Las Vegas 2008 How to save your company a fortune.

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Presentation transcript:

Las Vegas 2008 How to save your company a fortune

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 Agenda

Underwriting Premium Processing Claims Agreement Broker Ledger Processing Outward Reinsurance Treasury Credit Control Non transactional Manual Process (Re) Insurer Functions Manual Intervention Slip Correspondence Risk Records Manual Data Input Manual Intervention

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 Major costs for an insurer or reinsurer

Receive & Identify Correspondence Perform Full Contract Load Book Premium Generate Lloyd’s Entries Settlement Process Sign at Bureau Generate Non Bureau Entries Can be received in a number of ways post; scanning application from post; or from broking support team Non transactional Manual Process Identify roles Restructure risk Add data Premium processing Manual Intervention Slip Correspondence Transactional Finalise Contract Calculate Premium Apportion Premium Apportion Brokerage Split Entries Create PANS Ensure that all transactions are assessed for grouping Customer Invoice Cash Agreed statement

The information contained in this document is strictly proprietary and confidential. © Benfield 2004

Labour savings

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 CashFlow

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 What are the issue for an insurer or reinsurer Credit Risk Cash Flow Trapped Premium Data Entry Errors Repeat Errors Accurate Recording of Contract References Accuracy of Data s

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 E-Business at Benfield Benfield are keen to work with customers and reinsurers to develop collaborative systems to the benefit of all organisations. Working together we can: Improve cash flow and ensure terms of trade compliance by reducing transaction cycle times Improve transparency Reduce the time taken to process claim advice and settlement transactions Eliminate the effort and cost of re-keying transactional data Eliminate errors by Improving the accuracy of data through a single point of entry Ensure any errors are corrected once at source Provide a controlled and audited environment for our businesses Provide customers’ systems with instant access to contract, claim and accounting documentation

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 Overview of Services Transfer risk information and slips to reinsurers during placing ePlacing Interface with Cedant’s electronic placing systems Transfer closings directly into reinsurers’ system eClosing Transfer Settlement Statements directly into reinsurers’ systems eSettlement Transfer Claims directly into reinsurers’ own systems eClaims Document Exchange (DRI) Automatically download documents from our system by Reinsurers, Cedants or Bureaux Collaboration facilities with Cedants & reinsurers Renewal Web sites Cedant Extranet

The information contained in this document is strictly proprietary and confidential. © Benfield 2004 We support Market Initiatives Market InitiativeHow we Support it Electronic Claims Files (ECF) We can support this initiative using Document Exchange and Claims messages A&S Market Repository (Inter-operation) We can support this initiative using Document Exchange Accounting & Settlement (EBOT) We can support these initiatives using Technical Account Messages; Settlement Messages; and Claims messages Peer 2 Peer E-Placing We support this initiative using Placing messages & Document Exchange RI3K Use Placing messages & Document Exchange E-ReinsureUse Placing messages & Document Exchange

The information contained in this document is strictly proprietary and confidential. © Benfield 2004