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OPERATING AND FINANCIAL REVIEW / THE COMPANY / DELIVERING VALUE /
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| PROCESS CHANGE AT LLOYD’S |
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In addition to enhancing our own capability,
Amlin is playing a leading role in supporting
and helping to drive a number of change
initiatives which Lloyd’s is taking to increase
efficiency, effectiveness, consistency and
transparency across the London market.
BENEFITS OF MAJOR INITIATIVES
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LMP Slip |
Accounting and
Settlement/ACORD |
Kinnect |
Electronic
claims files |
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| Contract certainty |
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| Process efficiency |
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| Service to the client |
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| Global standards |
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LMP SLIP
Significant progress has been made during 2004
with the implementation of the LMP slip, an
initiative originally born out of the London
Market Principles first aired in 2000. This is
an important step towards the goal of contract
certainty at inception, which will help increase
speed of policy processing and help reduce the
risks and costs associated with contractual
uncertainty. In 2004, Lloyd’s commenced the
quarterly measurement of progress made by
businesses in reaching 100% compliance with
the slip requirements, with the overall Lloyd’s
market performance improving some 6% to 87%
during 2004. Amlin’s performance has been
better than the market average throughout 2004.
KINNECT
Amlin has been closely involved with the
Kinnect project from the outset. Kinnect aims
to increase efficiency in the placing process,
which is closely linked to the goal of contract
certainty. An extremely ambitious project from
a technological perspective, Kinnect has
successfully engaged both Marsh and Willis
as key implementation partners in 2004. Along
with Amlin, they are represented on the project
steering group.
ACCOUNTING AND SETTLEMENT
The adoption of international standards, such
as ACORD, for messaging between brokers and
insurers is a further important plank in the
modernisation of the London market and should
improve its international appeal as a
marketplace in which it is easy to transact
business. Amlin has been heavily engaged in
the design work for delivering these standards
into the Lloyd’s market. In late 2004, market
wide support for this was received and in
February 2005, financing for a project called
“Accounting and Settlement” was committed
by Lloyd’s, its agencies and the London
company insurance market. Completion
of the project is planned for 2006.
ELECTRONIC CLAIMS FILES
One of the most important parts of an insurer’s
service offering is its claims capability. Today,
claims files are walked around the market by
claims brokers. In 2004, Lloyd’s and its major
participants agreed to develop an electronic
claims repository which should result in greater
clarity and speed of claims assessment, as well
as dramatically increasing efficiency and
reducing frictional costs. With the electronic
claims files and a Lloyd’s repository which is
planned to be operational in 2006, relevant
information will be available on-line.
Amlin is a prime mover in the adoption of
electronic claims settlement. We have already
completed a successful pilot of a claims
repository, working with the CLASS messaging
system and one of our major brokers. Indeed,
we are currently building this capability into
our workflow management systems so that
we can roll out the use of electronic claims
files across our London Market operations
by mid 2005.
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