Transcript Internal Claims Process

Las Vegas 2008
How to save your company a fortune
Agenda
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
(Re) Insurer Functions
Correspondence
Non transactional
Manual Process
Underwriting
Risk Records
Manual Data Input
Premium
Processing
Claims Agreement
Manual Intervention
Slip
Broker Ledger
Processing
Manual Intervention
Outward
Reinsurance
Credit Control
Treasury
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Major costs for an insurer or reinsurer
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Premium processing
Correspondence
Non transactional
Customer Invoice
Manual Process
Receive & Identify
Correspondence
Slip
Transactional
Perform Full
Contract Load
Book
Premium
• Identify roles
• Restructure risk
• Add data
• Finalise Contract
• Calculate Premium
• Apportion Premium
• Apportion Brokerage
Generate
Non Bureau
Entries
Manual Intervention
Generate
Lloyd’s Entries
Can be received in a number of ways post;
scanning application from post; or from
broking support team
Sign at
Bureau
Settlement
Process
• Split Entries
• Create PANS
• Ensure that all transactions
are assessed for grouping
•Cash
•Agreed statement
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
EBOT Premium Process
Example Process
Prior to
Accounting
DMS
Ledger Entries
Slip
Broker
Broker
Ledger Entries
Agreed Items
Raise
payment.
Calculation Sheet
Set up risk
4
Process
Acknowledge
ment
Slip Date
Risk Record
Broke Risk
1
Apportion
Premium
5
Prepare
Statement
Cheque/Bank Transfer
Etc.
Agreed Statement
Acknowledgement
Message
Underwriter Reference
Slip
UnderwritingCompany
Company
Underwriting
ACORD Technical Account
Set up risk
Record
Accept Risk
Risk Details
Acknowledge Receipt
(post response)
Accept Technical Account
(Level 3 or 4 Acknowledgement)
2
Receive
Technical
Account
3
Process
Technical
Account
ACORD
Settlement Message
6
Process
Statement
Updated Information
Risk Records
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Labour savings
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
CashFlow
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
What are the issue for an insurer or reinsurer
• Credit Risk
• Cash Flow
• Trapped Premium
• Data Entry Errors
• Repeat Errors
• Accurate Recording of Contract References
• Accuracy of Data
• E-mails
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
E-Business at Benfield
Benfield are keen to work with customers and reinsurers to develop
collaborative systems to the benefit of all organisations. Working
together we can:
- Improve cash flow and ensure terms of trade compliance by reducing
transaction cycle times
- Improve transparency
- Reduce the time taken to process claim advice and settlement
transactions
- Eliminate the effort and cost of re-keying transactional data
- Eliminate errors by Improving the accuracy of data through a single point
of entry
- Ensure any errors are corrected once at source
- Provide a controlled and audited environment for our businesses
- Provide customers’ systems with instant access to contract, claim and
accounting documentation
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Overview of Services
Transfer risk information and slips to
reinsurers during placing
ePlacing
Interface with Cedant’s electronic placing
systems
Transfer closings directly into reinsurers’
system
eClosing
Transfer Settlement Statements directly into
reinsurers’ systems
eSettlement
Transfer Claims directly into reinsurers’ own
systems
eClaims
Automatically download documents from our
system by Reinsurers, Cedants or Bureaux
Document Exchange (DRI)
Collaboration facilities with Cedants &
reinsurers
Renewal Web sites
Cedant Extranet
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
We support Market Initiatives
Market Initiative
How we Support it
Electronic Claims Files (ECF)
We can support this initiative using Document
Exchange and Claims messages
A&S Market Repository (Inter-operation)
We can support this initiative using Document
Exchange
Accounting & Settlement (EBOT)
We can support these initiatives using
Technical Account Messages; Settlement
Messages; and Claims messages
Peer 2 Peer E-Placing
We support this initiative using Placing
messages & Document Exchange
RI3K
Use Placing messages & Document
Exchange
E-Reinsure
Use Placing messages & Document
Exchange
The information contained in this document is strictly proprietary and confidential. © Benfield 2004
The information contained in this document is strictly proprietary and confidential. © Benfield 2004