xuber4london
DESCRIPTION
TRANSCRIPT
22 January 2014
XUBER4LONDON
Agenda
The Changing
London Market Craig Beattie Senior Analyst, Celent
@cgbeattie
© CELENT
The Changing London Market
22nd January 2014
Craig Beattie Senior Analyst
© CELENT
The London market is seeking growth, faster
© CELENT
Technology is both supporting and inhibiting this agenda
Growth, Faster 1
© CELENT
The squeeze
Reinsurers challenged,
entering insurance
market
Incumbent players remain
numerous
Looking for opportunities to
diversify and grow
Larger, smarter intermediaries
Local insurers retaining more risk
Insurers in the market are under pressure to grow or shrink
© CELENT
The data rush
Players across the industry are investing in data
SPECTATOR EXPERIMENTER
PRACTITIONER INNOVATOR
SCIENTIST
© CELENT
The larger brokers are swiftly moving up the maturity model
Willis, Marsh and Aon have made significant investments in data capability
SPECTATOR EXPERIMENTER
PRACTITIONER INNOVATOR
SCIENTIST
© CELENT
The market itself however, doesn’t have the same requirements of data
Current position – it’s the members of the London market who differentiate
on data, not the market itself
SPECTATOR EXPERIMENTER
PRACTITIONER INNOVATOR
SCIENTIST
© CELENT
The maturity of the carriers and MGAs vary significantly in the market
There are a few players investing significantly in niche areas
SPECTATOR EXPERIMENTER
PRACTITIONER INNOVATOR
SCIENTIST
© CELENT
Digital is changing the economics of the industry … and casting a harsh light on “The Londonisms”
Carrier
London
Broker
Customer 1
2
3
4 Complexity of Requirement
Medium
Commercial
Specialty, Large
Commercial
Small
Large
low High
Va
lue
Digital is changing who the players are and increasing
competition
Retail Lines Increasing
capability of
cheap
channels
Digital is making offering these lines of
business cheaper, easier and faster
Placement
increasingly
dependent on speed
and cost as well as
service expectations.
Time and cost added
down the value chain
has a non-linear
impact on time and
cost seen at the
customer.
Technology:
Opportunities and Pitfalls
2
© CELENT
Technology is changing change
Business Domain IT Domain
Mix of Business and IT User Acceptance
Testing
End Device Testing
Workflow Configuration
Portal / Web Site Build
Portal / Web Site Content
End to End Testing
Unit Testing
Integration
Architecture Definition
Document Templates
Business Rules
Rating and Pricing
Data Conversion
IT Knowledge & Responsibility
Business Knowledge (& Responsibility?)
© CELENT
The good things
Area Legacy Modern
Functionality Generally extensive functionality developed over many
years
Additions to functionality very difficult
Good, getting better out of the box
Additions to functionality relatively easy, rules externalized
from code
Integration Can be difficult if limited SOA
Upgrades required (if available/ possible) to re-orient toward
standards-based approaches such as ACORD XML or SOA
Often not modular
Typically easy: systems designed as components, are easy
to connect
Based on existing standards, and adaptable to emerging
standards
Support Expensive, labor intensive, may be unsupported; may
eventually require use of offshore resources
IT-oriented: business users essentially submit requirements
to IT
Cheaper, configuration-based
Business- and IT-oriented: IT becomes more strategic,
business becomes more hands-on
New Product
Creation
Customizations or clone-based, minimally configurable
Large existing product base
Months for coding, not including testing
Component based, reusable
Configure, don’t code products
Days or weeks to build products
Scalability Scale achieved at significant cost by upgrading the
mainframe(s)
Scale typically requires far less computing power (clusters,
grids, etc.)
© CELENT
Technology is changing change Are you keeping up?
0
5
10
15
20
25
Cloning an existing product to create anew product with an overlapping but
significantly different definition
Creating a new product from scratchbased on standardized components
Creating rules that govern calculationfunctions and business process flows that
are controlled by the systemA few hours 1 to 5 days 6 to 20 days 21 to 40 days Over 40 days
A Survey of Insurers regarding time taken for common tasks on their PAS (2013)
How much staff time is needed to perform the following actions (without testing) with the policy
administration system?
3 Take-Aways 3
© CELENT
1 Get better, your competitors are
• They’re investing in technology and capability now
• There are new competitors
2 Modern technology is a necessity
• Address technology inhibitors
• Not necessarily same thing as legacy
3 It’s how you use it
• How and who achieves change is changing
• Effective change needs design
Our Vision
Adrian Morgan Head of Xuber
@AM_Xuber
Xuber Launch – 15 months ago We announced the future of our insurance software…
Elgar
Genius Iris
Brokasure
Xuber for
MGAs
Xuber for
Brokers
Xuber for
Insurers
Xuber for
Reinsurers
• Four new software suites
• New technology
• New architecture
• Built on experience
• Xuber Academy
130 Customers
40 Countries
Xuber Launch – 15 months on Significant progress and renewed presence in the market…
Elgar
Genius Iris
Brokasure
Xuber for
MGAs
Xuber for
Brokers
Xuber for
Insurers
Xuber for
Reinsurers
• Added 6 new customers
• U.S. Launch – April 2013
• Everest Re - First U.S. customer
• Everest Re - First full suite customer
2013 – Componentised Carrier Solutions Powered by the Xuber platform
Policy
Claims Billing
Xuber for
Reinsurers
Xuber for
MGAs
Xuber for
Brokers
Xuber for
Insurers
Xuber for
Reinsurers
Policy
Claims Ceding
Billing
2014 – Full Lifecycle Carrier Solutions Ceding completes the picture…
Policy
Claims Billing
Xuber for
Reinsurers
Policy
Claims Billing
Policy
Claims Ceding
Billing
Ceding
Introducing Xuber Market Configuration Packs Completing our vision
Market
Configuration
Mark
et
Co
nfig
ura
tion
M
ark
et
Co
nfi
gu
rati
on
Single
solution…
…multiple
markets
Market
Configuration
Xuber London Market Configuration Pack London configuration on a global solution
Market
Configuration
Mark
et
Co
nfig
ura
tion
M
ark
et
Co
nfi
gu
rati
on
London
Configuration • Workflow
• User interface
• Dashboards
• Reports
• Documents
• Methods of placement
• Lines of business
• Messaging
• Reference data
Introducing Xuber Upgrade Studio Managing the journey to new Xuber solutions
Adapter technology will connect to both
Xuber and non-Xuber software
Third-Party
Systems Upgrade
Studio
Upgrade/Migrate
to Xuber Solutions
Introducing Xuber Upgrade Studio Our existing customers have choice
Xuber
Software
Third-Party
Systems Upgrade
Studio
Upgrade/Migrate
to Xuber Solutions
Continue on existing
Xuber upgrade path
Adapter technology will connect to both
Xuber and non-Xuber software
Our Vision – Global Solution and Local Capability Single solution, multiple markets, managed migration
Market
Configuration
U.S
.
Ad
mitte
d B
erm
ud
a
London
Market
Upgrade
Studio
Upgrade
Studio
Launching Xuber for
the London Market John Racher Head of Product Strategy
@JR_Xuber
Keeping pace with electronic
trading and e-commerce
initiatives
Managing regulatory
compliance quickly and
efficiently
Responding rapidly to change and
reacting quickly to opportunity
Seeing the whole picture with
no central store for multiple
data sources
Struggling with disjointed systems
and unconnected processing
inhibited by technology
Challenges
Gaining business
intelligence from
uniquely complex data
The Underwriter’s Experience
Clarity and accessibility of underwriting data, ease of consolidated reporting
Customer-centricity – capturing and managing underwriting data from the first point of interaction
Supporting market regulations and initiatives with minimum fuss
Growing market share and opening new channels – responding quickly through self-sufficiency
Adopting e-commerce opportunities
The Underwriter’s Experience
Submission Clearance Analysis Policy Workflow Integration
Kimberly Harris-Ferrante, Gartner. Hype cycle for P&C insurance July 2013
The Claims Manager’s Experience
Claims management and claims processing is often disconnected from policy administration
Customer-centricity – a focus on the quality of claims service is a critical factor in retaining business
Comprehensive, current and capable stakeholder management doesn’t always come together
Workflow management is central to the process – the ability to route, track and balance workload
Consolidation of data and reporting accurately and in a timely manner
Capability to support and quickly react to regulatory, market & electronic trading initiatives
The Claims Manager’s Experience
Notification Workflow Coverage
Verification
Business
Services
Claims
Adjustment Dashboards
& Reports
Jeff Haner - Gartner - Next-Generation P&C Claims Administration Increases Customer Retention
and Profitability, May 2012, Gartner Foundational December 2013
Keeping pace with electronic
trading and e-commerce
initiatives
Managing regulatory
compliance quickly and
efficiently
Responding rapidly to change and
reacting quickly to opportunity
Seeing the whole picture with no
central store for multiple data
sources
Struggling with disjointed systems
and unconnected processing
inhibited by technology
Gaining business intelligence
from uniquely complex data
Challenges
High levels of configurability
enable you to stay ahead of
e-commerce initiatives
Rich software functionality
makes your business more
agile in accommodating
regulatory change
Self-sufficiency through powerful
configuration & out-of-the-box
templates
A global view of policies, claims,
customers and channels
A future-proof platform designed to
simply and seamlessly connect
your processing
A simplified understanding
through configurable
dashboards and Xuber
Analytics
Our solutions
Harnessing
Technology
Locally & Globally Ivan Welker Business Architect, XL Group
@XL_Insurance
Dave Vorbrich & Nadeem Ahmed Deloitte
@DeloitteUK
Is there a painless
way to upgrade?
Data Migration Challenges Risks are contained across six areas
Cost certainty
Data complexity
Insight & control
Data quality
Large data volumes
Continual need for
data migrations
Xuber Upgrade Studio & Methodology
Insight & control • View the source data and progress
dashboards / reports that can be
customised as required
• See completion levels for all
migration tasks
• Search for and migrate records
on demand
• Receive notifications about
changes to the Xuber platform
Keeping Track of the Migration Process Putting you in control to make the right decisions, at the right time
Data quality • Early data profiling upfront
• Xuber data & business
validation early in the migration
process
• Save mapping rules to be used
in other migration definitions
• Create custom rules to govern
your data transfer to the Xuber
platform
Addressing Data Quality Early validation of routine data helps you focus on your most complex data
Re-usable
Intelligence
Certainty
Visibility
Accuracy
Control
Key Benefits Embarking on a data migration is complicated and time consuming. With the right tools and management it doesn’t have to be as painful.
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