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Market Reform Forum Market Aspen ePlacing+ Update.

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Presentation on theme: "Market Reform Forum Market Aspen ePlacing+ Update."— Presentation transcript:

1 Market Reform Forum Market Reform @ Aspen ePlacing+ Update

2 Implementation of a new underwriting and claims system Expansion of the Aspen Business to multiple locations Evolution of the company has driven the need for process improvement and increased efficiency, therefore managing our cost base We recognise the importance for investment in E-Trading initiatives Management Information The Aspen Story

3 Aspens Market Reform Vision Workflow Engine Accounting & Policy Processing Quotations Claims Processing RenewalsSubmissions Binding Document Repository Electronic Aggs Schedules Electronic Quotes Electronic LPANS Electronic Slips Electronic Claim Files Electronic Renewal Submissions 3 rd Party Repositories With Automatic Indexing ACORD Messages Underwriter / Claims Desktop Subscribe Data M.I. Workflow Tasks News Feeds Calendar Modelling Data

4 E-trading links to workflow Workflow System ECF Repository CLASS / XChanging Accounting & Policy Processing Quotations Claims Processing Renewals Business Drivers Submissions Enable Growth Improve Visibility Drive Efficiency - Reduce Cost Write Better Business, Write More Business, Retain Business Process Improvement & Efficiency Business Process Support Processes Regulatory & Compliance Business Reporting and MI Operations and Process reports 3 rd Party Placement Messages Binding 3 rd Party A & S Messages Claim Movements Document Notifications

5 Underwriting desktop vision News feeds Business Reports UnderwriterBrokerProgramme Open Quotations Global Toolbar Cat Modelling Actuarial Models Search for Document Upload Document Policy no Subscribe Summary

6 Underwriter Desktop – Phase 1 Modeller Workflow List Peer Reviewer Workflow List Actuarial Workflow List Submission Management Desktop

7 Aspens workflow desktop

8 Underwriter Desktop – Detail Data from Subscribe (& other systems) Desktop varies according to user role Risk-related documents from DMS Workflow Information Workflow Actions

9 Business Benefits Easy access to information from multiple systems –e.g. Subscribe data and documents combined with workflow Less admin for underwriters – reduction in re-keying data Ability to direct work to available resource (workflow) Reporting (Business Activity Monitoring) to assist with process transparency and management controls External and Internal Auditing and Compliance Automatically record quotes in Subscribe (P2P) Improved data integrity – Aspen data matches broker data and adhere to ACORD standards Increased operational efficiency through the electronic exchange of information & workflow

10 Some Lessons Learnt Business buy-in is key to success: –Focus on the benefits and take a long-term view! –Work with brokers to establish common business case Joint development of solutions with the business: –Agile project delivery & iterative development –Continuous improvement Business change management is the biggest challenge –Choose a pilot team for each initiative who are open to change Choose a scaleable and flexible architecture to support future Market Reform challenges (e.g. Web Services / SOA) Build Monitor Design Improve

11 Aspen Market Reform Status Claims Processing Accounting & Policy Processing Quotations Submissions / Renewals Binding Broker A & S Broker ECF Current Status One-way messaging Live since June 2007 Back-office integration to DMS and Underwriting System Workflow integration Live since October 2007 Live Pilot in progress in Bermuda with Aon and Benfield DRI Search capability in place, with automated integration to DMS Future Plans Two-way messaging project planned to begin in 2008 Underwriter Desktop planned for 2008 Two-way planned for March 08 Automated Cash- Matching is the next phase DRI Notifications planned – dependent on XChanging capability in 2008 Broker Electronic Placement

12 ECF DRI Search (Feb 2008) and ECF DRI Notifications (June 2008) A&S Live Pilot in Bermuda with Benfield (March 2008) Underwriting Desktop Pilot (May 2008) Full Underwriting Desktop / MI and Underwriting Workflow (September 2008) P2P 2-Way Messaging kick off (2008) 2008 Timetable

13 Any Questions? Questions

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