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Market Reform Forum

Market Reform Forum. Market Reform @ Aspen ePlacing+ Update. The Aspen Story. Implementation of a new underwriting and claims system Expansion of the Aspen Business to multiple locations

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Market Reform Forum

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  1. Market Reform Forum Market Reform @ AspenePlacing+ Update

  2. The Aspen Story • 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

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

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

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

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

  7. Aspen’s workflow desktop

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

  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. Design Build Improve Monitor 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)

  11. Broker Broker Broker Electronic Placement A & S ECF Aspen Market Reform Status Binding Accounting & Policy Processing Quotations Submissions / Renewals Claims Processing

  12. 2008 Timetable • 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)

  13. Questions Any Questions?

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