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Lloyd's Technology Day: "e-Distribution and Trading" – 2013
RPS’sStrategic Vision and Business Alignment
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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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Risk Placement Services - Vision
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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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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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• 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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• 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