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

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

  2. 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. About Beazley? Gross premiums underwritten in 2009... £1115.5 m Beazley employs worldwide… 700 staff

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

  4. 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

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

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

  7. Brokers Carriers E-transactions to support trading Utilise the data & documents to support the trade…

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

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

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

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

  12. We have been able to significantly reduce these costs… Implementation costs can soon inflate! Key changes / opportunities Research & Development £ £ £ Vendor expertise Technology infrastructure Requirements gathering & documentation Cost of technology Software licences £ £ £ £ £ Broker-Insurer connection testing Maturing standards Software development External hosting Installing version upgrades User testing

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

  14. 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

  15. Questions

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