Las Vegas 2008How to save your company a fortune

The information contained in this document is strictly proprietary and confidential. © Benfield 2004

Agenda

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

The information contained in this document is strictly proprietary and confidential. © Benfield 2004

Major costs for an insurer or reinsurer

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

The information contained in this document is strictly proprietary and confidential. © Benfield 2004

EBOT Premium ProcessU

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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

The information contained in this document is strictly proprietary and confidential. © Benfield 2004

Labour savings

The information contained in this document is strictly proprietary and confidential. © Benfield 2004

CashFlow

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

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

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

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

The information contained in this document is strictly proprietary and confidential. © Benfield 2004