Project Genesis Data Capture Service. ACORD Club 25 July 2013

Transcription

1 Project Genesis Data Capture Service ACORD Club 25 July 2013

2 Calling All Stations key features and scope (end state) Core data set captured once for all service participants Capture of bespoke insurer data sets New business, renewals and endorsements Placement types all individual signings (e.g. excluding bulked binder declarations) All classes of business Single quality check and query resolution process ACORD standard output to service participants, central repository, central processing Bureau and non-bureau business Subscription and singleton business (including verticals) 2

3 Service Deliverable Service Price* and key service levels (end state) Quality Accuracy Timing Availability Data output Outwards queries Bureau 80p Nonbureau: 10 As defined data set 98% correct on first output Within 6 Working Hours response within 9 working hours At any time Inwards queries Included Within 6 Working Hours At any time Corrections Included As defined data set 100% of replaced data correct Within 3 Working Hours At any time Document load to repository Included 100% loaded correctly Concurrently with data output Support Included During Working Hours * Indicated range; per insurer per risk section; subject to negotiation Working Hours: to GMT or BST 3

4 Tell Me Why the benefits Cost savings through shared service, bulk buy and back office / bureau duplication Contribution to risk reduction through earlier sight of data for insurers, central processing and possibly Lloyd s Improved accuracy through concentration of expertise and appropriate use of technology Automation and reduced rekeying enables downstream process benefits and efficiencies Platform for introduction of further value-add shared services Provides business case for ACORD integration Central data capture standardises key financial information across market 4

5 Implementation Options Bind the risk Send docs to DCS MRC(Slip) & supporting documents Genesis DCS Process raw data Apply business rules Produce structured data Create output file(s) Document containing structured data Receive data from DCS Query Loop Existing BPO Service Systems 5

6 Implementation Options Quality Check Only Bind the risk Send docs to DCS MRC(Slip) & supporting documents Genesis DCS Process raw data Apply business rules Produce structured data Create output file(s) Document containing structured data Receive data from DCS Query Loop Light Touch Quality Check Only Proposes using DCS data for quality checking May be used as early adoption option Least invasive little technology change May capture data before or after receipt of DCS data, no dependency. A data comparison utility would be a good idea Benefits from: ᵒ Improved accuracy. A clean data set to compare against own risk data ᵒ Reduction in queries, particularly for followers ᵒ Improved standardisation of data. Central application of industry rules ᵒ Improved turnaround times Systems 6

7 Implementation Options Enhancing Existing BPO Service Bind the risk Send docs to DCS MRC(Slip) & supporting documents Genesis DCS Process raw data Apply business rules Produce structured data Create output file(s) Document containing structured data Receive data from DCS Query Loop Enhance effectiveness of existing outsourced service Proposes supplying enhanced data to BPO Little technology impact, requires process changes Again, a data comparison utility would be useful Same benefits as option 1 but also offers opportunity for second set of eyes in quality check process; analysis and query work is significantly reduced Existing BPO Service Systems 7

8 Implementation Options Full Integration to UW Systems Bind the risk Send docs to DCS MRC(Slip) & supporting documents Genesis DCS Process raw data Apply business rules Produce structured data Create output file(s) Document containing structured data Receive data from DCS Query Loop Automate a large part of the data captured process Proposes integrating the DCS output with insurer systems Most technology impact, but delivers most benefit Integration considerations: ᵒ system may already contain a pro-forma risk record ᵒ Existing data entry rules will need to be considered ᵒ New workflow step to accommodate review of the new risks and the addition of internal codes, etc. ᵒ Management of message errors and queries. ᵒ systems integration would be greatly facilitated by joined-up efforts within user groups. Same benefits as option 1 but also: ᵒ Significant efficiency gains through STP ᵒ Triaging of risk entry is possible ᵒ Earlier triggering of post-bind activities such as peer review, UW authorities, contract checking, sanctions checking, etc Systems 8

9 Technology Implications Build Up of Risk Data Quote Firm Order Signed Line Broker Delay s may record data at this stage Quote Record s record high amount of similar data Written Risk Record s receive Signed Line data Signed Risk Record Technical Account EDI DCS Risk Data Common Record Bespoke Risk Data Other Bureau Data XIS Common insurer/common bureau/bespoke insurer Reuse of data for subsequent insurer submissions Principle re common market referencing Apix Layer Bureau Core Systems Principle of granularity Early derivation (e.g. FIL codes) 9

10 Technology Implications Process Workflow Broker X Back Office / BPO Service Initiation Queries Service Output & Integration Gateway ACORD FTP Security / Access Data Extraction Tools Data Review & Cleansing QA & Data Completion Query Management Integration Gateway / APIX Bureau Service IMR UW System Leader (Initiator) and Follower flows may differ Exceptions and corrections process Bespoke process not permitted, but: ᵒ Process steps may be missed ᵒ Choice of transport method ᵒ Choice of output type 10

11 Next Steps and Anticipated Timeline Determine pilot scope, operation, duration and CSFs - PID Data analysis and design Pilot start: targeted for2013 Commercials and contractuals Central process integration Workflow design Transition to full service:

12 Envisaged Pilot Scope Pilot Service Scope End State Service Scope New and renewal business New and renewal business Business Scope Endorsements All individual signings Limited classes of business Bureau and non-bureau Timing to be determined Ramp up of classes Endorsements All individual signings All classes of business Bureau and non-bureau Subscription and singleton Subscription and singleton Service Deliverables Scope Data output Outwards queries Inwards queries Corrections Repository load * Support Data output Outwards queries Inwards queries Corrections Repository load Support Downstream integration Subject to agreement on design Downstream integration * Subject to negotiation with AAC 12

13 Further Information Pilot Project Initiation Document Customer Requirements Data Specification Benefits Statement Implementation Options and Benefits Various presentation slide sets LMA Project Manager Peter Holdstock

14 14