las vegas 2008 how to save your company a fortune
TRANSCRIPT
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Las Vegas 2008How to save your company a fortune
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Agenda
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
UnderwritingPremium
ProcessingClaims Agreement
Broker Ledger Processing
Outward Reinsurance
TreasuryCredit Control
Non transactional
Manual Process
(Re) Insurer Functions
Manual InterventionSlip
Correspondence
Risk Records
Manual Data Input
Manual Intervention
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Major costs for an insurer or reinsurer
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Receive & Identify Correspondence
Perform Full Contract Load
Book Premium
Generate Lloyd’s Entries
Settlement Process
Sign at Bureau
Generate Non Bureau
Entries
Can be received in a number of ways post; scanning application from post; or from
broking support team
Non transactional
Manual Process
• Identify roles• Restructure risk• Add data
Premium processing
Manual InterventionSlip
Correspondence
Transactional
• Finalise Contract• Calculate Premium• Apportion Premium• Apportion Brokerage
• Split Entries• Create PANS• Ensure that all transactions are assessed for grouping
Customer Invoice
•Cash •Agreed statement
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
EBOT Premium ProcessU
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Bro
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roke
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Broke Risk
Accept Risk
DMS
Set up risk
1Apportion Premium
Ledger Entries
Set up risk Record
2Receive
TechnicalAccount
Risk Records
3Process
TechnicalAccount
Acknowledge Receipt(post response)
ACORD Technical Account
Risk Details
Slip
Slip Date
Risk Record
Accept Technical Account(Level 3 or 4 Acknowledgement)
Underwriter Reference
Calculation Sheet
5Prepare
Statement
6Process
Statement
ACORD Settlement Message
Agreed StatementAcknowledgement
Message
Raise payment.
Cheque/Bank Transfer Etc.
Updated Information
4Process
Acknowledgement
Ledger Entries Agreed Items
Slip
Example Process Prior to
Accounting
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Labour savings
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
CashFlow
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
What are the issue for an insurer or reinsurer
• Credit Risk
• Cash Flow
• Trapped Premium
• Data Entry Errors
• Repeat Errors
• Accurate Recording of Contract References
• Accuracy of Data
• E-mails
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
E-Business at Benfield
Benfield are keen to work with customers and reinsurers to develop collaborative systems to the benefit of all organisations. Working together we can:
Improve cash flow and ensure terms of trade compliance by reducing transaction cycle times
Improve transparency Reduce the time taken to process claim advice and settlement
transactions Eliminate the effort and cost of re-keying transactional data Eliminate errors by Improving the accuracy of data through a single point
of entry Ensure any errors are corrected once at source
Provide a controlled and audited environment for our businesses Provide customers’ systems with instant access to contract, claim and
accounting documentation
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
Overview of Services
Transfer risk information and slips to
reinsurers during placing
ePlacing Interface with Cedant’s electronic placing
systems
Transfer closings directly into reinsurers’
systemeClosing
Transfer Settlement Statements directly into
reinsurers’ systemseSettlement
Transfer Claims directly into reinsurers’ own
systemseClaims
Document Exchange (DRI)Automatically download documents from our
system by Reinsurers, Cedants or Bureaux
Collaboration facilities with Cedants &
reinsurersRenewal Web sites
Cedant Extranet
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004
We support Market Initiatives
Market Initiative How we Support it
Electronic Claims Files (ECF) We can support this initiative using Document
Exchange and Claims messages
A&S Market Repository (Inter-operation) We can support this initiative using Document
Exchange
Accounting & Settlement (EBOT) We can support these initiatives using
Technical Account Messages; Settlement
Messages; and Claims messages
Peer 2 Peer E-Placing We support this initiative using Placing
messages & Document Exchange
RI3K Use Placing messages & Document
Exchange
E-Reinsure Use Placing messages & Document
Exchange
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The information contained in this document is strictly proprietary and confidential. © Benfield 2004