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The Dutch Insurance Exchange Introducing VNAB & e-ABS. Michel Schaft. Dutch Insurance Exchange, active since 1598 Rotterdam Insurance Exchange: 1598 Amsterdam Insurance Exchange: 1611. Introducing VNAB. - PowerPoint PPT Presentation
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The Dutch Insurance ExchangeIntroducing VNAB & e-ABS
Michel Schaft
Dutch Insurance Exchange, active since 1598
Rotterdam Insurance Exchange: 1598Amsterdam Insurance Exchange: 1611
2
Introducing VNAB
VNAB (Dutch Insurance Exchange Association) is the Dutch organization of (Register) Brokers and Insurers (including authorized agents) active on the Exchange
4 important ‘roles’: Facilitating the marketplace (e-ABS) Knowledge and knowledge sharing Advocacy Marketing and communication
3
How our local market works…
4
Local and international insurersLocal and international insurers
InsuredInsured
Broker- Policy Issuance- Claims Handling- Clearing
Broker- Policy Issuance- Claims Handling- Clearing
Risk
Dutch Insurance Exchange
5*) a policy is underwritten by - on average - 3,7 insurers.
Premium volume through e-ABS:
1,300,000,000 EURper year
30,000 claims per year
37,500 bookings per month
Why change to a digital marketplace?
8
Margins erode so focus on added value services & efficiency
Technological advancements change of the businessmodels in the market
Transparency is keysupervisors claim a more active role
VNAB presents…
9
10
e-ABS is an integrated system that facilitates the co-insurance process between Brokers, Insurers and Loss Adjusters on Placement, Claims and
financial processing (Clearing).
11
Our journey from a physical to a digital market place
Decision to start a digital marketplaceDecision to start a digital marketplace
Thorough discussions with VNAB members
about functionality
Thorough discussions with VNAB members
about functionality
Functional design made final
Functional design made final
A request for information was
formulated
A request for information was
formulated
Three suppliers where invited to
submit a proposal
Three suppliers where invited to
submit a proposal
e-ABS core team (appointed experts and external IT consultants)
addresses all tenders
e-ABS core team (appointed experts and external IT consultants)
addresses all tenders
Content related and financial assessments results in advice
to select the supplier
Content related and financial assessments results in advice
to select the supplier
Starting gradual implementationStarting gradual implementation
Claims module operationalClaims module operational
Placement module operationalPlacement module operational
Clearing module operationalClearing module operational
Gradual implementation towards successful usage of e-ABS
12
2008 2009 2010 2011 2012 2013 2014
Gradual implementation
Fully operational
Today:+/- 175,000 registered claims since 2008+/- 950,000 booking lines since 2011
+/- 40 brokers, +/- 40 insurers and +/- 50 loss adjusters use e-ABS
In 2012:+/- 52,000 active policy files
e-ABS: succesfully used for quite some time
• In total +130 companies use e-ABS• In order to use e-ABS, companies have to be members of the VNAB• Membership starts at +/- EUR 3,000 (broker) and EUR 5,900 (insurer)• License fee e-ABS depends on role (broker/insurer): +/- EUR 2,200,- / 2,500,- per user
14
So..what does e-ABS do?
• Webbased system:• Accessible via webbrowser• Webservices available for
connections with backoffice systems of insurers and brokers
• System supports full placement, claims and clearing process
15
So... what does e-ABS do?
ClearingClearing
PlacementPlacement
ClaimsClaims
e-ABS works with three modules
16
Create fileCreate file Quotation procedureQuotation procedure Complete coverComplete cover Record agreementsRecord agreements Policy versionPolicy version
Notification of claimsNotification of claims Loss adjustingLoss adjusting Claim settlementClaim settlement
Policy versions of this process are the basis for claims
Policy versions of this process are the basis for claims
Placement: all processes needed to get cover and create & maintain a policy
Placement: all processes needed to get cover and create & maintain a policy
Claims: all processes needed to issue and settle claims
Claims: all processes needed to issue and settle claims
Clearing: Booking of premium &
claim amounts
Clearing: Booking of premium &
claim amounts
DEMOIntroducing the players
17Client
BrokerLead insurer
Followers
Loss adjuster
18
Herman van de Wetering, Claims specialistAon Corporate Solutions
Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
Hans de Hoog, general managerLenkeek, Laarman & De Hosson
“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”
Jack van Nielen, operations managerAON risk solutions
How do participants see the benefits?
19
Herman van de Wetering, Claims specialistAon Corporate Solutions
Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
Hans de Hoog, general managerLenkeek, Laarman & De Hosson
“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”
Jack van Nielen, operations managerAON risk solutions
e-ABS is efficient
20
Herman van de Wetering, Claims specialistAon Corporate Solutions
Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
Hans de Hoog, general managerLenkeek, Laarman & De Hosson
“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”
Jack van Nielen, operations managerAON risk solutions
e-ABS is transparent
21
Herman van de Wetering, Claims specialistAon Corporate Solutions
Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."
Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”
Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”
Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”
Hans de Hoog, general managerLenkeek, Laarman & De Hosson
“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”
Jack van Nielen, operations managerAON risk solutions
e-ABS is easy to use
Growth in volumeIncrease usage
Increase added value Functionality
Increase efficiency of using the platformData sharing Value chain integration
Future steps
22
e-ABS key take aways
23
The VNAB is the Dutch organization for national and international brokers and insurance companies active on the Dutch Insurance Exchange.
The VNAB is the Dutch organization for national and international brokers and insurance companies active on the Dutch Insurance Exchange.
e-ABS is an integrated system that facilitates the co-insurance process between brokers, insurers and loss adjusters on placement, claims and financial clearing.e-ABS is an integrated system that facilitates the co-insurance process between brokers, insurers and loss adjusters on placement, claims and financial clearing.
e-ABS has three integrated modules: placement, claims and clearing.
The value of e-ABS:•Saves a lot of time and money•Offers a better overview and more transparency•Increases quality•Is user friendly
e-ABS has three integrated modules: placement, claims and clearing.
The value of e-ABS:•Saves a lot of time and money•Offers a better overview and more transparency•Increases quality•Is user friendly
e-ABS is used by 130 parties handling EUR 1.3 BIO premium volume per year, 30,000 claims per year, 37,500 bookings per month
e-ABS is used by 130 parties handling EUR 1.3 BIO premium volume per year, 30,000 claims per year, 37,500 bookings per month
Want to know more? Please visit us at the information stand or visit www.VNAB.nl/lloydstechday