Vitesse - InsurTech Innovation Award 2022

1. v
14/07/2022
InsurTech Innovation Award 2022

2. 2
Our success so far
Dual-regulated European hubs Our global tier 1 customers
transactions
processed
processed
countries paid to
domestically
>5.5m
>£5bn
172
Client funds held
>£300m
Recently featured in

3. 3
The Insurance
industry faces a
host of challenges
✗ Funds held
in unregulated
entities
~$1.5tn of claims are processed via delegated
authorities and third party administrators
There are a host of market wide challenges
that result from this
Today’s consumers are increasingly demanding
This is exacerbated by the rise of neo-insurers
and an increasing focus on speed of claims
settlement
✗ Lack of visibility
and control
of funds
✗ Poor
reconciliation
processes
& write offs
✗ Expensive
and opaque
cross border
payment fees
✗ Labour
intensive payment
processes
✗ Slow claim
settlement process
that takes up to
14 days
✗ Excess funds
in market
✗ Sub-optimal
payment,
repatriation &
top up of funds

4. 4
Vitesse – solving
Insurance challenges,
one by one
✓ Funds held
in FCA-regulated
environment
Proven product market fit, product capability
and sales strategy – full MA & TPA solution
Won competitive tender to become the
embedded solution for the entire Lloyds’
marketplace
Contract signed with 55% of Managing
Agents
✓ Full visibility
and control
of funds
✓ Automated
reconciliation
processes
✓ Transparent and
cost effective
payment fees
✓ Automated
payment
processes
✓ Claim
settlement within
real-time /
same-day
✓ Excess funds
brought back to
MAs
✓ Correct
amount of funding
in the right place at
the right time

5. STRICTLY PRIVATE & CONFIDENTIAL
5
Innovating insurance with Vitesse

6. STRICTLY PRIVATE & CONFIDENTIAL
6
Fundamentally, the traditional loss
fund model is slow and outdated
In a traditional model, MAs hold a wide range
of individual loss funds used to pay out
claims.
To allow access, all funds need to be
transferred to DCA corporate accounts,
which are often unregulated and in 3rd party
environments.
As funds are held outside of the MAs reach, a
lack of visibility and control is inevitable,
leading to a high credit risk.
All in all, a highly manual top-up and claims
settlement process.
Traditional Model
Time: Weeks/Months
Loss Fund Model

7. STRICTLY PRIVATE & CONFIDENTIAL
7
Current Vitesse Model
Time: Days
Vitesse has solved these challenges
Our existing model introduces highly
sophisticated loss fund ledgers.
This allows MAs to hold all loss funds within a
single, FCA regulated structure.
Offering real-time visibility and user
appropriate control of funds to all
participants.
Simple bulk top up of multiple funds in one
transaction, with clear allocation and reduced
distribution cost.
Claims are settled using the Vitesse global
domestic network, delivering funds quicker
and with transparent pricing.
Loss Fund Model

8. 8
Treasury Management
Acceptance
Interfaces with existing bank upload
format or claims management systems
Single payment entry, multi-currency
batch upload or full API processing
Control
Multi-level payment approval options
with full user access and role controls
Real time visibility of fund positions
to all parties
Reporting
Automated branded balance alerts
and notifications to multiple sources
Live insights into payment activity and fund utilisation
Our global treasury management platform
improves control and visibility and ensures
liquidity is available to pay claims

9. STRICTLY PRIVATE & CONFIDENTIAL
14/07/2022
9
Claims Settlement to Card
Vitesse enables payments in minutes
to the card in the insured’s pocket*.
Pay directly from the loss fund to an insured’s
card with a secure and fully branded customer
interaction.
A seamless, fast way to pay out insurance
claims, for increased convenience and flexibility.
Helps insurers create a differentiated,
digital insurance offering that builds customer
preference.
No PCI compliance required
*Where claimant card is fast funds enabled.

10. 10
USD eChecks
Say goodbye to paper checks and hello to the digital normal
The insurer accepts a
claim and uploads the
eCheck to Vitesse.
1.
Once the transaction is
approved, the eCheck is
processed.
2.
The customer prints and
deposits the eCheck at a
bank or via their mobile
banking app.
4.
Once the check is
cashed, the insurer
receives a notification
that the claim is settled.
5.
3.
Within seconds, the
customer receives the
eCheck & simple deposit
instructions via email.
3.
Insurer Claimant

11. 14/07/2022
11
Get access to real-time actionable
insights via Power BI based reporting suite.
Get full visibility of account funding ratios,
determine overfunded accounts and
repatriate funds to maximise returns.
View all historical account activity and
balance trends informing business strategy.
Reduce operational overheads
by closing out idle funds.
Review and benchmark DCA activity
based on KPIs.
Insights+
ACCOUNTS NEVER
FUNDED
IDLE
ACCOUNTS
OVERFUNDED
ACCOUNTS
20% of managing
agent accounts have
never been funded
50% of accounts are
idle with no activity in
the past 90 days
42% of funds have
funding ratio of 7
month’s worth of claims
20% 50% 42%

12. 12
Vitesse’s Value
Fit for all levels
of the market
Speed of payment
Full value received
PAYMENTS
OPTIMISATION
Innovative payment
methods and choice
Lower and
transparent fees
Automated multi-source
claims funding
TREASURY
CONTROL & TRANSPARENCY = CAPITAL EFFICIENCY
Money in the right
place at the right time
Funds centralized in
a regulated entity
Improved control and real
time visibility
Data driven
insights
Improved capital
efficiency
Investment
returns
~65%
payment savings
vs Banks
£0.5m
per annum
headcount savings
for Insurer
~80%
reduction in funds
held by third parties
(loss funds)
~60%
of all our payments
settled instantly
45 secs
Lloyd’s of London
payment speed
(down from
6-8 days)