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LINE 1 -new newsletter (previously called LIMP)
Published on 19/12/2005 11:12:55
Tel: 020-7891-2701
e-mail: info@rogerfoord.com web: www.rogerfoord.com
New Name for Newsletter - LINE
I have found this funny, sad and strange but readers recently have been telling me that they have not been receiving any newsletters from me but they have received my other news items.
Having looked into it, technologically, I have found that some e-mail control systems, which try to avoid the receipt of dodgy material, consider the name of my newsletter as possibly something to be avoided.
I have therefore decided, to avoid offence and to ensure that my newsletter gets to everybody, to change its name to LINE, London Insurance News and Editorial.
Therefore, welcome to the first edition of LINE. (Past issues of the previous newsletter and my published articles can be found on the ‘news’ section of my website www.rogerfoord.com).
Several readers were kind enough to respond to my ‘Kinnect – a Personal View’ and I have registered their views also on my website under ‘News’.
If you have any personal views let me know and I will express them to my members, anonymously if that is the best solution. Just reply to info@rogerfoord.com.
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In this issue:
* welcome to new members
* Leaving the ship at Nelson’s finest hour!
* ACORD conference – a good event
* FSA – revisit their stranglehold!
* BPR – where are the results?
* A Free Breakfast with Roy Laker and myself
* XIS conference - join up now, only 22 days to go
……..and finally about Lord Admiral Nelson
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Welcome to New Members:
Sarah Goddard of DIMA (
Hamid Alijani of Dana-insurance Tom White of Xchanging
Alan Folkard Harry Bates of Glotel
Amechi Howe of Red10 Ramamon Rabe
Derick Montaque of Marsh Morteza Behbehani
Paul Castagna of CRtechnology
Victoria Duran Vicky Paul Gilbert of HP
David Burton of Alea Group Raj Panesar
Norman Cullis of Alexander Forbes
Mark Summers of Offshoresoftwaremanagement
Gordon Rae of Premium Advice Liam Vaughan of Insurance Times
Puneet Bharal of ACORD Christian McIntosh of Folgate
Elaine Morley of
Justin Balcombe of Steria
Gary Watson of lmits Yawar Murad of GE
Owen McGuire of HWS ltd Elaine Nutton of Lloyd’s
Russell Dyke of Steria
James Maudsley of WildNet Sarah Cox
Rick Gilman, Ron Dudley and Drew Bolton of ACORD
John Tong
George Georghiou of Compuware
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Leaving the Ship at Nelson’s finest hour!
The changes and resignations of management in the Lloyd’s community have been quite startling. But do they have any connection.
My personal angle has always been technology and the five year pain and anguish created by Lloyds.com/
Recent moves to remove the latest management from the project (Iain Saville) and the previous incumbent Ashok Gupta, have only served to question who is really in control of the project.
The latest incumbents: Stephen Haasz and Mark Dawson, might have the view that they also do not want to be set adrift by the real problems nor do they want to be the latest’ patsies’ to be dropped into the abyss. However they have made it clear that they have a new view as to what is probably a good idea, if it can actually be made to work. They have already started well by focussing on the business system, closing the
The new Lloyd’s CEO will be crucial to Kinnect’s success, especially in the way that it can divest itself of the uncontrolled past regarding cost, requirements and technology platform.
However, will the current Kinnect incumbents sit easily in the job until somebody questions and quantifies the errors of the past and who is/was responsible?
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This was the latest move by ACORD, the global standards body, to embrace the
The conference which attracted 600 registered delegates had many useful sessions, most of which were attended by at least 250 people. Unlike the previous privately run IT conferences the exhibitors were also pleasantly surprised by the attendees and also the quality of visitors to their stands.
The keynote speech was given by the CEO of Lloyd’s who, of course, had just resigned from his position and was therefore unable to accept questions. Shame! What personally amused me was his opening line which was a quote from a Charles Roxburgh of McKinsey’s who had evidently said “that the
The Xchanging speech, given by the new CEO Roger Townsend, did give some positive pointers towards the bureau role in the market. More of this presumably at his own conference in November (see below).
The overall opinion of the conference sessions seemed still to be that IT solutions in the market are ‘ banging their head against a brick wall’ and the appetite for change is apparanetly still not evident.
The question which was most asked centred around the apparent collapse of the Accounting and Settlement project, it did appear that there was a lot of looking at the floor by the various panel members when this particular question was raised.
Details of the presentations etc. will be available at the ACORD website: www.acord.org or you can contact the
PS
Roy Laker, currently running the LMP project, will be joining ACORD in December to run the
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FSA – revisit the timing for Contract Certainty – they won’t mind!
A three hundred year institution which, to be honest is not too bad, is now out on a limb with the regulators who might think that they have the market by the tail because of Mr Prettejohns commitment on its behalf.
The whole effort, although basically common sense, could be a disaster and get in the way of real business next year. However it might require the major players in the market to get together and put a gentle brake on the FSA, but prove that at least a start has been made, which it has.
I don’t believe that the
The Contract Certainty Code of Practice drawn up for the market is:
1) Brokers must provide submissions that satisfy the contract certainty definition and checklist to obtain firm quotes and place firm orders
2) Each insurer will be satisfied that the submission meets the above criteria before formally committing
3) Brokers must notify client of all terms etc and obtain their agreement before inception
4) Brokers to have the signed lines available within 30 days of inception or by inception if asked to
5) There can be no post inception over placing
6) Post inception changes must be processed as endorsements
7) All evidence of cover and security must be issued within 30 days of inception
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Business Process Review – Where are the results?
Along with many others, I have seen the presentations of the BPR group over the past twelve months. The presentations seem to have gone from two to many power-point slides with bullet points on each.
As far as I can see the list gets longer but nothing drops off the end, as completed.
At the recent ACORD conference the people monitoring the market’s responses to the changes were presented and I don’t think I am alone in being surprised at the numbers involved.
What is the cost? Where is it going? Is there a finite date for the completion?
I presume the whole project is accounted for.
Andy Brookes of the BPR team will be presenting at the Xchanging conference on the whole process(see below).
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Business and Decision – Roy Laker and Myself – a free breakfast
THE GREAT BREAKFAST DEBATE
Roy Laker and I will be debating, after a full English Breakfast, ‘Is Information Technology an Impediment or an Enabler in the London Market’.
Business and Decision, the
To attend please call
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XIS Conference
The Annual Xchanging Insurance Market Conference 2005 will be held on 16 – 17 November at the De Vere Grand Hotel, Brighton.Further information can be found at www.xchanging.com or you can e-mail Jason.Shirley@xchanging.com. The format for the event is:
16th November
* Registration from 12.00
* 13.15 First breakout session
*14.00 Welcome and Sir Laurie Magnus, Chairman, XIS
Market speakers during the afternoon include Grahame Millwater, CEO of Willis Re and Dave Matcham CEO of the IUA
17th November Market speakers include the CEO of Hiscox,
The conference finishes with a Gala Dinner with guest speaker Clive Anderson.
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..............and finally
About Nelson
He was short and pale, hence his ship’s mirror which made him look taller and also slightly tanned. The mirror is on the wall in the Senior Dining Room on the executive floor at Lloyd’s.
Sent to sea aged 12, he soon found that although he loved the ships and the sea, he would always suffer from terrible seasickness all of his life.
He lost his eye while doing joint operations with the army ashore at Calvi where he was wounded in the face, costing him the sight of his right eye (although the eye itself was not disfigured and he didn’t need a patch).
He lost his arm when he undertook an ambitious plan to capture a treasure ship supposedly anchored at
He used his blind eye to good effect at the Battle of Copenhagen, in which he created naval history. Midway through the battle Sir Hyde Parker, his Commander, lost his nerve and sent out the recall signal.
Nelson, knowing that this was no time to flee, put his blind eye to good use by putting his telescope to it and saying, "I really don't see the signal." Sticking out the fight, he crushed the Danish fleet.