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U.S. Insurance Industry Trends

Lloyd's Technology Day: "e-Distribution and Trading" – 2013 RPS’s Strategic Vision and Business Alignment. U.S. Insurance Industry Trends. More online transactions Comparative rating, PL, Programs Carrier policy issuance Direct to Retail Broker

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U.S. Insurance Industry Trends

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  1. Lloyd's Technology Day: "e-Distribution and Trading" – 2013RPS’sStrategic Vision and Business Alignment

  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 Industry Trends • Carrier Maintained Data • Rating Stds & Issuance • Comparative Rating • Online Rate/Quote/Bind/Issue • Mobile work force • Data Aggregation

  3. Risk Placement Services - Vision

  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

  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

  6. Risk Placement Services – Current Activity (London) • 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

  7. Risk Placement Services – Challenges • Communication between London & US • Adoption of London Reporting • Rethinking how we process business • Implementing new technology

  8. RPS’sStrategic Vision and Business Alignment

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