. If you are interested in registering for the event, please click here. Please RSVP by Monday 25th November.
For more details please contact either James Bobbitt or Päivi Marshall in Market Operations, or the local Lloyd’s country manager.
James Bobbitt +44-20-7327 5248 or by email email@example.com
Päivi Marshall +44-20-7327 5245 or by email firstname.lastname@example.org
James Bobbitt Operations Support Manager
t: +44 (0)20 7327 5248
f: +44 (0)20 7327 5887
Päivi MarshallBusiness Analyst
t: +44 (0)20 7327 5245
f: +44 (0)20 7327 5887
Oliver FurnerBusiness Analyst
t: +44 (0)20 7327 5591
f: +44 (0)20 7327 5887
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