E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION FOLLOWING CUSTOMER DEMAND. WebConnectivity

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1 E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION FOLLOWING CUSTOMER DEMAND

2 Xchanging and Web Connectivity are working in partnership to combine an already extensive, installed base of technology and business processing services to create an enriched and powerful solution. We believe that this will create increased value to both brokers and carriers above and beyond existing processes. Most of all our proposal will be designed to ensure that the Market community has the greatest possible opportunity for successful adoption of an e-placing solution by: Utilising software that is proven and installed across the community already Recognising that technology, alone is not the answer and that by wrapping business processing services around the technology, we can further enrich the data for the benefit of all parties Creating an easy to adopt, real-time document collaboration approach Building on the investments the brokers and carriers have already made in their own back office systems and in some cases providing true integrated Straight Through Electronic Processing from broker to carrier. We have learned a lot about serving our Market over the last few years; in particular how we must operate and behave to create the best environment for adoption of the e-placing platform. We are committed to deliver and are excited by this opportunity. Max Pell Managing Director, Xchanging UK Insurance XCHANGING

3 CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION FOLLOWING CUSTOMER DEMAND THE E-PLACING OPPORTUNITY REPRESENTING THE BEST CHANCE OF MARKET SUCCESS ASSEMBLING OUR PLACING UTILITY ADDING VALUE TO BROKERS AND CARRIERS READY TO DEPLOY AND COMMITTED TO DELIVER A COMPELLING E-PLACING PROPOSITION E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION 2014 XCHANGING 1

4 THE E-PLACING OPPORTUNITY E-PLACING REPRESENTS A UNIQUE OPPORTUNITY FOR THE LONDON INSURANCE MARKET The e-placing utility will offer a number of benefits to brokers and carriers by: Providing an electronically agreed contract single version of the truth Reducing frictional cost of placing which will retain existing and attract new lines of business to London Using cross-market initiatives to reduce the percentage of relatively straightforward administration tasks, driving operational benefits Leveraging the investment in messaging capability already implemented Meeting client demand through earlier availability of common data Reducing the movement of paper in the Market The LMG Future Process Review has identified the e-placing Utility Platform as the No.1 priority for the Market. EASE OF ADOPTION IS THE KEY TO SUCCESS OF THIS INITIATIVE. AN IDEAL PARTNER SHOULD OFFER YOU A BUSINESS LED PROPOSITION THAT IS: ENRICHED / COMPREHENSIVE Offers robust document collaboration, delivered through multiple channels Complements technology effectively with people and process capability Furthers the future London Market Group process vision Mobile access to e-placing solution on a scalable mobile platform COMPREHENSIVE COST EFFECTIVE Builds on investments already made, both individually and by the Market Minimal component build Low commercial risk and adoption cost through low upfront investment Attractive, simple and transparent pricing Clear cost-benefits for different constituencies within individual organisations and the wider Market SAFE COST EFFECTIVE SAFE FAST 2 Low risk build strategy based on Market proven technology and common architecture Minimises disruption by removing need to replace current broker and carrier systems History of successful partnerships in the Market Financially stable and strong partner to support future aspiration and development Management stability and strategic commitment to the London Market 2014 XCHANGING FAST Minimal implementation time and effort by leveraging existing live components No replacement of current broker and carrier systems required Uses current systems to support face-to-face interaction, drive ease of use and lower cultural barriers to change Ability to ramp up value added services quickly Delivers e-placing rapidly; identified as the critical priority by the London Market Group

5 REPRESENTING THE BEST CHANCE OF MARKET SUCCESS XCHANGING AND WEB CONNECTIVITY E-PLACING: CREATING A UNIQUE UTILITY PLATFORM FOR SUCCESSFUL MARKET ADOPTION 1. EVOLUTION NOT REVOLUTION Using Market proven technology 2. MAXIMISING CURRENT IT INVESTMENTS Through choice and flexibility 6. HISTORY OF PARTNERSHIP Through experience and successful delivery XCHANGING & WEB CONNECTIVITY 3. DOCUMENT COLLABORATION Enhancing effectiveness of interactions 5. COMPELLING COMMERCIAL PROPOSITION With low upfront investment and risk 4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY To deliver business outcomes COMPRE- HENSIVE COST EFFECTIVE FAST SAFE 1. EVOLUTION NOT REVOLUTION A solution built on components in use and proven in the Market today as part of a low risk, low cost build strategy. Requires minimal implementation effort given re-use of existing live components and integration with existing broker and carrier systems. Drives ease-of-use and lowers barriers to change Low risk roadmap as broker and carrier components built by the same team. Leverages other proven industrial strength components such as the Insurers Market Repository (IMR) Ready to deploy with core functionality and rapid developments planned for enhanced functionality, e.g. multi-sections 2. MAXIMISING CURRENT IT INVESTMENTS Building on current technology investment made, both individually and by the Market, through a flexible approach and choice of interaction methods. Brokers and carriers can use existing / preferred systems, minimising investment costs and disruption Flexibility of interaction options through modular integration suite, including web services or optional use of our UI Minimal new components are required to be built / sourced 3. DOCUMENT COLLABORATION Increased effectiveness of face-to-face interactions through robust document collaboration. Reduces re-keying of data and drives a single version of the truth. Reduces the risk of dispute between placing parties Makes documents available earlier to brokers and carriers by supporting the early stages of the negotiation, i.e. from pre-quote Choice of access through desktop, mobile internet or apps built on the innovative X-presso platform 4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY It s not all about technology. Elective business services wrapper of people and process to complement and maximise the potential of the technology solution through our value added services Enriched structured data to carriers and brokers through extension of the Data Capture Service (DCS) Extension to other BPO services such as sanctions checks and regulatory reporting 5. COMPELLING COMMERCIAL PROPOSITION An attractive commercial proposition designed to encourage adoption through: Lower commercial risk with low upfront commitment and investment A simple and transparent pricing approach, designed to be sustainable over time Transaction-based, pay-as-you go pricing 6. HISTORY OF PARTNERSHIP You know us through our partnership over the last 12 years; we have built strong working relationships with Market organisations Track record of delivering Market wide electronic solutions and a proven collaboration between Xchanging and WCL for over 6 years Financially stable and strong Market partner, with an asset base of 552m and a strategic commitment to invest in the future development of Market solutions E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION 2014 XCHANGING 3

6 ASSEMBLING OUR PLACING UTILITY TAKING FAMILIAR COMPONENTS THAT ARE IN PLACE TODAY MARKET DIRECTORY BROKER MMT CARRIER MMT GLOBAL BROKER GLOBAL CARRIER brokers are registered with MMT today 53 carriers are using MMT cloud or MMT on premise today 100% 33 8 Available to 100% of existing IMR users (brokers and carriers) 33 million documents stored for the Market 8 million ACORD messages handled by Xchanging s ACORD gateway AND INTEGRATING THESE TO PROVIDE A ROBUST END-TO-END SOLUTION 2014 DCS live in 2014 XCHANGING ACORD GATEWAY COMMON CORE RECORD IMR DATA CAPTURE SERVICE BUSINESS PROCESSING SERVICES XCHANGING

7 INTEGRATION OPTIONS THAT PROVIDE CHOICE Options to Connect Direct integration interface directly into your existing broker or carrier systems User Interface Input of information and documents into screens provided on the internet or on a mobile device using an X-presso application Installed Application our Message Management Tool implemented in your organisation ACORD Messaging send and receive ACORD placing messages from your systems (No change for the 13 brokers registered or the 53 carriers using MMT cloud or premise today) Web Connectivity Message Management Tool MARKET DIRECTORY OFF PLATFORM MESSAGE OFF PLATFORM MESSAGE GLOBAL BROKER BROKER MMT CARRIER MMT GLOBAL CARRIER BROKER SYSTEM XCHANGING ACORD GATEWAY CARRIER SYSTEM COMMON CORE RECORD IMR DATA CAPTURE SERVICE OTHER GLOBAL PLACING PLATFORMS BUSINESS PROCESSING SERVICES OTHER GLOBAL PLACING PLATFORMS CORE COMPONENTS IN SEAMLESS OPERATION Designed by, and for, placing practitioners to create and bind risks efficiently and accurately Discreet broker and carrier interfaces handle on-platform traffic supporting the full placing cycle These independent interfaces are already used extensively by carriers within the Market today Message Gateway Components A combination of TMEL and the Xchanging ACORD Gateway provides the integration and message routing for our full e-placing capability The Market Directory provided by TMEL continues to be the source of accurate contact details across the platform Document Collaboration By integrating a document collaboration tool with the platform, carriers and brokers can review and make changes to the same digital document A single version of the truth with a complete audit trail is provided Service accessed using a web browser or the X-presso application Common Core Record & IMR E-placing information will be incorporated into the Common Core Record for the Market, extending the reach of the shared view of the risk lifecycle Opportunity to store placing documents in the IMR at key stages in the process Business Processing Services Leveraging our risk DCS can enhance the placing solution by providing structured and enriched data to placing participants Proximity to our proven Business Processing Services (BPS) provides opportunities for additional value added services as required E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION 2014 XCHANGING 5

8 ADDING VALUE TO BROKERS AND CARRIERS: A SIMPLE EFFICIENT PROCESS THAT IS EASY TO ADOPT AS PLATFORM ADOPTION INCREASES, BOTH BROKER AND CARRIER ARE ABLE TO REALISE TANGIBLE BENEFITS REDUCING OPERATIONAL COSTS AND IMPROVING EASE OF ACCESS TO THE LONDON MARKET THROUGH MORE EFFICIENT PROCESSES REAL BENEFITS TO BROKERS Our e-placing solution allows brokers to retain control and focus on core activities; servicing clients and growing new business while minimising administrative burden and waste. SUPPORTS THE FULL PLACING CYCLE REQUEST FOR QUOTE Maximises current investment and minimises transition costs and disruption by leveraging current broker systems, through choice of interaction options Reduces effort and errors in maintaining client data through integration with core broker systems Provides mobile and non-mobile document collaboration reducing re-keying, minimising risk of dispute through a single version of truth and increased security vs. physical documents Minimises burden of administration activity with our business processing and data enrichment services such as sanction checks and MRC data entry BROKER / BROKER TECHNICIAN CURRENT BROKER SYSTEMS FUTURE BROKER SYSTEMS BROKER MMT CHOICE OF INTEGRATION OPTIONS DOCUMENT COLLABORATION One workplace from which to share placing documentation Broker retains control Principles of negotiation remain Single version of the truth BROKER NEGOTIATE Enables all current and future trading arrangements MESSAGE MANAGEMENT TOOL Simple, single solution for trading risks electronically, designed by placing practitioners Structured ACORD messaging to communicate to and from the platform Enables cost-effective sourcing of work, both skill and location, through consistency of process, terminology and platform ACCEPTANCE FIRM ORDER Enables improved ease of access to London Markets through a system that minimises London Market specifics IMR (INSURERS MARKET REPOSITORY) XCHANGING

9 REAL BENEFITS TO CARRIERS FIRM ORDER SIGNED LINE ADVICE Our e-placing solution enables carriers to easily adopt a platform, reducing administrative burden and increasing ease of access into the London Market. NEGOTIATE Enables all current and future trading arrangements CARRIER Separate/discrete broker and carrier user interfaces The right data for the right process at the right time CHOICE OF INTEGRATION OPTIONS CURRENT CARRIER SYSTEMS FUTURE CARRIER SYSTEMS CARRIER MMT CARRIER / CARRIER TECHNICIAN Maximises current investment, minimises transition costs and disruption by leveraging current carrier systems, through choice of interaction options Provides an easy to use carrier UI, designed specifically for and by carriers to fit in with their business processes Mobile and non-mobile document collaboration reducing re-keying and minimising risk of dispute through a single version of truth and full audit trail of agreed changes Minimises burden of administration activity with our business processing and data enrichment services such as DCS. This will extend the reach of the shared view of the risk life-cycle while ensuring privacy of organisation specific data QUOTE ELECTIVE DATA CAPTURE & DATA ENRICHMENT Data cleansing, quality & review Data extraction from unstructured documents Potential to increase business placed in the London Market by insulating brokers from London Market specifics Solution may be used for global operations or integrated with global underwriting platforms. Enables cost-effective sourcing of work, (location and skills), for administrative activities RISK DATABASE SANCTIONS CHECKS E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION 2014 XCHANGING 7

10 READY TO DEPLOY AND COMMITTED TO DELIVER A READY TO DEPLOY SOLUTION WITH A LOW RISK, LOW COST BUILD STRATEGY THROUGH THE USE OF EXISTING, MARKET PROVEN TECHNOLOGY AND COMMON ARCHITECTURE AVAILABILITY OF FUNCTIONALITY 8 We have a solution that is built on existing live components that are proven in the Market today, and is part of a low risk, low cost build strategy Requires minimal implementation effort and minor development to provide enhanced functionality Low risk and cost as broker and carrier systems developed on the same platform and by the same development team Our solution is ready to deploy and will be enhanced with multi-section and declarations functionality in August 2014 Record of successful deliveries responding quickly and efficiently to customer needs Integration with Market components and initiatives; an integral part of the on-going roadmap development E-PLACING 2014 PROVE THE CONCEPT PILOTED BY CUSTOMER ADVOCATES Using existing functionality with simple cases and classes of business 2014 EXTEND THE FUNCTIONALITY WIDER MARKET ADOPTION Providing additional e-placing functionality using an iterative, demand led approach 2015 INTEGRATE AND INDUSTRIALISE INCREASE OPERATIONAL EFFICIENCY Connecting with existing custom back office and bureau down stream systems DRIVE CONTINUOUS IMPROVEMENT KEEPING PACE Enhanced functionality as defined and prioritised by customers 2014 XCHANGING ENRICHED / COMPREHENSIVE TODAY PHASE 1 PHASE 2 CHOICE OF INTEGRATION Using ACORD Messaging Access through UI or a mobile X-presso application Install MMT in your organisation Integration directly into broker or carrier systems USER FUNCTIONALITY Demonstration & proof of concept Piloting of MRC construction service Single-section functionality Multi-section functionality Multi-tenancy functionality Mobile views X-presso application Audit reporting Document collaboration Business processing services PLACING LIFECYCLE SUPPORT Quote Firm Order Signed Line Advice One way message for information only Endorsement requests Endorsement notices One way message for information only Cancellation (Order or Endorsement) Not Taken Up (NTU) Verticalisation In-flight endorsements Declarations Subjectivities managed using the Document Collaboration Tool VERSATILE & ROBUST INFRASTRUCTURE APIs for integration Tested DR & BC plan Scalable infrastructure Interconnected Market systems, Company systems and applications Ability to capture data once at the start of the lifecycle process Elective integration with Data Capture Service already available or scheduled to be scheduled

11 A COMPELLING E-PLACING PROPOSITION TO CREATE AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION, THE RIGHT SOLUTION NEEDS TO BE UNDERPINNED BY A CLEAR, COMPELLING COMMERCIAL PROPOSITION Our low cost build strategy leverages existing components which minimises our base investment period. We can then transfer these savings to the Market. Highlights of the proposition include: Low commercial risk through minimising upfront commitment and investment to join A simple and transparent pricing approach Transaction-based, pay-as-you-go pricing A sustainable pricing model to drive volumes through the platform All parties pay but pricing reflects the value delivered to the participant A UNIQUE AND COMPELLING SOLUTION CREATING A SUSTAINABLE ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION FOLLOWING CUSTOMER DEMAND E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION 2014 XCHANGING 9

12 The Walbrook Building 25 Walbrook London EC4N 8AQ UK Telephone +44 (0) Website linkedin.com/company/xchanging facebook.com/xchangingplc 2014 XCHANGING 3026/1/4/14 Max Pell Managing Director Xchanging UK Insurance Telephone +44 (0) Gene Bates IT Transformation Director Xchanging UK Insurance Telephone +44 (0) James Willison Chief Executive Officer Web Connectivity Limited Telephone +44 (0)