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E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
FOLLOWING CUSTOMER DEMAND
WebConnectivity
© 2014 XCHANGING2 © 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 1 4 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
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
2
3
4–5
6–7
8
9
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
© 2014 XCHANGING 1 E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 1 4 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
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
2
3
4–5
6–7
8
9
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
© 2014 XCHANGING2
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 3 2 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
REPRESENTING THE BEST CHANCE OF MARKET SUCCESSTHE 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:•Providinganelectronicallyagreedcontract–singleversionofthetruth
•ReducingfrictionalcostofplacingwhichwillretainexistingandattractnewlinesofbusinesstoLondon
•Usingcross-Marketinitiativestoreducethepercentageofrelativelystraightforwardadministrationtasks, driving operational benefits
•Leveragingtheinvestmentinmessagingcapabilityalreadyimplemented
•Meetingclientdemandthroughearlieravailabilityofcommondata
•ReducingthemovementofpaperintheMarket
The LMG Future Process Review has identified the e-placing Utility Platform as the No.1 priority for the Market.
XCHANGING AND WEB CONNECTIVITY E-PLACING: CREATING A UNIQUE UTILITY PLATFORM FOR SUCCESSFUL MARKET ADOPTION
COST EFFECTIVE FAST SAFE
XCHANGING & WEB
CONNECTIVITY
4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY…To deliver business outcomes
3. DOCUMENT COLLABORATION… Enhancing effectiveness of interactions
2. MAXIMISING CURRENT IT INVESTMENTS… Through choice and flexibility
1. EVOLUTION NOT REVOLUTION…
Using Market proven technology
5. COMPELLING COMMERCIAL PROPOSITION…
With low upfront investment and risk
6. HISTORY OF PARTNERSHIP…Through experience and
successful delivery
EASE OF ADOPTION IS THE KEY TO SUCCESS OF THIS INITIATIVE. AN IDEAL PARTNER SHOULD OFFER YOU A BUSINESS LED PROPOSITION THAT IS:
COST EFFECTIVESAFE
COMPREHENSIVE
FAST
ENRICHED / COMPREHENSIVE
•Offersrobustdocumentcollaboration,delivered through multiple channels
•Complementstechnologyeffectivelywithpeople and process capability
•FurthersthefutureLondonMarketGroupprocess vision
•Mobileaccesstoe-placingsolutiononascalable mobile platform
FAST
•Minimalimplementationtimeandeffort by leveraging existing live components
•Noreplacementofcurrentbrokerand carrier systems required
•Usescurrentsystemstosupport face-to-face interaction, drive ease of use and lower cultural barriers to change
•Abilitytorampupvalueaddedservicesquickly
•Deliverse-placingrapidly;identifiedasthecritical priority by the London Market Group
COST EFFECTIVE
•Buildsoninvestmentsalreadymade, both individually and by the Market
•Minimalcomponentbuild
•Lowcommercialriskandadoptioncost through low upfront investment
•Attractive,simpleandtransparentpricing
•Clearcost-benefitsfordifferent constituencies within individual organisations and the wider Market
SAFE
•LowriskbuildstrategybasedonMarketproventechnology and common architecture
•Minimisesdisruptionbyremovingneedtoreplace current broker and carrier systems
•HistoryofsuccessfulpartnershipsintheMarket
•Financiallystableandstrongpartnertosupport future aspiration and development
•Managementstabilityandstrategiccommitment to the London Market
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. •Requiresminimalimplementationeffortgivenre-useofexistinglivecomponentsandintegrationwithexisting
broker and carrier systems. Drives ease-of-use and lowers barriers to change•Lowriskroadmapasbrokerandcarriercomponentsbuiltbythesameteam.Leveragesotherprovenindustrial
strength components such as the Insurers’ Market Repository (IMR)•Readytodeploywithcorefunctionalityandrapiddevelopmentsplannedforenhancedfunctionality,
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.•Brokersandcarrierscanuseexisting/preferredsystems,minimisinginvestmentcostsanddisruption•Flexibilityofinteractionoptionsthroughmodularintegrationsuite,includingwebservicesoroptionaluseofourUI•Minimalnewcomponentsarerequiredtobebuilt/sourced
3. DOCUMENT COLLABORATION… Increased effectiveness of face-to-face interactions through robust document collaboration. •Reducesre-keyingofdataanddrivesasingleversionofthetruth.Reducestheriskofdisputebetween
placing parties•Makesdocumentsavailableearliertobrokersandcarriersbysupportingtheearlystagesofthenegotiation,
i.e. from pre-quote•Choiceofaccessthroughdesktop,mobileinternetorappsbuiltontheinnovativeX-pressoplatform
4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY… It’s not all about technology.•Electivebusinessserviceswrapperofpeopleandprocesstocomplementandmaximisethepotentialof
the technology solution through our value added services•EnrichedstructureddatatocarriersandbrokersthroughextensionoftheDataCaptureService(DCS)•ExtensiontootherBPOservicessuchassanctionschecksandregulatoryreporting
5. COMPELLING COMMERCIAL PROPOSITION… An attractive commercial proposition designed to encourage adoption through:•Lowercommercialriskwithlowupfrontcommitmentandinvestment•Asimpleandtransparentpricingapproach,designedtobesustainableovertime•Transaction-based,pay-as-yougopricing
6. HISTORY OF PARTNERSHIP…•Youknowusthroughourpartnershipoverthelast12years;wehavebuiltstrongworkingrelationshipswith
Market organisations•TrackrecordofdeliveringMarketwideelectronicsolutionsandaprovencollaborationbetweenXchangingand
WCL for over 6 years •FinanciallystableandstrongMarketpartner,withanassetbaseof£552mandastrategiccommitmentto
invest in the future development of Market solutions
COMPRE-HENSIVE
© 2014 XCHANGING 3 E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 3 2 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
REPRESENTING THE BEST CHANCE OF MARKET SUCCESSTHE 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:•Providinganelectronicallyagreedcontract–singleversionofthetruth
•ReducingfrictionalcostofplacingwhichwillretainexistingandattractnewlinesofbusinesstoLondon
•Usingcross-Marketinitiativestoreducethepercentageofrelativelystraightforwardadministrationtasks, driving operational benefits
•Leveragingtheinvestmentinmessagingcapabilityalreadyimplemented
•Meetingclientdemandthroughearlieravailabilityofcommondata
•ReducingthemovementofpaperintheMarket
The LMG Future Process Review has identified the e-placing Utility Platform as the No.1 priority for the Market.
XCHANGING AND WEB CONNECTIVITY E-PLACING: CREATING A UNIQUE UTILITY PLATFORM FOR SUCCESSFUL MARKET ADOPTION
COST EFFECTIVE FAST SAFE
XCHANGING & WEB
CONNECTIVITY
4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY…To deliver business outcomes
3. DOCUMENT COLLABORATION… Enhancing effectiveness of interactions
2. MAXIMISING CURRENT IT INVESTMENTS… Through choice and flexibility
1. EVOLUTION NOT REVOLUTION…
Using Market proven technology
5. COMPELLING COMMERCIAL PROPOSITION…
With low upfront investment and risk
6. HISTORY OF PARTNERSHIP…Through experience and
successful delivery
EASE OF ADOPTION IS THE KEY TO SUCCESS OF THIS INITIATIVE. AN IDEAL PARTNER SHOULD OFFER YOU A BUSINESS LED PROPOSITION THAT IS:
COST EFFECTIVESAFE
COMPREHENSIVE
FAST
ENRICHED / COMPREHENSIVE
•Offersrobustdocumentcollaboration,delivered through multiple channels
•Complementstechnologyeffectivelywithpeople and process capability
•FurthersthefutureLondonMarketGroupprocess vision
•Mobileaccesstoe-placingsolutiononascalable mobile platform
FAST
•Minimalimplementationtimeandeffort by leveraging existing live components
•Noreplacementofcurrentbrokerand carrier systems required
•Usescurrentsystemstosupport face-to-face interaction, drive ease of use and lower cultural barriers to change
•Abilitytorampupvalueaddedservicesquickly
•Deliverse-placingrapidly;identifiedasthecritical priority by the London Market Group
COST EFFECTIVE
•Buildsoninvestmentsalreadymade, both individually and by the Market
•Minimalcomponentbuild
•Lowcommercialriskandadoptioncost through low upfront investment
•Attractive,simpleandtransparentpricing
•Clearcost-benefitsfordifferent constituencies within individual organisations and the wider Market
SAFE
•LowriskbuildstrategybasedonMarketproventechnology and common architecture
•Minimisesdisruptionbyremovingneedtoreplace current broker and carrier systems
•HistoryofsuccessfulpartnershipsintheMarket
•Financiallystableandstrongpartnertosupport future aspiration and development
•Managementstabilityandstrategiccommitment to the London Market
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. •Requiresminimalimplementationeffortgivenre-useofexistinglivecomponentsandintegrationwithexisting
broker and carrier systems. Drives ease-of-use and lowers barriers to change•Lowriskroadmapasbrokerandcarriercomponentsbuiltbythesameteam.Leveragesotherprovenindustrial
strength components such as the Insurers’ Market Repository (IMR)•Readytodeploywithcorefunctionalityandrapiddevelopmentsplannedforenhancedfunctionality,
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.•Brokersandcarrierscanuseexisting/preferredsystems,minimisinginvestmentcostsanddisruption•Flexibilityofinteractionoptionsthroughmodularintegrationsuite,includingwebservicesoroptionaluseofourUI•Minimalnewcomponentsarerequiredtobebuilt/sourced
3. DOCUMENT COLLABORATION… Increased effectiveness of face-to-face interactions through robust document collaboration. •Reducesre-keyingofdataanddrivesasingleversionofthetruth.Reducestheriskofdisputebetween
placing parties•Makesdocumentsavailableearliertobrokersandcarriersbysupportingtheearlystagesofthenegotiation,
i.e. from pre-quote•Choiceofaccessthroughdesktop,mobileinternetorappsbuiltontheinnovativeX-pressoplatform
4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY… It’s not all about technology.•Electivebusinessserviceswrapperofpeopleandprocesstocomplementandmaximisethepotentialof
the technology solution through our value added services•EnrichedstructureddatatocarriersandbrokersthroughextensionoftheDataCaptureService(DCS)•ExtensiontootherBPOservicessuchassanctionschecksandregulatoryreporting
5. COMPELLING COMMERCIAL PROPOSITION… An attractive commercial proposition designed to encourage adoption through:•Lowercommercialriskwithlowupfrontcommitmentandinvestment•Asimpleandtransparentpricingapproach,designedtobesustainableovertime•Transaction-based,pay-as-yougopricing
6. HISTORY OF PARTNERSHIP…•Youknowusthroughourpartnershipoverthelast12years;wehavebuiltstrongworkingrelationshipswith
Market organisations•TrackrecordofdeliveringMarketwideelectronicsolutionsandaprovencollaborationbetweenXchangingand
WCL for over 6 years •FinanciallystableandstrongMarketpartner,withanassetbaseof£552mandastrategiccommitmentto
invest in the future development of Market solutions
COMPRE-HENSIVE
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 3 2 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
REPRESENTING THE BEST CHANCE OF MARKET SUCCESSTHE 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:•Providinganelectronicallyagreedcontract–singleversionofthetruth
•ReducingfrictionalcostofplacingwhichwillretainexistingandattractnewlinesofbusinesstoLondon
•Usingcross-Marketinitiativestoreducethepercentageofrelativelystraightforwardadministrationtasks, driving operational benefits
•Leveragingtheinvestmentinmessagingcapabilityalreadyimplemented
•Meetingclientdemandthroughearlieravailabilityofcommondata
•ReducingthemovementofpaperintheMarket
The LMG Future Process Review has identified the e-placing Utility Platform as the No.1 priority for the Market.
XCHANGING AND WEB CONNECTIVITY E-PLACING: CREATING A UNIQUE UTILITY PLATFORM FOR SUCCESSFUL MARKET ADOPTION
COST EFFECTIVE FAST SAFE
XCHANGING & WEB
CONNECTIVITY
4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY…To deliver business outcomes
3. DOCUMENT COLLABORATION… Enhancing effectiveness of interactions
2. MAXIMISING CURRENT IT INVESTMENTS… Through choice and flexibility
1. EVOLUTION NOT REVOLUTION…
Using Market proven technology
5. COMPELLING COMMERCIAL PROPOSITION…
With low upfront investment and risk
6. HISTORY OF PARTNERSHIP…Through experience and
successful delivery
EASE OF ADOPTION IS THE KEY TO SUCCESS OF THIS INITIATIVE. AN IDEAL PARTNER SHOULD OFFER YOU A BUSINESS LED PROPOSITION THAT IS:
COST EFFECTIVESAFE
COMPREHENSIVE
FAST
ENRICHED / COMPREHENSIVE
•Offersrobustdocumentcollaboration,delivered through multiple channels
•Complementstechnologyeffectivelywithpeople and process capability
•FurthersthefutureLondonMarketGroupprocess vision
•Mobileaccesstoe-placingsolutiononascalable mobile platform
FAST
•Minimalimplementationtimeandeffort by leveraging existing live components
•Noreplacementofcurrentbrokerand carrier systems required
•Usescurrentsystemstosupport face-to-face interaction, drive ease of use and lower cultural barriers to change
•Abilitytorampupvalueaddedservicesquickly
•Deliverse-placingrapidly;identifiedasthecritical priority by the London Market Group
COST EFFECTIVE
•Buildsoninvestmentsalreadymade, both individually and by the Market
•Minimalcomponentbuild
•Lowcommercialriskandadoptioncost through low upfront investment
•Attractive,simpleandtransparentpricing
•Clearcost-benefitsfordifferent constituencies within individual organisations and the wider Market
SAFE
•LowriskbuildstrategybasedonMarketproventechnology and common architecture
•Minimisesdisruptionbyremovingneedtoreplace current broker and carrier systems
•HistoryofsuccessfulpartnershipsintheMarket
•Financiallystableandstrongpartnertosupport future aspiration and development
•Managementstabilityandstrategiccommitment to the London Market
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. •Requiresminimalimplementationeffortgivenre-useofexistinglivecomponentsandintegrationwithexisting
broker and carrier systems. Drives ease-of-use and lowers barriers to change•Lowriskroadmapasbrokerandcarriercomponentsbuiltbythesameteam.Leveragesotherprovenindustrial
strength components such as the Insurers’ Market Repository (IMR)•Readytodeploywithcorefunctionalityandrapiddevelopmentsplannedforenhancedfunctionality,
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.•Brokersandcarrierscanuseexisting/preferredsystems,minimisinginvestmentcostsanddisruption•Flexibilityofinteractionoptionsthroughmodularintegrationsuite,includingwebservicesoroptionaluseofourUI•Minimalnewcomponentsarerequiredtobebuilt/sourced
3. DOCUMENT COLLABORATION… Increased effectiveness of face-to-face interactions through robust document collaboration. •Reducesre-keyingofdataanddrivesasingleversionofthetruth.Reducestheriskofdisputebetween
placing parties•Makesdocumentsavailableearliertobrokersandcarriersbysupportingtheearlystagesofthenegotiation,
i.e. from pre-quote•Choiceofaccessthroughdesktop,mobileinternetorappsbuiltontheinnovativeX-pressoplatform
4. OPTIMAL BLEND OF PEOPLE, PROCESS & TECHNOLOGY… It’s not all about technology.•Electivebusinessserviceswrapperofpeopleandprocesstocomplementandmaximisethepotentialof
the technology solution through our value added services•EnrichedstructureddatatocarriersandbrokersthroughextensionoftheDataCaptureService(DCS)•ExtensiontootherBPOservicessuchassanctionschecksandregulatoryreporting
5. COMPELLING COMMERCIAL PROPOSITION… An attractive commercial proposition designed to encourage adoption through:•Lowercommercialriskwithlowupfrontcommitmentandinvestment•Asimpleandtransparentpricingapproach,designedtobesustainableovertime•Transaction-based,pay-as-yougopricing
6. HISTORY OF PARTNERSHIP…•Youknowusthroughourpartnershipoverthelast12years;wehavebuiltstrongworkingrelationshipswith
Market organisations•TrackrecordofdeliveringMarketwideelectronicsolutionsandaprovencollaborationbetweenXchangingand
WCL for over 6 years •FinanciallystableandstrongMarketpartner,withanassetbaseof£552mandastrategiccommitmentto
invest in the future development of Market solutions
COMPRE-HENSIVE
© 2014 XCHANGING4
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 5 4 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
COMMON CORE RECORD
BUSINESS PROCESSING SERVICES
IMR
XCHANGING ACORD GATEWAY
WebConnectivity
DATA CAPTURE SERVICE
8
100%
2014
ASSEMBLING OUR PLACING UTILITY
INTEGRATION OPTIONS THAT PROVIDE CHOICE
CORE COMPONENTS IN SEAMLESS OPERATION
… AND INTEGRATING THESE TO PROVIDE A ROBUST END-TO-END SOLUTION
TAKING FAMILIAR COMPONENTS THAT ARE IN PLACE TODAY…
Options to Connect•Directintegration–interfacedirectlyintoyourexistingbrokerorcarriersystems•UserInterface–InputofinformationanddocumentsintoscreensprovidedontheinternetoronamobiledeviceusinganX-pressoapplication•InstalledApplication–ourMessageManagementToolimplementedinyourorganisation•ACORDMessaging–sendandreceiveACORDplacingmessagesfromyoursystems(No change for the 13 brokers registered or the 53 carriers using MMT cloud or premise today)
Web Connectivity Message Management Tool
•Designedby,andfor,placingpractitionerstocreateandbindrisksefficientlyandaccurately•Discreetbrokerandcarrierinterfaceshandleon-platformtrafficsupportingthefullplacingcycle•TheseindependentinterfacesarealreadyusedextensivelybycarrierswithintheMarkettoday
Message Gateway Components•AcombinationofTMELandtheXchangingACORDGatewayprovidestheintegrationandmessageroutingforourfulle-placingcapability•TheMarketDirectoryprovidedbyTMELcontinuestobethesourceofaccuratecontactdetailsacrosstheplatform
Document Collaboration•Byintegratingadocumentcollaborationtoolwiththeplatform,carriersandbrokerscanreviewandmakechangestothesamedigitaldocument•Asingleversionofthetruthwithacompleteaudittrailisprovided•ServiceaccessedusingawebbrowserortheX-pressoapplication
Common Core Record & IMR•E-placinginformationwillbeincorporatedintotheCommonCoreRecordfortheMarket,extendingthereachofthesharedviewoftherisklifecycle•OpportunitytostoreplacingdocumentsintheIMRatkeystagesintheprocess
Business Processing Services•LeveragingourriskDCScanenhancetheplacingsolutionbyprovidingstructuredandenricheddatatoplacingparticipants•ProximitytoourprovenBusinessProcessingServices(BPS)providesopportunitiesforadditionalvalueaddedservicesasrequired
13 brokers are registered with MMT today
53 carriers are using MMT cloud or MMT on premise today
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
DCS live in 2014
13
53
33
BROKER SYSTEM CARRIER SYSTEM
OTHER GLOBAL PLACING
PLATFORMS
OTHER GLOBAL PLACING
PLATFORMS
GLOBAL BROKER
GLOBAL BROKER
GLOBAL CARRIER
GLOBAL CARRIER
OFF PLATFORM MESSAGE
OFF PLATFORM MESSAGE
WebConnectivity
BROKER MMT
WebConnectivity
BROKER MMT
WebConnectivity
CARRIER MMT
WebConnectivity
CARRIER MMT
MARKET DIRECTORY
MARKET DIRECTORY
COMMON CORE RECORD
BUSINESS PROCESSING SERVICES
IMR
XCHANGING ACORD GATEWAY
WebConnectivity
DATA CAPTURE SERVICE
© 2014 XCHANGING 5 E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 5 4 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
COMMON CORE RECORD
BUSINESS PROCESSING SERVICES
IMR
XCHANGING ACORD GATEWAY
WebConnectivity
DATA CAPTURE SERVICE
8
100%
2014
ASSEMBLING OUR PLACING UTILITY
INTEGRATION OPTIONS THAT PROVIDE CHOICE
CORE COMPONENTS IN SEAMLESS OPERATION
… AND INTEGRATING THESE TO PROVIDE A ROBUST END-TO-END SOLUTION
TAKING FAMILIAR COMPONENTS THAT ARE IN PLACE TODAY…
Options to Connect•Directintegration–interfacedirectlyintoyourexistingbrokerorcarriersystems•UserInterface–InputofinformationanddocumentsintoscreensprovidedontheinternetoronamobiledeviceusinganX-pressoapplication•InstalledApplication–ourMessageManagementToolimplementedinyourorganisation•ACORDMessaging–sendandreceiveACORDplacingmessagesfromyoursystems(No change for the 13 brokers registered or the 53 carriers using MMT cloud or premise today)
Web Connectivity Message Management Tool
•Designedby,andfor,placingpractitionerstocreateandbindrisksefficientlyandaccurately•Discreetbrokerandcarrierinterfaceshandleon-platformtrafficsupportingthefullplacingcycle•TheseindependentinterfacesarealreadyusedextensivelybycarrierswithintheMarkettoday
Message Gateway Components•AcombinationofTMELandtheXchangingACORDGatewayprovidestheintegrationandmessageroutingforourfulle-placingcapability•TheMarketDirectoryprovidedbyTMELcontinuestobethesourceofaccuratecontactdetailsacrosstheplatform
Document Collaboration•Byintegratingadocumentcollaborationtoolwiththeplatform,carriersandbrokerscanreviewandmakechangestothesamedigitaldocument•Asingleversionofthetruthwithacompleteaudittrailisprovided•ServiceaccessedusingawebbrowserortheX-pressoapplication
Common Core Record & IMR•E-placinginformationwillbeincorporatedintotheCommonCoreRecordfortheMarket,extendingthereachofthesharedviewoftherisklifecycle•OpportunitytostoreplacingdocumentsintheIMRatkeystagesintheprocess
Business Processing Services•LeveragingourriskDCScanenhancetheplacingsolutionbyprovidingstructuredandenricheddatatoplacingparticipants•ProximitytoourprovenBusinessProcessingServices(BPS)providesopportunitiesforadditionalvalueaddedservicesasrequired
13 brokers are registered with MMT today
53 carriers are using MMT cloud or MMT on premise today
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
DCS live in 2014
13
53
33
BROKER SYSTEM CARRIER SYSTEM
OTHER GLOBAL PLACING
PLATFORMS
OTHER GLOBAL PLACING
PLATFORMS
GLOBAL BROKER
GLOBAL BROKER
GLOBAL CARRIER
GLOBAL CARRIER
OFF PLATFORM MESSAGE
OFF PLATFORM MESSAGE
WebConnectivity
BROKER MMT
WebConnectivity
BROKER MMT
WebConnectivity
CARRIER MMT
WebConnectivity
CARRIER MMT
MARKET DIRECTORY
MARKET DIRECTORY
COMMON CORE RECORD
BUSINESS PROCESSING SERVICES
IMR
XCHANGING ACORD GATEWAY
WebConnectivity
DATA CAPTURE SERVICE
© 2014 XCHANGING6
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 7 6 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
• Simple, single solution for trading risks electronically, designed by placing practitioners
• Structured ACORD messaging to communicate to and from the platform
• Separate/discrete broker and carrier user interfaces
• The right data for the right process at the right time
ADDING VALUE TO BROKERS AND CARRIERS:ASIMPLEEFFICIENTPROCESSTHATISEASYTOADOPT
REAL BENEFITS TO BROKERS REAL BENEFITS TO CARRIERS
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.
Our e-placing solution enables carriers to easily adopt a platform, reducing administrative burden and increasing ease of access into the London Market.
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
Enables cost-effective sourcing of work, both skill and location, through consistency of process, terminology and platform
Enables improved ease of access to London Markets through a system that minimises London Market specifics
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
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
NEGOTIATE NEGOTIATE
BROKER MMT
FUTURE BROKER
SYSTEMS
CURRENT BROKER
SYSTEMS
• One workplace from which to share placing documentation
• Broker retains control• Principles of negotiation remain• Single version of the truth
DOCUMENT COLLABORATION
MESSAGE MANAGEMENT TOOL
Enables all current and future trading
arrangements
Enables all current and future trading arrangements
SUPPORTS THE FULL PLACING CYCLE
ELECTIVE DATA CAPTURE & DATA ENRICHMENT
• Data cleansing, quality & review
• Data extraction from unstructured documents
RISK DATABASE
SANCTIONS CHECKS
IMR (INSURERS’MARKETREPOSITORY)
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
REQUEST FOR QUOTE
CHOICE OF INTEGRATION
OPTIONS
CHOICE OF INTEGRATION OPTIONS
BROKER CARRIER
FIRM ORDER SIGNED LINE ADVICE
FIRM ORDERACCEPTANCE QUOTE
CURRENT CARRIER SYSTEMS
FUTURE CARRIER SYSTEMS
CARRIER MMT
BR
OK
ER
/ B
RO
KE
R T
EC
HN
ICIA
N
CA
RR
IER
/ CA
RR
IER
TE
CH
NIC
IAN
© 2014 XCHANGING 7 E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 7 6 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
• Simple, single solution for trading risks electronically, designed by placing practitioners
• Structured ACORD messaging to communicate to and from the platform
• Separate/discrete broker and carrier user interfaces
• The right data for the right process at the right time
ADDING VALUE TO BROKERS AND CARRIERS:ASIMPLEEFFICIENTPROCESSTHATISEASYTOADOPT
REAL BENEFITS TO BROKERS REAL BENEFITS TO CARRIERS
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.
Our e-placing solution enables carriers to easily adopt a platform, reducing administrative burden and increasing ease of access into the London Market.
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
Enables cost-effective sourcing of work, both skill and location, through consistency of process, terminology and platform
Enables improved ease of access to London Markets through a system that minimises London Market specifics
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
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
NEGOTIATE NEGOTIATE
BROKER MMT
FUTURE BROKER
SYSTEMS
CURRENT BROKER
SYSTEMS
• One workplace from which to share placing documentation
• Broker retains control• Principles of negotiation remain• Single version of the truth
DOCUMENT COLLABORATION
MESSAGE MANAGEMENT TOOL
Enables all current and future trading
arrangements
Enables all current and future trading arrangements
SUPPORTS THE FULL PLACING CYCLE
ELECTIVE DATA CAPTURE & DATA ENRICHMENT
• Data cleansing, quality & review
• Data extraction from unstructured documents
RISK DATABASE
SANCTIONS CHECKS
IMR (INSURERS’MARKETREPOSITORY)
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
REQUEST FOR QUOTE
CHOICE OF INTEGRATION
OPTIONS
CHOICE OF INTEGRATION OPTIONS
BROKER CARRIER
FIRM ORDER SIGNED LINE ADVICE
FIRM ORDERACCEPTANCE QUOTE
CURRENT CARRIER SYSTEMS
FUTURE CARRIER SYSTEMS
CARRIER MMT
BR
OK
ER
/ B
RO
KE
R T
EC
HN
ICIA
N
CA
RR
IER
/ CA
RR
IER
TE
CH
NIC
IAN
© 2014 XCHANGING8
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 9 8 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
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•Requiresminimalimplementationeffortandminor
development to provide enhanced functionality •Lowriskandcostasbrokerandcarriersystems
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 •Recordofsuccessfuldeliveriesrespondingquickly
and efficiently to customer needs •IntegrationwithMarketcomponentsandinitiatives;an
integral part of the on-going roadmap development
PILOTED BY CUSTOMER ADVOCATES Using existing functionality with simple cases and classes of business
already available or scheduled to be scheduled
WIDER MARKET ADOPTION Providing additional e-placing functionality using an iterative, demand led approach
INCREASE OPERATIONAL EFFICIENCY Connecting with existing custom back office and bureau down stream systems
KEEPING PACEEnhanced functionality as defined and prioritised by customers
A READY TO DEPLOY SOLUTION WITH A LOW RISK, LOW COST BUILD STRATEGY THROUGH THE USE OF EXISTING, MARKET PROVEN TECHNOLOGY AND COMMON ARCHITECTURE
TO CREATE AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION, THE RIGHT SOLUTION NEEDS TO BE UNDERPINNED BY A CLEAR, COMPELLING COMMERCIAL PROPOSITION
A COMPELLING E-PLACING 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:•Lowcommercialriskthroughminimisingupfrontcommitmentandinvestmenttojoin•Asimpleandtransparentpricingapproach•Transaction-based,pay-as-you-gopricing•Asustainablepricingmodeltodrivevolumesthroughtheplatform•Allpartiespaybutpricingreflectsthevaluedeliveredtotheparticipant
A UNIQUE AND COMPELLING SOLUTION CREATING A SUSTAINABLE ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION– FOLLOWING CUSTOMER DEMAND –
READY TODEPLOYAND COMMITTED TO DELIVER
AVAILABILITY OF FUNCTIONALITY
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
USERFUNCTIONALITY
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
PLACINGLIFECYCLESUPPORT
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-flightendorsements
Declarations
Subjectivitiesmanagedusingthe 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
E-PLACING
2014 PROVE THE CONCEPT
2014 EXTENDTHEFUNCTIONALITY
2015 INTEGRATE AND INDUSTRIALISE
2015+ DRIVE CONTINUOUS IMPROVEMENT
© 2014 XCHANGING 9 E-PLACING PLATFORM CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
© 2014 Xchanging © 2014 Xchanging E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION / 9 8 / E-PLACING PLATFORM: CREATING AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION
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•Requiresminimalimplementationeffortandminor
development to provide enhanced functionality •Lowriskandcostasbrokerandcarriersystems
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 •Recordofsuccessfuldeliveriesrespondingquickly
and efficiently to customer needs •IntegrationwithMarketcomponentsandinitiatives;an
integral part of the on-going roadmap development
PILOTED BY CUSTOMER ADVOCATES Using existing functionality with simple cases and classes of business
already available or scheduled to be scheduled
WIDER MARKET ADOPTION Providing additional e-placing functionality using an iterative, demand led approach
INCREASE OPERATIONAL EFFICIENCY Connecting with existing custom back office and bureau down stream systems
KEEPING PACEEnhanced functionality as defined and prioritised by customers
A READY TO DEPLOY SOLUTION WITH A LOW RISK, LOW COST BUILD STRATEGY THROUGH THE USE OF EXISTING, MARKET PROVEN TECHNOLOGY AND COMMON ARCHITECTURE
TO CREATE AN ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION, THE RIGHT SOLUTION NEEDS TO BE UNDERPINNED BY A CLEAR, COMPELLING COMMERCIAL PROPOSITION
A COMPELLING E-PLACING 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:•Lowcommercialriskthroughminimisingupfrontcommitmentandinvestmenttojoin•Asimpleandtransparentpricingapproach•Transaction-based,pay-as-you-gopricing•Asustainablepricingmodeltodrivevolumesthroughtheplatform•Allpartiespaybutpricingreflectsthevaluedeliveredtotheparticipant
A UNIQUE AND COMPELLING SOLUTION CREATING A SUSTAINABLE ENVIRONMENT FOR SUCCESSFUL MARKET ADOPTION– FOLLOWING CUSTOMER DEMAND –
READY TODEPLOYAND COMMITTED TO DELIVER
AVAILABILITY OF FUNCTIONALITY
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
USERFUNCTIONALITY
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
PLACINGLIFECYCLESUPPORT
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-flightendorsements
Declarations
Subjectivitiesmanagedusingthe 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
E-PLACING
2014 PROVE THE CONCEPT
2014 EXTENDTHEFUNCTIONALITY
2015 INTEGRATE AND INDUSTRIALISE
2015+ DRIVE CONTINUOUS IMPROVEMENT
© 2014 XCHANGING3026/1/4/14
Max Pell Managing Director Xchanging UK Insurance
Telephone +44 (0)7825 934 153Email [email protected]
Gene Bates IT Transformation DirectorXchanging UK Insurance
Telephone +44 (0)7785 510 243 Email [email protected]
James Willison Chief Executive Officer Web Connectivity Limited
Telephone +44 (0)20 7264 2188Email [email protected]
The Walbrook Building 25 Walbrook London • EC4N 8AQ • UK
Telephone +44 (0)20 3604 3334Email [email protected] www.xchanging.com
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WebConnectivity