IT Club September 2006

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IT Club September 2006
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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

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• ACORD View of London Roadmap

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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

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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

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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

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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

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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

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

SLIDE 11
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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