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Published byOsborne Powers Modified over 9 years ago
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Lloyd's Technology Day: "e-Distribution and Trading" – 2013 RPS’s Strategic Vision and Business Alignment
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2 U.S. Insurance Industry Trends More online transactions – Comparative rating, PL, Programs Carrier policy issuance Direct to Retail Broker Less MGA maintenance on rates, policies & forms AMS as a repository -Carrier Maintained Data -Rating Stds & Issuance -Comparative Rating -Online Rate/Quote/Bind/Issue -Mobile work force -Data Aggregation Industry Trends
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3 Risk Placement Services - Vision
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4 Risk Placement Services - Snapshot of History Rapid acquisition growth in MGA segment - high volume, low premium, binding authority Separate, independent processing systems Good for M&A but challenges in support, reporting & analysis, automation, standardization, disaster recovery, regulatory Challenges keeping pace with industry automation trends & web-based initiatives of competitors and suppliers
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5 Risk Placement Services - Current Activity Consolidation of Systems Document management and workflow Centralization of admin and support functions System integration and electronic interactions Customer facing value Sales & Marketing dashboard
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6 Adoption of Lloyd’s Reporting Standards Invested in systems ‘Total Object’s Binder Cloud’ – Today – Data Imported into Binder Cloud – Currently Testing XML/Web Services – Next steps: Convert to ACORD XML Implementation of Real-Time data exchange Risk Placement Services – Current Activity (London)
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7 Communication between London & US Adoption of London Reporting Rethinking how we process business Implementing new technology Risk Placement Services – Challenges
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RPS’s Strategic Vision and Business Alignment
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