oxbow partners technology & analytics vendor ecosystem
TRANSCRIPT
© Oxbow Partners Ltd 2016 Strategy | Digital | M&A | Risk
Oxbow Partners Technology & Analytics Vendor Ecosystem (OPTAVE)
July 2016
© Oxbow Partners Ltd 2016 2
OPTAVE connects (re)insurers and brokers to suitable technology & analytics vendors
Benefits for (re)insurers and brokers
Get visibility of hot, niche technology vendors that can add value to your insurance business
Avoid unsolicited sales calls – without worrying that you’re missing out on something
Get curated shortlists of vendors when you need something
Technology & analytics vendors
OPTAVE
(Re)insurers and brokers
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OPTAVE was launched to respond to “pains” of non-technical business leaders
“I don’t have the resource to keep on top of vendors in the market”
“My people don’t find me the best vendors, I just get lists of names that I know already”
“I don’t know how technology could help my business because I don’t know what technology is out there”
“I get a lot of vendor calls: it sounds like solutions looking for a problem”
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There are hundreds of vendors on our platform already
>300 InsTech platforms
We have a database of >300 InsTech startupsThese are companies focused on insuranceWe help several of these companies optimise their proposition for the market and therefore have a detailed understanding of their propositions / models
Generic technology with insurance applications
Our platform has the ability to source technology from areas outside insuranceFor example, clients have asked us about chatbots, reinsurance optimisation, artificial intelligence, …
>150 policy admin systems
Many clients are currently thinking about replacing their PASWe have >150 policy admin systems in our vendor database
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How it works
Contract & implement
Select preferred supplier(s)
Short list responses
Run vendor sourcing process
Create problem / opportunity statement
Scan company (client) for
opportunities
Company could do this itself…...or Oxbow Partners runs structured process
Oxbow Partners process starts with top down view of company to select high potential areas (e.g. marine underwriting team)…...and investigates these to find specific opportunities
Create statement to take to market- Appealing to
vendors- Bridge
insurance-tech speach gap
Agree level of disclosure
Send statement to appropriate subset of Oxbow Partners vendor databaseSource new vendors from Oxbow Partners network- Network of
experts- Partnerships
(e.g. InsTech London)
Score vendor offers based on appropriate dimensions- Tech criteria- Insurance
criteriaProvide client with curated shortlist of vendors
In conjunction with client, identify preferred vendor using Oxbow Partners’ Agile Procurement process
Complete legalsCommence Agile Implementation of technology in business
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Client example
We help a reinsurer select a policy admin system in under 6 weeks
We are currently helping them configure and implement the platform
The technology will be ready to go live in under 6 months
We delivered this using OPTAVE and running our “agile procurement” process on the shortlisted vendors
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Further information about “agile procurement” in our report
www.oxbowpartners.co.uk/pas
