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23/04/20141 e-Placement Support Where are we and whats next? 19 August 2009 Copyright Watertrace Management Consulting. All rights reserved.

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Presentation on theme: "23/04/20141 e-Placement Support Where are we and whats next? 19 August 2009 Copyright Watertrace Management Consulting. All rights reserved."— Presentation transcript:

1 23/04/20141 e-Placement Support Where are we and whats next? 19 August 2009 Copyright Watertrace Management Consulting. All rights reserved

2 23/04/ Survey demographics Copyright Watertrace Management Consulting. All rights reserved Quantitative and Qualitative analysis was conducted; 32 market firms were represented Areas of interest Commitment to ePlacing support Strategy and process Value and benefits Leadership Drivers of the change Progress blocks

3 23/04/20143 ePlacing is becoming the norm...? Copyright Watertrace Management Consulting. All rights reserved Tool use is up for both Insurance and Reinsurance. Is this sufficient evidence to suggest its the norm…..? Less than 50% of underwriters agree that ePlacing will become the norm. Is this an initiative that only the brokers want? Is there nothing in it for underwriters? ePlacing is not the norm today, and tomorrow?…

4 23/04/20144 The business case for ePlacing is widely accepted...? Copyright Watertrace Management Consulting. All rights reserved Brokers perceived greater benefits from ePlacing support use than underwriters; Fewer than 40% of underwriters note considerable benefit at any stage; The business case is questionable from an underwriting perspective. Rather than being accepted, how do we define the business case?

5 23/04/20145 Widespread agreement that ePlacing is the panacea...? Copyright Watertrace Management Consulting. All rights reserved Both brokers and underwriters believe the benefits of ePlacing support will be significant in the future: 81% of brokers and 49% of underwriters see significant future benefit for their firm BUT, what seismic change will need to occur to make this happen when benefits are limited at present? Is the market capable / ready for a change? Is it merely wishful thinking that the future will be better?

6 23/04/20146 The Management Divide Copyright Watertrace Management Consulting. All rights reserved Greater business volumes through reduced time on time- exhaustive tasks Richer Information obtained as more time to verify information with less time taken on manual tasks Tighter controls for the firm reducing risk Increased volumes written resulting in greater firm GWP Richer Information leads to the ability to write risks more efficiently Greater efficiency / effectiveness Increased business volumes generating greater revenue Better client service through pricing, information, risk assessment Improved resource utilisation Underwriter Broker Management Reduced risk through better information Higher revenue as greater volumes possible with streamlined processes More from the practitioner Pound of Flesh Is it possible that increased volumes could bring benefit to practitioners too? Is there a divide at all?

7 23/04/20147 There is a perception difference Copyright Watertrace Management Consulting. All rights reserved Business case for firms Managers driving Quant results dont reconcile with focus group discussions Practitioners on board?

8 23/04/20148 Aon mandates Brokers use RI3K Q Market Reluctant on placing support Q LMA publishes Business Process Protocols Q Vendor alignment & market use increases Q Lloyds Exchange & Ruschlikon pilots complete Q major brokers and most of the market transacting at least some business using standard platforms Q Rationalisation & standardisation of market system solutions Q London Market seen as standard for a trading hub Q % of all market transactions being supported by electronic means All market systems have integrated solutions Q All trades supported by electronic means. STP for non-complex business not requiring f-2-f Q Lloyds Exchange Pilot commences Ruschlikon pilot commences Q2 2009

9 23/04/20149 Questions to be answered Whats the vision? –For the firms –For practitioners –For management Whos leading, driving, influencing - roles? –Lloyds / LIIBA / IUA / LMA / MRG / larger firms / suppliers Is the business case defined, clear, articulated, in consensus? Roadmap agreed, milestones communicated? Copyright Watertrace Management Consulting. All rights reserved

10 23/04/ /04/2014 Copyright Watertrace Management Consulting. All rights reserved


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