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Control Framework A warm Welcome to the December market Breakfast Group
Control Framework
A warm Welcome to
the Decembermarket Breakfast
Group
Control Framework
Breakfast Group agenda9:00 Festive arrival, breakfast & networking All
9:20 Christmas welcome Ali Dove
9:25 Lloyd’s International Trading Advice Giles Taylor(LITA) Developments
9:40 Phase II update and a round-up of the year’s Jaana Rouvariachievements
For something a little different….
10:00 Lloyd’s in Social Media Lucy Dawson & Kassy Dignam
10:15 Q & A All
10:30 Close Ali Dove
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Lloyd’s International Trading Advice (LITA) DevelopmentsGiles Taylor, Senior Manager, LITA
11 December 2013
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Crystal
Approximately 40-45,000 reports are run on Crystal per month.
Approximately 12,000 reports are run per month whilst the user is signed into Crystal (accessing the secure content).
Around 30,000 of these reports are run by users who have not signed into Crystal (and are therefore accessing limited content only).
Source: Crystal Usage Stats, Dec 2013
Nov-12
Dec-12
Jan-1
3
Feb-1
3
Mar-13
Apr-13
May-13
Jun-1
3Ju
l-13
Aug-13
Sep-13
Oct-13
0
10,000
20,000
30,000
40,000
50,000
Reports run (past 12 months)
Registered Users
Non registered & registered
Num
ber o
f rep
orts
run
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6
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10
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So don’t get stuck…
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…Log IN!
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Consumer lines business: Market conduct risk
Aim: Assess the need for -
– expanded market advice on consumer business
– more information on conduct requirements
Main actions:
– Analysis of existing Crystal content (200+ country reports)
– Consultation with Market and Lloyd’s International Network
– Recommendations for further Crystal content
– Consider new conduct risk controls for consumer business
– Consult new content on intermediary licensing requirements
Consultation group:
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Amlin Catlin Kiln
Beazley Hiscox Liberty
Brit Jubilee Sagicor
LMA Regulatory Committee Sportscover
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Priorities identified
Subjects► General
Definition of ‘consumer’ Consumer protection legislation
► Insurance documentation Pre-contractual notification and
disclosure Insurance documents
► Processing and servicing of risks Cancellation and non-renewal Tacit renewal Claims handling Definition of ‘complaint’ Complaints handling (internal
procedures) Details of ombudsman (external
procedures)
Jurisdictions Australia
Canada*
France
Germany
Italy
New Zealand
South Africa
Spain
US**
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* At provincial level, Alberta, British Columbia, Manitoba, Ontario, Quebec, Saskatchewan
** At state level, California, Florida, Illinois, Louisiana, Maryland, New Jersey, New York, North Carolina, South Carolina, Texas
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Consumer Lines: Next steps
► ‘Core’ information - direct licence jurisdictions (e.g. definition of consumer, complaints procedures)
– By end Q4 2013
► Full consumer information - key countries
– Pre-contractual notification, insurance documents, mandatory/prohibited contract terms, cancellation/renewal, claims handling
– By end Feb 2014: Australia, New Zealand, Italy, Spain
– By end April 2014: Canada, South Africa, France, Germany
► Full consumer information - key US states
– Timescale tbc: California, Florida, Illinois, Louisiana, Maryland, New Jersey, New York, North Carolina, South Carolina, Texas
– Work currently out to tender
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Further developments
► Global coverage content for Crystal:
– What Lloyd’s can do has a competitive advantage!
– Expand information on fronting in unlicensed countries
– Guidance on what Lloyd’s can/can’t cover
► Timescale:
– Provisionally Q1/2 2014
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► Intermediary licensing content:
– Gap analysis completed
► Developing proposal for consultation with LIIBA, LMA
– Open market intermediation
– Coverholder licensing
– Scope of information, priority countries (e.g. V25, US)
► Timescale:
– Q1 2014
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?ANY Questions?
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Control framework Phase II
Jaana Rouvari
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Control Framework
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1. Year’s round up
2. How is the market progressing
3. Key challenges
4. Activities for the next month and new stuff
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Control Framework
Today…
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Control Framework
Achievements to date..
Bought 530 bacon sarnies
99 Meetings with Managing agents
152 meetings with brokers
LIIBAPAGReg ComIACDUMBOLTMPG
Service providers for…
Software
Back office processing
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Market Progress
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Control Framework
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August 2013
September 2013
October 2013
November 2013
December 2013
Initial meetings with managing agents
Managing agent has project resources in place
Coverholder risk rating exercise
Risk ratings reflected in audit schedules
% C
ompl
etio
n 100% Complete
40% complete
30% Complete
Confirm delivery timeline to Lloyd’s
100% Complete
30% Complete
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Key Challenges
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Control Framework
Workshop with managing agents and brokers where…
We all got to know each other a little better
Duplication
1. Lead vs. follow
2. Many managing agents to one broker
3. Many brokers/ managing agents to one coverholder
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The brief
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Control Framework
1. Understand level of involvement from brokers
2. Discuss what evidence of controls operated by brokers does the managing agent need?
3. What evidence can be provided by the broker?
The outcome1. Improved our understanding of the
broker’s role
2. Came up with some suggestions for methods of sharing information
3. Captured some additional improvement suggestions
next steps• Engage with LIIBA
• Run an identical workshop in January with a different mix to validate our understanding
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In the next month
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Control Framework
• Lloyd’s to consolidate and review completed coverholder risk ratings
• Lloyd’s to commence engagement with managing agent review groups to agree engagement and communications with brokers
• Lloyd’s to review the deadline
• Managing agents to commence1. Risk assessment2. Gap analysis 3. Remediation workUnderpinned by the coverholder audits
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New stuff
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Control Framework
• Lineage and Control Framework gap analysis complete - no gaps
• Phase II Board sign-off wording to be reviewed
• Feedback on the Control Framework audit questions considered
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Questions?
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Control Framework
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Lloyd’s and Social MediaKassy Dignam & Lucy Dawson
Digital Communications Managers11 December 2013
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A social solution?
Brand personality & transparency International reach in real-time Influence, educate and spark debate Relationship building Listening & leveraging insights
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Protect the brand
Buy-in from board
Work with legal and risk management
Educate the business - guidance &
policy
Build in time to monitor,
respond & reportFollow the
audience not the platform
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Lloyd’s & social media
Facebook YouTube
Twitter LinkedIn
Instagram Blogs
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Promoting the brand
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protecting the brand
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Listening & engaging
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#insurancegap
Thought leadership & education
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Research
Website
Press Release
SocialE-marketing
Blog
Event
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Thank you, Any questions?
@lloydsoflondon
www.facebook.com/lloyds
www.linkedin.com/company/lloyd's-of-london
www.youtube.com/user/Lloydsinsurance
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Q & A
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Control Framework
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Control Framework
Further information on Control Framework – [email protected]
Next Breakfast Meeting – 21st January 2014
www.lloyds.com/controlframework
