Insurance Services for Lloyd s Asia

Transcription

1 < Picture to go here > Insurance Services for Lloyd s Asia Ali Dove, Lloyd s & Greg Carter, Capita ACORD Club 30 th January 2014 Lloyd s 2012

2 Who is on the Lloyds Asia platform? 18 Service Companies Lloyd s 2

3 What challenges did the market face? Common shared challenges The model is relatively expensive Subscription contracts are difficult to undertake; prohibits cost effective processing Inconsistent MI across the platform Challenges with the chasing of premiums, matching remitted premiums and resolving unallocated cash all carry a heavy administrative burden What are the benefits for service companies and managing agents? Improved broker satisfaction Improved data quality Reduced costs Facilitates subscription placements Lloyd s 3

4 What is the shared service? An elective, outsourced service for some of the back office processing functions performed by each service company. The objective of the shared service is to remove some of the processing challenges through economies of scale, consistent processing and a single interface for brokers. The service is provided by Capita and supported by Total Objects and VIPR. Support provided in Singapore, London & Cheltenham. Lloyd s 4

5 Singapore Shared Services: scope What actual services are offered? Slip data capture In scope (core service) Optional services Future services? Service Company Agreement data entry Slip and full declaration data entry Endorsement and amendments data entry Post bind quality assurance checking and controls risk locator check and QA tool checks for tax and regulatory fields Binding Authority entry Detailed declarations recording Proportional treaty statements Risk capture at a granular level for bordereaux, such as cargo Full slip data capture and checking Consortium Labuan business Slip data download Slip upload and validation Contract certainty Pre-bind Lloyd s Data Standards Control framework checking Renewals Subscription support Premium handling Creation of technical accounts Debit notes and tax invoicing Broker statements Monitoring and handling of premium closings Cargo and binder broker statements Net of claims payments USM in feed format for upload into managing agent system Underwriting support reporting Data entry control report Issues and queries report USM report for technical premium and cash payment confirmation Slip premium report (to confirm current position on a slip) Full position report for aged debtor analysis LPAN s and Lloyd s coverholder bordereaux MAS premium items report Cargo and binder premium report Full MAS reporting Submission of tax and regulatory data to XIS Lloyd s 5

6 The Operating Model.. Service Company Write slip / declaration / endorsement Send slip docs to Capita Issues and queries Slip, financial, USM & tax reports Receive cash from Lloyd s STFO Broker Slips / declarations / bordereaux / endorsements Broker statements, invoices, RPs Cash, closings, remittance advices Payment issues & queries Singapore Shared Services Service company agreements Slip data capture Declaration processing Endorsements and APs/ RPs Closings processing Broker statements & credit control Cash receipt and matching STFO payments and USMs Regulatory checks and reporting End of month reporting Managing Agent Process USM data as expected cash Receive monthly figures & LPAN Lloyd s Process STFO file and move cash Send STFO success files Lloyd s 6

7 The technology behind the services Global XB: risk and end t data capture, technical accounting, suspense and technical ledger, claims settlement data capture SharePoint: allows Service Companies (and potentially brokers) to upload data and documents to the shared services platform K2: customised workflow SharePoint SUN ledgers Data Warehouse K2 VIPR: allows mapping and uploading of bordereaux for high volume, low value accounts such as marine cargo and declarations off lineslips VIPR Global XB SUN Ledger: general ledger Data Warehouse Lloyd s 7

8 < Picture to go here > The journey Lloyd s 2012

9 What did we do and when? 2012 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Market Consultation Initial concept Appetite established in London and Singapore RFP High level scope and requirements Requirements Workshops in London and Singapore 2 vendors selected Procurement Meetings & presentations Vendor presentations Design Design workshops in London and Singapore On time! Lloyd s 9

10 The year the real work got done! 2013 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Development IT solutions, environment and infrastructure Capita / Total Objects / VIPR Business services Business process design and service development Testing UAT Pilot and parallel run Contracts Contract negotiations Go-live On time! 16th Lloyd s 10

11 Who s doing what and when? Group 1 - LIVE Amlin Atrium Chaucer Group 2 Argenta Markel QBE Ascot Watching brief Beazley Catlin C.V. Starr Kiln Newline Ascot Allied World Canopius Hardy Talbot Watkins Travelers Lloyd s 11

12 Nothing is ever plain sailing So what was tough? High volume, matrix communications Managing scope Contract Success criteria Multi-territory ( Singapore is not just Singapore) Clearing function Dual-location project Lloyd s 12

13 So finally What were the best bits? We did it! Collaborative engagement Broker engagement Universal requirements Detailed design Governance Knowledge Lloyd s 13

14 Shared Services Proposed 2014 Roadmap Shared Services Phase Q Q2 Q3 Proposed Group 1: IMPLEMENTATION Amlin Roadmap Atrium Chaucer PHASE 2 DEVELOPMENT PHASE 3 DEVELOPMENT Q H H Group 2 IMPLEMENTATION Client 4 Client 5 Client 6 Possible DEVELOPMENT slot Further IMPLEMENTATIONS Client 7 Client 8 Client 9 Client 10 Possible DEVELOPMENT slot Possible DEVELOPMENT slot 2015 IMPLEMENTATIONS REMAINING SCs Lloyd s 14

15 Shared services proposed 2014 developments Phase 2 finish functions for credit control processing and other business classes Phase 3 improvements to slip entry and legacy upload (subject to change requests) Any further developments are to be scheduled based on market interest (subject to change requests) Full MAS reporting Claims Contract Certainty Checking Additional Territory Support Direct Reporting Lloyd s 15

16 < Picture to go here > Questions Lloyd s 16