Xchanging ePolicies Overview of Service Offering and Willis Service Usage Experience Presented by :...

Xchanging ePolicies

Overview of Service Offering and Willis Service Usage Experience

Presented by : Helen Dines (Willis)

Jon Faulkner (Xchanging)

Date: 25/10/07

2

Agenda

Introduction

Service Overview

Registration / MAT / Roll Out process

Willis Epolicies User Experience

Questions & General Discussion

Duration: ~ 30 minutes

3

Service Overview 1 – Headlines

ePolicies is live and in use by Brokers as of end of July 2007

Service being used by Willis and Millers

Approximately 900 epolicies issued to date

Process from service registration to roll out can be achieved in approximately 2 weeks

Immediate gains in terms of time to confirmation of coverage and reduction of paper in the process

4

Service Overview 2 – Objectives / Benefits

Speed up despatch of policy documentation by Xchanging - saving up to at least 2 days over paper process

Create central archive of documentation within the IMR - simultaneously accessible by market and broker, as required

A protected PDF electronic policy document - enabling faster distribution of evidence of cover through the intermediary chain

Maintain compliance with branding requirements

Significant step towards end to end electronic policy handling in the London market

Continued production of hard-copy policies as requested, on an exceptions basis

5

Service Overview 3 - Process

6

Service Overview 4 –Scope

Applied to e-submissions only – A&S Direct Load or DRI, not paper or email

Could have started life as a paper “stage 1”

Company “stage 2”

Lloyd’s Policy Signing Service (PSS)

Lloyd’s Policy Production Service (PPS)

Policy wordings and related endorsements

Slip Policies

7

Service Overview 5 – Exclusions & Exceptions

EXCLUSIONS - Illinois policies

Continue to be provided on paper and be countersigned by the Lloyd's Illinois office as they are today.

ePolicy process is currently being agreed with Lloyd's Illinois and we expect to provide electronic Illinois policies in the near future

EXCEPTIONS

Paper policies – default return to A&S submissions will be an epolicy but paper may be requested

Endorsements on paper policy will be returned as paper endorsements, only eEndorsements will be returned on issued ePolicies

Reproduction of policies which have been originally produced and signed on paper, unless the original paper copy has been destroyed or lost and the appropriate letter of indemnity is submitted

8

Service Overview 6 – The Email Notification

9

Service Overview 7 – The Signed ePolicy

10

Service Registration – Process Overview

11

MAT & Roll Out - Overview

In response to Service Registration:

Broker Overview document issued

Broker contacted to arrange Market Acceptance Testing to ensure process is understood and work satisfactorily

Approximately one week of MAT covering possible submissions scenarios and corrections process

Ensure all in place for live operation

MAT sign off and agreement to proceed

Note: Process may be complete within 2 weeks, or take longer if desired by the Broker

12

Electronic Policies – The Willis Experience

• The Willis Policy Strategy

• Process

• Workability

• Benefits

• Challenges

• Questions & Discussion

Electronic Policies – The Willis Experience

13

The Willis Policy Strategy

Willis believes that any client who wants a policy

as his contract document is entitled to one within

30 days.

The Willis Policy Strategy

14

Process

ClientWillis tech

Prepare & submit policy

Willis tech

Scan, mail & file policy

Sales function

Willis central post point (London)

‘The Barrier’XIS Chatham/

Folkestone

Willistechnician

Willis central post point (London)

‘The Barrier’

Paper Process

XIS tech

Check policy

XISAllocate policy

XIS logisticsSign & return

policy

Process

15

Process

ClientWillis tech

Prepare & submit policy

XIS tech

Check policy

Willis supportMail & file

policy

Sales function

E-Pols Process

IMR

Email notification

XIS logisticsSign & store e-policy file

Process

16

Workability

• Scope

All Direct Loaded policies and endorsements including legacy

• S&A Submissions

Requires co-ordination

Prem Tech is responsible for submission

Facilitates divorcing the premium & policy functions

• Security

Use of PDFs at submission and return for greater protection

Not fraud-proof but neither are paper policies

IMR holds the master version of the policy

WorkabilityWorkability

17

Workability

• Email notifications

Central mailbox

• Corrections

Incorrect policies are ‘hidden’ on the IMR so only the correct

version is available

• Printing

Can be slow!

Support function responsible for all elements of policy mailing

• Look & Feel

No wax seal, no coloured jackets but no push back!

18

Benefits

• Speed

Direct Load & e-pols have saved 10-15 days on the end-to-end policy

signing time; much more where there are queries

‘Urgents’ can genuinely be handled urgently

‘Lost’ policies are quicker & easier to identify & rescue

• Efficiency

Centralised mailing function

Electronic data storage – facilitates ECF and future e-trading

initiatives

• Quality

Willis controls our document print quality

Benefits

19

Challenges

• E-mailing policies direct to clients

• Printing times

• Size of issue depends on operational scale

• Teething issues

• Mis-sent policies/lost or forgotten policies

• Policy correction process

• Endorsements

Challenges

20

Questions and Discussion