Market Reform Forum

Market Reform @ AspenePlacing+ Update

• Implementation of a new underwriting and claims system

• Expansion of the Aspen Business to multiple locations

• Evolution of the company has driven the need for process improvement and increased efficiency, therefore managing our cost base

• We recognise the importance for investment in E-Trading initiatives

• Management Information

The Aspen Story

Aspen’s Market Reform Vision

Workflow Engine

Accounting & Policy

Processing

QuotationsClaims

Processing RenewalsSubmissions Binding

DocumentRepository

Electronic Aggs Schedules

Electronic Quotes

Electronic LPANS

Electronic Slips

Electronic Claim Files

Electronic Renewal

Submissions

3rd PartyRepositories

WithAutomatic Indexing

ACORDMessages

Underwriter / Claims Desktop

SubscribeData

M.I.Workflow

TasksNewsFeeds

CalendarModelling

Data

E-trading links to workflow

Workflow System

ECF Repository

CLASS / XChanging

Accounting & Policy

ProcessingQuotations

Claims Processing Renewals

Business Drivers

Submissions

Enable Growth

Improve VisibilityDrive Efficiency - Reduce Cost

Write Better Business, Write More Business, Retain Business

Process Improvement & Efficiency

BusinessProcess

Support Processes

Regulatory & Compliance

Business Reporting and MI

Operations and Process reports

3rd Party Placement Messages

Binding

3rd Party A & S

Messages

Claim Movements

Document Notifications

Underwriting desktop vision

News feeds

Business Reports

Underwriter Broker Programme

20% 15%

25%

30%

10%

Open Quotations

Global Toolbar

Cat Modelling

Actuarial Models

Search for Document

Upload Document

Policy no Policy no

Subscribe Summary

Underwriter Desktop – Phase 1Modeller

Workflow List

Peer ReviewerWorkflow List

ActuarialWorkflow List

Submission Management Desktop

Aspen’s workflow desktop

Underwriter Desktop – Detail

Data from Subscribe (& other systems)

Desktop varies according to

user role

Risk-related documents from DMS

Workflow Information

Workflow Actions

Business Benefits

• Easy access to information from multiple systems– e.g. Subscribe data and documents combined with workflow

• Less admin for underwriters – reduction in re-keying data

• Ability to direct work to available resource (workflow)

• Reporting (Business Activity Monitoring) to assist with process transparency and management controls

• External and Internal Auditing and Compliance

• Automatically record quotes in Subscribe (P2P)

• Improved data integrity – Aspen data matches broker data and adhere to ACORD standards

• Increased operational efficiency through the electronic exchange of information & workflow

Some Lessons Learnt

• Business buy-in is key to success:– Focus on the benefits and take a long-term view!

– Work with brokers to establish common business case

• Joint development of solutions with the business:– Agile project delivery & iterative development

– Continuous improvement

• Business change management is the biggest challenge– Choose a pilot team for each initiative who are open to change

• Choose a scaleable and flexible architecture to support future

Market Reform challenges (e.g. Web Services / SOA)

Build

Monitor

Design

Improve

Aspen Market Reform Status

Claims Processing

Accounting & Policy

Processing QuotationsSubmissions /

Renewals Binding

Broker

A & S

Broker

ECF

Current Status

One-way messaging Live since June 2007Back-office integration to DMS and Underwriting System

Workflow integration Live since October 2007

‘Live Pilot’ in progress in Bermuda with Aon and Benfield

DRI Search capability in place, with automated integration to DMS

Future

Plans

Two-way messaging project planned to begin in 2008

‘Underwriter Desktop’ planned for 2008

Two-way planned for March 08

Automated Cash-Matching is the next phase

DRI Notifications planned – dependent on XChanging capability in 2008

Broker

ElectronicPlacement

• ECF DRI Search (Feb 2008) and ECF DRI Notifications (June 2008)

• A&S Live Pilot in Bermuda with Benfield (March 2008)

• Underwriting Desktop Pilot (May 2008)

• Full Underwriting Desktop / MI and Underwriting Workflow (September 2008)

• P2P 2-Way Messaging kick off (2008)

2008 Timetable

Any Questions?

Questions