Transcript Service and Innovation Forum

WELCOME
Max Pell
AGENDA
2
Topic
Speaker
Global Solutions for Local Markets
Max Pell
Globalisation & Route map for London
Jim Sadler
Elective Services to support the Global Utility
Steve Reid
Q&A
Max Pell
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
GLOBAL SOLUTIONS
FOR LOCAL MARKETS
Max Pell
REQUIREMENT FOR A GLOBAL INFRASTRUCTURE –
STANDARD INDUSTRY PLATFORMS
“We need systems that allow us to operate in a consistent
manner globally”
Steve McGill, Group President, Aon PLC
“We need integrated solutions for service and to innovate operationally”
Matt Fairfield, CEO, ANV
“We need to stop replicating back office infrastructure and focus on the
front office where we can make a difference
We need a global clearing house for insurance”
John Charman, Axis Capital founder and former CEO
4
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
GLOBAL SOLUTIONS FOR LOCAL MARKETS
Global
For
Global
5
Global
For
London
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
London
For
London
© 2013 Xchanging plc
A NEW GLOBAL UTILITY??
Placing the risk
Global
Broker
Global
Carrier
Messaging
Hub
Xuber for (Re) Insurers
Xuber for Brokers
NetSett
Accounting and Settling the Risk
6
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
JIM SADLER,
CIO XCHANGING
Lloyd’s technology day 3rd December
2013
GLOBAL VS. LONDON: A COMPARISON
Placement Platform
User Interface
Message Management
Business
Intelligence
/ Reporting
Messaging
Messaging
Hub //
Universal
Universal
Translator
Translator
Mobile /
Workflow /
Portal
Orchestration
access
Workflow
Application
Data
Warehouses
Market
Submission
Elective Business
Processing Services wrapper
Policy Administration
Settlement
Claim Administration
Claims
& Case
Case
Claims Utility &
Management
Support
Management Support
Document Repository
Repository
Document
Global Utility Platform
8
Data
Document Management
Operational Data
Analytical Data
London Market Platform
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
GLOBAL VS. LONDON: A COMPARISON
Placement Platform
Policy Administration
Business
Business
Intelligence
Intelligence
Messaging
Messaging
Hub //
Universal
Universal
Translator
Translator
Mobile /
Workflow //
Workflow
Portal
Orchestration
Orchestration
access
Message Management
Workflow
Document Repository
Repository
Document
Global Utility Platform
Data
Claims
& Case
Case
Claims Utility &
Management
Support
Management Support
Policy Administration
Settlement
Claim Administration
Document Management
Net Settlement
9
User Interface
/ Reporting
Application
Data
Warehouses
Data
Warehouses
Market
Submission
Elective Business
Processing Services wrapper
Operational Data
Analytical Data
London Market Platform
Global Utility Platform
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
FOUR MODERN FOUNDATIONAL PILLARS TO BUILD FROM
Already an advanced electronic market (by comparison)
• Route-map to deliver full platform
•
Modular components
•
Ease of integration
•
Suppression of legacy mainframe
• Wi-Fi: creating a virtual community
•
Easier, cheaper and quicker to change
• An XIS/Xchanging investment
functionality, and more, on mobile
devices
• ACORD standards
• 9m PDFs
• Removal of legacy
•
33m documents stored
•
2m hits per day
• 30,000 messages p/day • Automated processing
• 1bn records in d/warehouse
•
8,500 users
• 95% of the market
•
30m messages a year
10
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging.
© 2013 Xchanging plc
WHAT HAS RECENTLY BEEN ACCOMPLISHED
ECF2 and eAccounts2 have harmonised Lloyd’s / London back offices, automated manual
work and significantly reduced dependency on Mainframe systems by pushing function in to
modern components
London Market Platforms (simplified)
Messaging
Automation
Workflow
Policy System
A&S
Emerging
core platforms
eAccounts
Legacy: eAccounts
release 2 has
removed approx
50% of technical
dependency on
COBOL this year
Document store
Strategic data store
User Screens
X-presso
eAccounts2 Wrapper
LIDS
POSH
S
E
T
T
L
E
M
E
N
T
Claim System
CAS
CWS
DFV
ECF2
Access
CDW
ECF2 Wrapper
CLASS
Legacy: In 2011/12
ECF2 introduced
automated workflow
across the whole
market, online claims
adjustment and a new
datawarehouse
Insurers Market Repository (IMR)
Data
Interface To
Bureau Processing
11
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
A CLEAR ROUTEMAP FOR LONDON
London’s platforms can be re-engineered to converge with the Global trends whilst
also delivering business benefits, removing legacy, aligning to “future processes”
and addressing Broker and Carrier priorities
Standardise risk,
premium & claim
bordereau.
Accelerate the
Premium Payment.
Make it easy to
engage with the
market. Implement
the initial Common
Core Record.
12
Upgrade carrier
interfaces to
global standard
as defined in the
Future Services
Register.
Including full
write-back
capability from
Carrier systems
to market
platforms
Enrich function
to support the
Future Services
Register and full
Common Core
Record.
De-risk the
market by
upgrading core
components of
the mainframe.
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
Decommission
the legacy.
© 2013 Xchanging plc
WE ARE ALREADY EXECUTING THIS PLAN
Many of the early stages are already underway and being orchestrated by various
market bodies
CSR “Market
Data Capture Service
Submission” project
LMA-sponsored elective service to
Managing Agents (now with Company
Market interest also), awarded to XIS
following RFI. Capturing risk data centrally
once on behalf of many.
ACORD EBOT/ECOT standard policy and
claim submission and
acknowledgements. Insulation layer to
future core platform re-engineering
Carrier ACORD Interfaces
Being proposed by the AAC user groups
as part of the next wave of IMR, ECF and
eAccounts platform enhancements.
EBOT/ECOT for carriers and write-back
functionality.
Bordereau elective service
Central transformation software and
on-going management of originator
format changes. Automatic
distribution to all carrier parties
including followers.
13
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
© 2013 Xchanging plc
Already delivered:
X-presso container
Claims Viewer
Leadenhall St WiFi
Upgraded Claims Viewer
IMR for Brokers
Coming Soon:
Claims Agreement
Aromo
X-presso Lite
© 2013 Xchanging plc
ELECTIVE SERVICE
OFFERINGS
Steve Reid
Steve Reid
OUR GUIDING PRINCIPLES FOR SERVICE REFRESH
Acknowledging what we have heard and learned over the past year
Easy to
Consume
• Low barriers to use
• Integrated, yet flexible and portable
Enabling
Choice
• Menu of services; not all or nothing
• Want to Use, not Have to Use
Managing
Cost
17
• How do we reduce customer TCO
• Case for investment by XIS/Xchanging?
Operational
Rigour
• Right things, right time, right order
• Think end-to-end process
Compelling
Solution
• Technology led innovation
• Commercially attractive
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
DATA CAPTURE SERVICES (DCS)
Good progress made; strong customer interest;
pilot starts in January.
 LMA and carrier organisations
Benefits of DCS
 Data and workflow
 Contract discussions
 XIS operational readiness workstreams
 Quality, quality, quality!
 16 carriers pilot participation
 Pilot evaluation
 Phase 2 project initiated
 What next?
– Endorsements
– Quotations
18
 High quality risk data
delivered in hours
 Costs shared amongst
subscribers
 Opportunity for significant
cost savings
 Elective service with a simple
contracting mechanism
 Standalone or fully
integrated options
 Leverages market
investments & encourages
ACORD adoption
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
VOLUME CLAIMS SERVICE (VCS)
Builds on strong capability; easy to adopt; live
service in January
 VCS
– Claims Management Services
 Underpinned by:
 Predictability of costs over the life
of a claim
 Pay by use
Key Features
 Standard market service
available to all Managing
Agents
 Lloyd’s minimum standards
compliant
 Overall SLA of 48 working hours
 Lloyd’s governance
infrastructure and oversight
 Scalable service: volumes and classes
of business
 Choice of two service providers
 Focus on more contentious
and complex claims that greatly impact
the bottom line
 Cost effective adjusting channel
for non-contentious volume
claims
19
 Competitive pricing on a per
claim basis
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
FEES DIRECT+
Launched January 2013: further development on the way
 Brings control and efficiency to the
expert management process
 5 managing agents contracted;
5 more reviewing contracts
 Easy to consume service; no
upfront fees
 Company market launch planned
 Key benefits:
– Proven reduction in expert spend
– Provides an end to end process
– Less work for brokers
– Detailed MI
– Faster closure of fees & claims
20
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
BINDER 360 SERVICES
2 new service offerings from January; in partnership with Watertrace; lots
of customer interest
– Issues in processing
 Data Control Framework
– Increased Quality
 Individual provider and carrier
disparities
 But this is a shared problem....
 Our new services are elective but
offer shared service efficiencies
Current market issues
Technology Services
 Binding Authority business in the
Lloyd’s Market
 A lack of visibility of bordereau for
following market participants
 Inconsistent timing of bordereau delivery
 Inconsistent and non-standard data
 Lack of granular level data for Lloyd’s
reporting
 Insurers are spending large sums of
money on manual validation & rekeying
of data
 No centralised query management
process
21
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
1
2a
Risk Bordereaux for
the following
market
Bordereaux
Conversion
 Xchanging will receive
the risk bordereau from
the Lead Insurer and/or
broker in a format
preferred by the sender
 The bordereau will be
saved in the IMR in a new
Risk Bordereaux folder*
 A link will then be sent to
the following market
which will provide Insurers
direct access to view the
bordereaux.
22
Bordereaux
Transformation
BINDER 360 SERVICES – NEW ELECTIVE OFFERINGS
 Xchanging will receive the
risk, premium or claim
bordereaux from the insurer
 On first receipt the
bordereaux will be mapped
to the required standard
 All subsequent bordereaux
for the same binder will be
processed against the
mapping
2b
Validation extra
 As an extension to the
Bordereaux Conversion
service, Xchanging will
apply additional
validation to each
bordereaux
 Any processing
exceptions will be
resolved in conjunction
with the insurer and/or
broker as required
 Converted bordereaux will
be stored centrally and
provided to subscribing
customers
CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging
© 2013 Xchanging plc
PRESENTATION INFORMATION IN FOOTER
23
THANK YOU
06/07/2015