ACORD's London office hosted a very nice Christmas champagne breakfast this morning for those involved in using ACORD standards to do electronically in London what is now done by paper.
Andy Brookes runs the Market Reform Office and acts as a program manager for underwriters and brokers and has his finger on the pulse of progress. I asked about how many claims are "in scope" to get a sense of the true progress to date, I wanted some clarification to the goals set in the Lloyd's 3 Year Plan.
Andy explained that 80% of all new claims brought to the market are "in scope" for Electronic Claims File (ECF). Of this 80%, the market has achieved 60% conversion from paper.
In Accounting & Settlement, paper processing is expected to be retired on 100% of new deals by the end of March 2008.
All of this electronic processing is conducted through the Insurers Market Repository (IMR). Now that the Web Connectivity gateway is operational, the IMR is processing over 30,000 claims and A&S document messages per week. Notably, gateway traffic (ACORD DRI messages) accounts for the majority of IMR activity (the remainder being direct upload by website which means double-keying by brokers).
This is real progress on back-office processing. Advisen will follow this story closely on Front Page News.
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