Lloyd`s Technology Day - inex24 - London ▪ 2013/12/03.
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Transcript of Lloyd`s Technology Day - inex24 - London ▪ 2013/12/03.
Lloyd`s Technology Day Seite 2
Communication, cooperation and coordination ≠ collaboration
Leo Denise 1999
„Unlike communication, collaboration is not about exchanging information. It is about using information to create something new. Unlike coordination, collaboration seeks divergent insight and spontaneity, not structural harmony. And unlike cooperation , collaboration thrives on differences and requires the spark of dissent.“
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Lloyd`s Technology Day
The global insurance market has to meet new challenges
Seite 3
Counterparty RiskGeneral uncertaintyRisk minimizationOptimal diversification
Purchase via web platformsReduction of effortsReduction in work loadMore suppliers – more competition
ComplianceIncreasing pressure from regulatory authorities and internal auditSeamless documentation and transparencyReduction in liability
is the first integrated IT
solution
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Lloyd`s Technology Day
inex24 at a glance
Seite 4
Web-based collaboration platform for the corporate insurance sector
Global, direct networking between companies, direct insurers and re-insurers
Overdue and contemporary tool for all market participants
Benefits for all parties, e. g. process optimization, reduction in manual work load, reduction of efforts, assurance of compliance
Direct insurers
Intermediaries
Re-insurersCapital market
Companies
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Lloyd`s Technology Day
inex24 is a tool for all market participants
Seite 5
Key competencies
Provision of a web platform
Technical support
Coordination of translation
projects
Companies
Intermediaries
Re-insurers
Direct insurers Capital
market
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inex24 is a multi-level trading platform
Seite 6
3
3
2
Companies use inex24 to place their risks with direct insurers
Direct insurers could cede insurance policies into the re-insurance market
Via inex24, direct insurers and re-insurers place risks on the capital market
1
2
3
Companies
Re-insurersCapital market
Direct insurers
1
Intermediaries
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Lloyd`s Technology Day
Why inex24…the market view…
Seite 7
Could we afford to neglect breath-taking IT-developments?
IT follows strategy or could IT impact on generic strategy designs conversely?
Traditional ways of dealing consume too many manual resources and create inefficient redundancies on all sides of the market participants.
Efficient ways to reach out to global markets.
Process standardization does not mean to standardize individual insurance products.
Increasing demanding re compliance rules, transparency standards, speed of proccessing.
Create new distribution channels.
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inex24 features a modular structure
Seite 8
Transaction-related communication and
documentation
Info database risk carriers & intermediaries
Info database policyholders
Reporting Manager
Evaluation matrix
Wording / Topics Manager
Portfolio Designer
Risk data(structured and via
documents indata room)
Real-timeTrading Desk
LayerManager
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Three options to use inex24
Seite 9
Commercial and corporate business
Submissions governed by public law
Highly individual and taylor made complex corporate business
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Simple process flow on inex24
Seite 10
Provision of basic fact sheet
Individual process steps could be skipped.
Brokers are free to create their submission standard.
All quotation will be shown in form of a synopsis.
Submission template
21
Risk related documents
Invitation of insurers Negotiation
543
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inex24 generates substantial benefits for all market participants…
Seite 11
Seamless and resilient logging of all events
Neutral and audit-proof processing platform for all participants
Immediately noticeable simplification of processes and reduction in work burden
Significant reductions of efforts and costs in all areas
No in-house IT development and support requirements („software as a service“ solution)
Compliance safeguarded in an integrated manner
Use of state-of-the-art technology without changing customary and proven processes
Direct access to all market participants around the globe
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... and benefits for everymarket participant in particular
Seite 12
CompaniesSolution for fulfilling the increasing requirements by regulatory authorities and internal audit Seamless documentation and transparencyReduction of the liability risk
Risk carriersImmediately applicable, resource-saving distribution channel for expanding or developing new markets all around the worldOptimization of distribution control and controlling
IntermediariesSignificant productivity increase in all areasStructured management of placement strategy and processes per risk carrierClear differentiation from competitors regarding customer loyalty or acquisition of new customers
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inex24 development partners
Seite 13
Policyholders
IntermediariesIT Development
Risk carriers
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The evolution of inex24
Seite 14
March 2010 to present
Release 1.0 01.07.11
Release 1.5 15.03.12
Release 1.7 28.02.13
2012Proof of market
2013Establishment
2010Development
2011Proof of concept
01.01.11
professional development
together with our pilot project partners
- more than 2.000 users - about 700 quotations
Release 2.0 23.07.13
3 versions: - inex24 - inex24.pro - inex24.OR
activation of the platform
start of programming(with agile software
development / scrum method)
- more than 1.000 users
- about 100 quotations
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Development into an attractive marketplace
Lloyd`s Technology Day Seite 15
selected partner
over 900 user
approx. 70 tender
estimated volume: 100 Mio €
more than 60 insurer
approx. 2.300 user
more than 600 tender
over 2.000 quotations
2011 2012 2013
050
100150200250
casultypropertyenginieering linestransport others
over 100 trainings
on-the-spot support
advancement ofinex24.pro
inex24 in Austria
implementation of inex24 & inex24.OR
further increse of users
rollout in Austria pilot customer: ÖBB
3 successful releases
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Lessons learnt…
Seite 16
The strategic affirmation of inex and the operational execution are two sides of the same coin.
Discipline in handling the system is key….while email communication is the implicit structured chaos a collaboration platform is marked by a predetermined process flow.
Leaving the comfort zone….a huge investment in trainings and time.
Usability should always overrule IT driven functionalities…even if it´s hard to compromise…
Revolutionary changes require evolutionary steps.
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Lloyd`s Technology Day Seite 17
Outlook into the near future…
inex24 as enabler for E2E processing
Seamless process flow between inex24 and client´s IT systems
ACORD Standard
Creation of one e-file containing the complete tender documentation
Collaboration of international insurance markets
Improve market shares in D-A-CH region and UK
Starting Business Consulting for corporate insurers
International markets
End-2-end process
E-file
Business Consulting
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Strategy of inex24
Lloyd`s Technology Day Seite 18
Permanent establishment of inex24 in the insurance market 1
Positioning of inex24 within msg systems as a leading IT consulting company in the industrial insurance market
2
Development of E2E capabilities in the industrial insurance market?3
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Your contact
Seite 19
inex24 AG Robert-Bürkle-Straße 1D-85737 Ismaning bei München
Tel.: +49 (0) 89 - 969 981 4 - 24 00Email: [email protected]
2013/12/03