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  1. 1. XUBER4LONDON 22 January 2014
  2. 2. Agenda
  3. 3. ASK US A QUESTION team@xuber.com @XuberSocial #XUBER4LONDON
  4. 4. The Changing London Market Craig Beattie Senior Analyst, Celent @cgbeattie
  5. 5. The Changing London Market 22nd January 2014 Craig Beattie Senior Analyst © CELENT
  6. 6. The London market is seeking growth, faster © CELENT
  7. 7. Technology is both supporting and inhibiting this agenda © CELENT
  8. 8. 1 Growth, Faster
  9. 9. The squeeze Reinsurers challenged, entering insurance market Incumbent players remain numerous Looking for opportunities to diversify and grow Insurers in the market are under pressure to grow or shrink © CELENT Larger, smarter intermediaries Local insurers retaining more risk
  10. 10. The data rush Players across the industry are investing in data SCIENTIST INNOVATOR PRACTITIONER EXPERIMENTER SPECTATOR © CELENT
  11. 11. The larger brokers are swiftly moving up the maturity model Willis, Marsh and Aon have made significant investments in data capability SCIENTIST INNOVATOR PRACTITIONER EXPERIMENTER SPECTATOR © CELENT
  12. 12. 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 SCIENTIST INNOVATOR PRACTITIONER EXPERIMENTER SPECTATOR © CELENT
  13. 13. The maturity of the carriers and MGAs vary significantly in the market There are a few players investing significantly in niche areas SCIENTIST INNOVATOR PRACTITIONER EXPERIMENTER SPECTATOR © CELENT
  14. 14. Digital is changing the economics of the industry … and casting a harsh light on “The Londonisms” Placement increasingly dependent on speed and cost as well as service expectations. Large Specialty, Large Commercial Broker Digital is making offering these lines of business cheaper, easier and faster Value 1 2 3 4 Customer Digital is changing who the players are and increasing competition London Carrier Time and cost added down the value chain has a non-linear impact on time and cost seen at the customer. Retail Lines Increasing capability of cheap channels Small low High Complexity of Requirement © CELENT Medium Commercial
  15. 15. 2 Technology: Opportunities and Pitfalls
  16. 16. Technology is changing change Business Domain IT Domain Portal / Web Site Content User Acceptance Testing Mix of Business and IT IT Knowledge & Responsibility Workflow Configuration Document Templates Architecture Definition End Device Testing Portal / Web Site Build Integration End to End Testing Data Conversion Rating and Pricing Business Knowledge (& Responsibility?) Business Rules © CELENT Unit Testing
  17. 17. The good things Area Legacy Modern Functionality     Integration    Support   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 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 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
  18. 18. Technology is changing change Are you keeping up? 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? 25 20 15 10 5 0 Cloning an existing product to create a Creating a new product from scratch Creating rules that govern calculation new product with an overlapping but based on standardized components functions and business process flows that significantly different definition are controlled by the system A few hours 1 to 5 days 6 to 20 days 21 to 40 days Over 40 days © CELENT
  19. 19. 3 3 Take-Aways
  20. 20. 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 © CELENT
  21. 21. Our Vision Adrian Morgan Head of Xuber @AM_Xuber
  22. 22. Xuber Launch – 15 months ago We announced the future of our insurance software… • Four new software suites • New technology • New architecture • Built on experience • Xuber Academy Xuber for MGAs Xuber for Brokers 130 Xuber for Insurers Xuber for Reinsurers Elgar Customers Genius 40 Countries Brokasure Iris
  23. 23. Xuber Launch – 15 months on Significant progress and renewed presence in the market… • Added 6 new customers Xuber for MGAs • U.S. Launch – April 2013 Xuber for Brokers • Everest Re - First U.S. customer Xuber for Insurers Xuber for Reinsurers • Everest Re - First full suite customer Elgar Genius Brokasure Iris
  24. 24. 2013 – Componentised Carrier Solutions Powered by the Xuber platform Xuber for MGAs Xuber for Brokers Xuber for Insurers Xuber for Reinsurers Policy Policy Claims Claims Ceding Billing Xuber for Billing Reinsurers
  25. 25. 2014 – Full Lifecycle Carrier Solutions Ceding completes the picture… Policy Policy Policy Claims Claims Ceding Billing Billing Claims Ceding Billing Xuber for Reinsurers
  26. 26. Introducing Xuber Market Configuration Packs Completing our vision Market Configuration Single solution… Market Configuration Market Market Configuration Configuration …multiple markets
  27. 27. Xuber London Market Configuration Pack London configuration on a global solution • Workflow • London Market Configuration Configuration User interface • Lines of business • Dashboards • Messaging • Reports • Reference data • Documents Market Configuration Methods of placement Market Configuration •
  28. 28. Introducing Xuber Upgrade Studio Managing the journey to new Xuber solutions Third-Party Systems Upgrade Studio Upgrade/Migrate to Xuber Solutions Adapter technology will connect to both Xuber and non-Xuber software
  29. 29. Introducing Xuber Upgrade Studio Our existing customers have choice Third-Party Systems Xuber Software Upgrade Studio Upgrade/Migrate to Xuber Solutions Continue on existing Xuber upgrade path Adapter technology will connect to both Xuber and non-Xuber software
  30. 30. Our Vision – Global Solution and Local Capability Single solution, multiple markets, managed migration U.S. Admitted Upgrade Studio Bermuda London Market Market Configuration Upgrade Studio
  31. 31. Launching Xuber for the London Market John Racher Head of Product Strategy @JR_Xuber
  32. 32. Challenges Seeing the whole picture with no central store for multiple data sources Managing regulatory compliance quickly and efficiently Keeping pace with electronic trading and e-commerce initiatives Responding rapidly to change and reacting quickly to opportunity Gaining business intelligence from uniquely complex data Struggling with disjointed systems and unconnected processing inhibited by technology
  33. 33. 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
  34. 34. The Underwriter’s Experience Submission Clearance Analysis Policy Workflow Integration
  35. 35. Kimberly Harris-Ferrante, Gartner. Hype cycle for P&C insurance July 2013
  36. 36. 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
  37. 37. The Claims Manager’s Experience Notification Workflow Coverage Verification Business Services Claims Adjustment Dashboards & Reports
  38. 38. Jeff Haner - Gartner - Next-Generation P&C Claims Administration Increases Customer Retention and Profitability, May 2012, Gartner Foundational December 2013
  39. 39. Seeing the whole picture with no central store for multiple data sources Challenges Keeping pace with electronic trading and e-commerce initiatives Managing regulatory compliance quickly and efficiently Responding rapidly to change and reacting quickly to opportunity Gaining business intelligence from uniquely complex data Struggling with disjointed systems and unconnected processing inhibited by technology
  40. 40. Our solutions software functionality Rich High levels of configurability enable you to stay ahead of e-commerce initiatives A global view of policies, claims, customers and channels makes your business more agile in accommodating regulatory change Self-sufficiency through powerful configuration & out-of-the-box templates A simplified understanding through configurable dashboards and Xuber Analytics A future-proof platform designed to simply and seamlessly connect your processing
  41. 41. Harnessing Technology Locally & Globally Ivan Welker Business Architect, XL Group @XL_Insurance
  42. 42. Is there a painless way to upgrade? Dave Vorbrich & Nadeem Ahmed Deloitte @DeloitteUK
  43. 43. Data Migration Challenges Risks are contained across six areas Cost certainty Insight & control Large data volumes Data complexity Data quality Continual need for data migrations
  44. 44. Xuber Upgrade Studio & Methodology
  45. 45. Keeping Track of the Migration Process Putting you in control to make the right decisions, at the right time 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
  46. 46. Addressing Data Quality Early validation of routine data helps you focus on your most complex data 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
  47. 47. 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. Re-usable Certainty Accuracy Intelligence Visibility Control
  48. 48. ASK US A QUESTION team@xuber.com @XuberSocial #XUBER4LONDON
  49. 49. xubersocial xuber.com