Transcript Animated_Cube_Components - E&S Joint Working Group

Best Practice Workflows in the E&S
Industry & the Critical Role that
Standards Play
A session for retail
agents, GAs,
wholesalers & E&S &
specialty carriers
April 30, 2013
The session will start shortly!
Best Practice Workflows in the E&S
Industry & the Critical Role that
Standards Play
A session for retail
agents, GAs,
wholesalers & E&S &
specialty carriers
April 30, 2013
Presenters
•
•
•
•
•
•
•
Lisa Parry Becker, Parry Insurance
Tate Tooley, Bloss & Dillard
Scott Good, Scottsdale Insurance Company
Rebecca Korndorffer, Myron Steves
Tammie Miller, Risk Placement Services (RPS)
Scott Montney, Cochrane & Co.
Jeff Yates, ACT (host)
Today’s Agenda
• Overview about the E&S Joint Working Group
-- Jeff Yates, ACT Executive Director
• Workflow Improvements
– Lisa Parry Becker, William B. Parry & Son (RA)
– Tate Tooley, Bloss and Dillard (MGA)
– Rebecca Korndorffer, Myron Steves (MGA)
Today’s Agenda
• Real Time: Carrier Sub-Group Update
– Scott Good, Scottsdale Insurance Company
• Real Time in Production
– Scott Montney, Cochrane & Company
• Real Time: Lloyds Sub-Group Update
– Tammie Miller, Risk Placement Services
• What’s Next?
Housekeeping Items
• Submit written questions via Question & Answer
Box or Raise your hand
• You will receive a follow up email, giving you the
chance to email presenters with unanswered
questions
• Recording of session will be posted on
http://esjwg.org/
• Please join the E&S Joint Working Group & help
us advance these workflow improvements
E&S JWG Sponsors
CJ Ketterer/Scott Montney
Technology Committee Co-Chairs
Jeff Yates
ACT Executive Director
Cal Durland
ACORD Director of Member Relations
Mike Ardis
Director of Communication & Technology
E&S JWG Constituency
E&S JWG Mission
Further the standards-based
electronic exchange of information in
the E&S market
E&S JWG Organization
• Co-Chairs
– Angelyn Treutel, SouthGroup Insurance
– Mike Roy, Risk Placement Services
• SubGroups
– Carrier
• Scott Good, Scottsdale Insurance
– Retail Agent/General Agent (RA/GA)
• Lisa Parry Becker, William B. Parry & Son
• Tate Tooley, Bloss & Dillard
– Lloyd’s
• Tammie Miller, Risk Placement Services
• Sarah Thacker, Lloyd’s
E&S Joint Working Group
Importance of Real Time and Download
•Drives our daily workflows (communications log) and provides
consistency
•Provides accuracy of data and workflows within our systems
•Eliminates redundant and disconnected workflows
•Provides round trip of data back into our system
•Reduces processing backlog
•Saves time and moneyoperational efficiency
•Redirects staff time for service and selling
Effective use of download enables proper formatting
and implementation for real time transactions
RA/GA Subgroup: Workflow
Improvements
• Enhance communication
– Implement TLS secure email
– Self-administration tool for retail agents
– Generic emails: personal@abcagency,
[email protected], certificates@abcagency
– Accept ACORD apps
– Limit supplemental and requests for non-standard data
– Add pop-ups on MGA website when additional
information needed
– Eliminate redundant data entry
Secure Email using TLS
 Email is like an open postcard
 PI often contained on CL applications
 TLS or “Transport Layer Security” industry recommended solution
 Needs to be turned on & “key” obtained from trusted
certificate authority
 Partner with carriers and large clients
 Proprietary secure email solutions
 Real Time is secure
•
See “Security & Privacy” page on ACT website for TLS info
How Does TLS Work?
 At transmission time, TLS creates an encrypted
communication session between email servers
 The email is then sent through a protected
“tunnel”
 The servers de-crypt the message and send it
along to the client
How Does TLS Work?
Encrypted
Agency
Partner
Client
15
Carrier
Client
Benefits of TLS
 Provides the confidentiality of emails across the Internet
 Requires no changes to the client (desktop)
 Is a standards-based protocol that is implemented on
most email gateways and appliances
 It’s free, no additional licensing is needed. Security
certificate is required.
 Most agencies that have an up-to-date in-house mail
server are TLS capable and there are numerous online
options.
 Required mode & opportunistic mode; carrier issues
RA/GA Subgroup: Workflow
Improvements
– Self-administration tools
– Tracking status within the website
• Quote submissions, renewal process, endorsement
– Access to claim status
– Renewal questionnaires
RA/GA Subgroup: Workflow
Improvements
• Renewal Questionnaires and Messaging
– 90 Days in Advance is Preferable
• The above account is set up to automatically renew this year. You
do not need to complete a renewal application. The policy will be
issued about 20 days prior to the effective date. Please note this
account may receive a pricing increase due to changes in
underwriting guidelines.
• We want to offer you the best possible terms, conditions and
pricing available in the marketplace. To do that, we need a
completed ACORD application. If a supplemental application is
needed, we will forward it to you.
RA/GA Subgroup: Workflow
Improvements
• Enhance communication
– Send initial quotes to requestor
• Renewals, underwriting, endorsements to generic email
– Send full set of quote documents
• Quote, bind request, finance agreement, s/l affidavits,
terrorism)
– Send indexed policy document pdfs (new, renewal,
endorsements) to generic email
RA/GA Subgroup: Workflow
Improvements
• Index Suggestions:
– Table of Contents
– Line of Business sections
• Declarations pages
• Forms and exclusions
– Interline forms and exclusions
– Signature pages
– Additional interests
RA/GA Subgroup: Workflow
Improvements
RA/GA Subgroup: Workflow
Improvements
• Claims Communication
– Adjuster assignment
– Status updates
– Claim payments
– First Notice of Loss
– Claims Inquiry
– Claims Download, including payments
RA/GA Subgroup: Workflow
Improvements
• Future Development (12 – 24 Months):
– Download
• Commission statement
• Policy
• Claims
– Real-time
•
•
•
•
•
Logons and complex non-expiring passwords
Inquiry transactions: billing, policy and claims
Rating
ACORD Activity Notes
Best Practices implementation guide
– E-Signatures
– Accounting: accept credit cards
RA/GA Subgroup: Workflow
Improvements
• Next Steps:
– MGA Unique Identifiers (NPN)
• ACORD standard approved November 2012
• Update management systems
• User Guide
– E-Signatures
– ID Federation
• Industry effort to move to federated, digital identities
– Ongoing Forums
E&S Joint Working Group
Real Time with E&S Carriers
Scott Good
Purpose
What are the challenge’s that we are facing?
• Exchange of data between wholesalers & carriers is difficult
•
•
No agreed upon standard
Low adoption and implementation rates
• Exchange of data between wholesalers & carriers is expensive
•
Custom Interfaces require custom programming
How do these challenges impact us?
• Quoting multiple markets is timely & expensive
• Maintaining rates and forms increases error rates
• Vendor & systems costs escalating
Call to Action
The way we’re doing business has to change.
1. Agree on a standard for sharing data and resist building
custom data interfaces.
2. We must increase efficiencies, thus reduces our expenses.
3. With ACORD’s help – expand the existing ACORD standard
so they meet customer needs.
4. Implement based on these standards.
Goals & Objectives
• Further the standards-based electronic exchange of information
in the E&S space.
• Showcase implementations that represent what we are trying to
achieve.
• Create discussion and interaction amongst the relevant parties.
• Introduce solutions and vendors that may be useful or adaptable
to our needs.
• Adapt to the input of our base to stay current and relevant.
Demo presented in March ‘12
Results of the Demo
System worked as designed:
• Single XML data request and response utilized
• Commercial General Liability Rates Returned
• Forms information returned
• Minimum premiums returned
• Transactions completed in seconds (real time)
What is available today?
We were successful in the implementation of:
Commercial General Liability Rate Request/Response
• Standard Developed
• Group sign-off
• ACORD incorporating into the PCS standard Fall 2012
• Approved by ACORD January 2013 (PCS 1.24)
• Already in production with one carrier
GL Rating (returning fully developed premiums)
• Revised the PCS standard with ACORD to including Rating
• Approved by ACORD Program Working Group 2/28/2013.
Final approval May 2013.
• Carrier’s begin to adopt the GL Web Service Standard
2013 and Beyond
1. Other Lines of Business
•
•
•
Work on the Property Rate and/or Rating Standard
E&O, D&O, Umbrella, and EPLI
Continue the close collaboration with ACORD
2. Educate on the new Standard to enable adoption
•
This begins in the Break-out session where we will walk through
the ACORD Technical Specification
•
This is a targeted document (under 50 pages) that just highlights the E&S Standard !!!
3. Discuss other forms of Web Service, outside of Rates, such
as:
•
•
•
Loss History and Claim Inquiry
Submission
Other ideas that you might have
E&S Joint Working Group
Real Time in Production
Scott Montney
E&S Joint Working Group
Real Time with Lloyd’s
Tammie Miller
Lloyd’s Subgroup – Rewind to early 2010
• Coverholders were having to provide information on risks,
premiums and claims
• Regulators, reinsurers and investors were asking for more and
more information
• Syndicates were all asking for different information
• MGAs did not want any more systems
• Re-keying was commonplace at coverholders, brokers and
managing agents
Lloyd’s Subgroup – April 2010 –
Lloyd’s Vision
• Standard flows of information between coverholders and the
Lloyd's market
• Data standards which can be used within and outside the Lloyd's
market
• MGAs free to choose their systems
Lloyd’s Subgroup – 2013
Lloyd’s reporting standards exist for
• US property exposures
• Premiums
• Claims
Lloyd’s Subgroup – where are we now
• Lloyd’s have created spreadsheet templates
– To assist those manually creating monthly reports
– As a guide when designing automated reports
– The spreadsheets are for worldwide requirements,
just select the columns you need
Lloyd’s Subgroup – where are we now?
• Managing agents and brokers in London are investing in new
systems
US MGA creates
manual
spreadsheets or
cannot afford to
change layout of
reports
In London new
data mapping
tools and systems
remove the need
for consistent
formats
Lloyd’s Subgroup – where are we now?
• Managing agents and brokers in London are investing in new
systems
US MGA wants to
use automated
XML
In London up to date
binder systems are
designed to receive
XML as well as
spreadsheets
Lloyd’s Subgroup – where are we now?
Lloyd’s coverholder reporting standards
can be met using ACORD XML
ACORD Knowledge Center
Binding Authority Premium
Reporting Standards
20 February 2013
www.acord.org/knowledge
Lloyd’s spreadsheet
template
• Lloyd’s has developed
– Premium & Claims
spreadsheet templates
– Guide to using them
• Content driven by
regulatory reporting
requirements
– Data in the templates
fulfills requirements for
reporting back to
country/state of origin
Overview of Enhancements
• ACORD XML V1.x message design
• Large market penetration in US and
Canada for property and casualty
reinsurance
• Utilization of preexisting XML message
design
– Notification (Notify) – MGA/GA to carrier for
activity which has occurred
Basis for design – Lloyd’s
spreadsheet standard
Design Equivalent XML V1.x
Message Sets
• Within AccountingSvcRq and AccountingSvcRs
services
• Set 1
– BindingAuthorityPremiumTransactionReportNotify
– BindingAuthorityPremiumTransactionReportNotifyRs
• Set 2
– BindingAuthorityClaimTransactionReportNotify
– BindingAuthorityClaimTransactionReportNotifyRs
E&S JWG – How You Can Join
1. Register on ACORD website at www.acord.org
2. Notify Cal Durland ([email protected]) that you
want to be a member of the E&S Joint Working
Group & one or more of the following subgroups:
-- RA/GA Interface
-- E&S Carriers
-- Lloyd’s
Resources
• E&S Joint Working Group Website -http://esjwg.org/
• TLS Secure Email- ACT webinar & materials
• Top Improvements for Retail Agent-GA
Workflows
• ACT Policy Delivery Work Group
Questions & Open Discussion
E&S Joint Working Group
Thank You For Your Time!