Cover London Market Group Forum Electronic transaction initiatives at Beazley Ian Fantozzi Beazley Shared Services 24 February 2010.

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Presentation transcript:

Cover London Market Group Forum Electronic transaction initiatives at Beazley Ian Fantozzi Beazley Shared Services 24 February 2010

About Beazley? Beazley manages four Lloyd’s Syndicates: 2623 and 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. Beazley employs worldwide… Gross premiums underwritten in £ m 700 staff

Market e-transaction initiatives at Beazley Policies/Endorsements Claims ClaimsCenter ECF & claims workflow integration Risk placement Messaging gateway & straight through processing E-endorsements

What are our drivers for change? Making it easier for brokers to place business at Beazley Opportunities to increase process efficiency and optimise resource Evolving London Market to maintain global competitiveness

This change needs to address… Cost Concept of ‘E-Trading’ Re-keying

Source: London Lite, 18 th March 2009 The concept of ‘E-trading’…

Utilise the data & documents to support the trade… E-transactions to support trading

Cost Concept of ‘E-Trading’ Re-keying E-Transactions to support trading This change needs to address…

notification From re-keying to straight-through-processing… ACORD message Link to submission data & docs Link to back-office policy system Arrives in Beazley messaging gateway

Making straight-through-processing work Data needs reviewing Unique market reference and carrier references make a big difference! Keep the technology simple

Cost Re-keying E-Transactions to support trading Implement STP This change needs to address…

£ £ ££ £ ££ £ Implementation costs can soon inflate! Key changes / opportunities Vendor expertise Cost of technology Maturing standards External hosting We have been able to significantly reduce these costs…

Cost E-Transactions to support trading Implement STP More opportunities to reduce cost This change needs to address…

To summarise... our drivers for change Making it easier for brokers to place business at Beazley Opportunities to increase process efficiency and optimise resource Global distribution of underwriting capital London Market and it’s participants need to continue evolving

Questions