Project Genesis Data Capture Service. 5 July 2013

Transcription

1 Project Genesis Data Capture Service 5 July 2013

2 Genesis the beginning Document collaboration Data capture Document templates Smart forms Contract builder 2

3 Genesis the beginning LMA Market Processes Committee Project Sponsor: David Cooney Genesis Steering Group Amlin Ascot Atrium Beazley Catlin Hiscox Mitsui Novae ProSight QBE Future Process Model IUA LMG Central Services Refresh Lloyd s LIIBA 3

4 Genesis the beginning LMA Market Processes Committee Project Sponsor: David Cooney Genesis Steering Group Amlin Ascot Atrium Beazley Catlin Hiscox Mitsui Novae ProSight QBE Contract and commercials Data Analysis and design Workflow design Bureau integration IMR integration Market engagement and participation Implementation options and benefits 4

5 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) 5

6 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 Insurer 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 6

7 Tell Me Why the benefits DCS Service Pricing Indicative range 0.80 to 1.30 for business subsequently processed through XIS Indicative price 10 for business not subsequently processed through XIS Charges will apply as a flat rate per insurer per risk section Illustration of annual market costs: Singleton risks 53,000 Subscription risks 60,000 average lines per risk 5.25 = subscription lines 315,000 Illustrative current cost of data entry per line 20 = 7,360,000 Estimated Genesis DCS cost per line (single section) 1.30 = 478,400 Broad statement of market level costs for risk data entry. XIS processed business only. Illustrative cost of current data entry provided by Genesis Steering Group members. 7

8 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 8

9 Your Own Special Way the RFI Refine customer requirements and service process Confirm supplier appetite and capabilities Develop benefits picture Inform next steps 9

10 POSITIONING DCS Elective business processing services: 1. Data capture Elective Business Processing Services wrapper Placement Platform Data Warehouses Mobile / Portal access Messaging Hub / Universal Translator Business Intelligence / Reporting Workflow / Orchestration Claims Utility & Case Management Support Document Repository 2. Data prep. / cleansing 3. Evidence of cover 4. Account reconciliation 5. Expert administration 6. Claims administration (incl. First Notice) 7. Claims Case Management Type London Other Markets Bureau 8. Delegated U/wtg admin. Non Bureau 9. ORI administration 10. Credit control Subscription Yes Yes 100% Yes Yes Coinsurance 11. Management Information Global solutions for Local Markets 10 CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging 2013 Xchanging plc

11 TODAY S CENTRAL SERVICES (PREMIUM, POLICY, SETTLEMENT, CLAIMS) Placing Policy Admin. Settlement Claims 5 Record Quote Record Firm Order Update Signed Line Record Premium Closing Sign Policy / Authorise Endorsement Manage Aged Debt Settle Premium Notify Claim Agree Claim Settle Claim Today s Central Services: 2 Policy Processing & Query Resolution 4 Settlement Invoked by the Broker Integrate across functions e.g. Policy, Claims, IMR Drive central settlement Facilitate central reporting 1 Validate against MRC Raise & resolve queries Sign & issue policy Calculate net balance Notify details of approved transactions Premium Processing & Query Resolution Provide settlement advices Data Capture: A key component of Premium Processing today Over 300 technicians intimate with MRC data Strong data requirement correlation (current v desired) Apply agreed risk / contract checks Validate & approve TAs provided by the broker Validate correct application of risk carrier accounting requirements Capture data Resolve queries Apply agreed T&R compliance checks Compliance & Reporting; Regulatory & Tax Returns for Lloyd s 3 11 CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging 2013 Xchanging plc

12 FEATURES + BENEFITS = A COMPELLING CASE Features Service provider investment Packaged software Integration with XIS bureau Automation & data re-use Leverage current platform Governance Contracts Resources: people & IT Benefits Low barriers to entry Shared service economies Portable service Unified Lloyd s/company processing Reduce manual processing Upside for brokers Simplified accounting Fewer XIS referrals Increasing STP 12 CONFIDENTIAL: No part of this document may be circulated, quoted or reproduced without prior approval of Xchanging 2013 Xchanging plc

13 Market Submission - present Market specific processes adding complexity and cost Processing overhead absorbed by participant s operations Disparate pseudo-duplicate records across multiple entities 13

14 Market Submission future hypothesis Market specific processes moved to the centre, operational overhead thus able to move Enable any authorised originator to initiate processing Interfaces becoming more global for key participants Better, richer risk data and improved referencing to address duplication and improve decision making Facilitates controlled implementation of prioritised Future Services Register 14

15 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:

16 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 16

17 Engagement and Communications Communicate scope of service and pilot, detailed plans, and benefits Determine market engagement Pilot participant; early adopter, later adopter, non-adopter Build picture of adoption Market presentations Workshops LMA web site 17

18 Q & A Rob Gillies robert.gillies@lmalloyds.com Peter Holdstock peter.holdstock@lmalloyds.com Keith Welch keith.welch@lmalloyds.com Peter Griggs peter.griggs@lmalloyds.com