Startup InsurTech Award - Procede
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This document describes Procede, a system created to efficiently and compliantly place global insurance programmes. Procede was launched in 2017 and is currently being piloted by 4 insurers. It connects international insurers with different systems and procedures, providing transparency for all parties. Procede uses innovation like cloud computing and blockchain to create a secure platform, and its rules engine and structured processes aim to facilitate right-first-time transactions and deliver outstanding service for the global insurance market.
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Startup InsurTech Award - Procede
- 1. Global Insurance System Procede Introduction www.procede.eu “Using innovation to deliver efficiency, control, and service excellence to Global Insurance Programmes”
- 2. 2 - 15 years in the IT sector - Specialises in web engineering, business intelligence and data-warehouse engineering Peter Brennen - 16 years in the Insurance Industry - Specialises in multinational insurance sector managing all aspects of programme placement and reinsurance Andy Porter Procede Founders © Procede Limited - 45 years in the Insurance Industry - Founder of multinational insurance network and senior executive in a number of large insurance companies David Broome Global Insurance System
- 3. 3 Global corporations need global insurance solutions © Procede Limited Challenge for insurers to deliver due to complexity of different markets, cultures and regulations The Problem *USD 15bn of premiums in 2016 Source: OECD Many insurers entering the segment to grow portfolio as their corporate clients go Global Global insurance is a $15bn niche market that has been historically under-serviced 1. Insurance Network 2. Processing System Insurers in this segment require two components for success: The Multinational Insurance Market Procede is a system to allow insurers to place Global Insurance Programmes efficiently and compliantly Global Insurance System
- 4. - Procede system is completed and ready to deploy for clients - Launched to market in 2017 and currently engaging with insurers - 4 insurers currently conducting (or completed) pilots using Procede - Progressing through insurer’s procurement processes - Pipeline of additional developments once generating revenue - Long-term plan for client & broker services to build trading platform 4 Stage/Traction © Procede Limited 2017 Launch Procede to market 2019 Continued client acquisition 2018 On-board first paying clients 2019 Build-out Client Solutions + others Multinational Insurance Providers DevelopingorSub-optimal Proposition=ProcedeTargets MarketLeading Propositions
- 5. Procede Goals The Procede system connects international insurers with different systems, languages and procedures Procede allows transparency for all parties and a structured processes provides efficiencies Global data directory insurance rules, regulations and processes gives understand overseas markets Advances tools and rules engine to facilitate right-first- time transactions to deliver outstanding service Use of innovation through cloud computing and blockchain creates a secure and trusted platform Homepage Dashboard Programme Performance Overview “Using innovation to deliver efficiency, control, and service excellence to Global Insurance Programmes” Global Insurance System
- 6. Full Reporting Suite Monthly Bordereaux Exchange Management Financial Office & User Directories Market Information Reporting suite Pre-Sales Monitoring Performance Rules Engine for Compliance Service & Compliance Placement Instructions Coverage Data Locations Recording Limits & Sub-limits Underwriting Global Insurance System End-to-end support of Global Programmes FinancePre-Sale Underwriting Claims Service & Compliance Management Loss Reporting Payments & Reserving Adjustor Reports Cash Call Requests Claims Client & Broker Portal Third-party Data Online access to Programmes Self-service on key features Interface to LOB systems External data enrichment Global Insurance System
- 7. Procede Areas of Innovation Independently developed solution specifically for the Global Insurance Market - Previously only proprietary systems, all different, which lack the commonality for global usage Focus on converting complex tasks into simple, structured processes - Aid common understanding and improve efficiency with global volumes Self maintaining data directory – Wiki-style data entry allows users to rapid updates for regulation changes, ensuring data quality Procede Rules Engine to use global market data and process inputs - Driving compliance and ensuring accuracy Use of blockchain to for financial transactions - Provides irrevocable evidence of transactions to validate trust and further assist process efficiency Market Rule Break Warning Office Wiki Page for Market Data Global Insurance System
- 8. © Procede Limited Global Insurance System Apache 2.4 HTTP/S Web Servers MySQL 5.7 with multiple-datacentres Databases Windows Server 2012 R2 Servers 01 03 02 jQuery, jQuery AJAX, Bootstrap 3 Client Frameworks Dynamic responsive pages Web 2.0 User Interface 05 06 Yii Framework, with PHP 7.2 language Codebase 04 Technical information: Technical & Infrastructure Architecture Procede Limited Secure, stable and flexible infrastructure Global Insurance System
- 9. Benefits to Procede Customers Flexible & Low Cost Licence Options • SaaS - Procede manage all aspects of system operation • Perpetual Licences – allows insurers to host in-house Unified Multinational System • Single processing system for all Global Instructions • Improved audit trail and control Enhances Service Proposition • Programme instruction management & monitoring • Improved visibility of Servicing Office Performance Improved Efficiency • Removes manual local policy instructions • Possibility to interface with other LOB systems Client & Broker Portal • Supports the sales proposition • Improves service to clients through self-service Improve Network Partner Engagement • Increase speed of policy issuance & claims reporting • Online training material and self-service help 9© Procede Limited Global Insurance System
Editor's Notes
- About the co-Founders Procede Limited was founded by Peter Brennen and Andy Porter. Peter is the tech expert, having worked in the IT industry for over 15 years. Initially Peter stated out as a web engineer before focusing his specialism in Business Intelligence and Data-warehouse Engineering. Peter has worked in a variety of industries including Media Agencies, Healthcare and Gaming before moving to work on Insurtech with Procede Ltd. Andy is the Insurance expert, having spent 15 years in the industry, of which the last 12 years have been spent in the multinational insurance market. As a qualified accountant, Andy originally focused on the financial mechanisms for the transfer of reinsurance premiums and claims payments associate with cross-border insurance programmes, before transitioning into a wider business role. For the past 3 years Andy has been working with a number of different multinational insurers supporting all aspects of their global programmes, from winning the business, to underwriting the accounts to handling claims matters.
- The market for multinational insurance programmes accounted for more that USD 10bn of premiums, yet despite its size, it is one of the least known and least developed insurance segments. Globalisation in most industries, coupled with more sophisticated of corporation’s risk management strategies means that insurers buyers have an ever-growing demand for companies’ insurance solutions to follow their expanding businesses and deriving greater benefits from their insurance buying – consistency, price saving and control. However, Global insurance is not as simple as issuing a policy to cover assets across the world. Each country has its own rules and regulations when it comes to insurance and how can offer insurance, so local polices are usually required in each country to make a Global insurance programme compliant. Due to this, such insurance solutions have historically been restricted to just a few large insurance carriers with a global footprint themselves. This means that other insurance carriers without global capabilities have previously many of their key commercial clients as those clients have looked to buy global insurance programmes. In order to defend their client accounts, in recent years a number of insurers are looking to develop their multinational proposition.
- Despite the size of the premiums and risks involved, only the current insurance players in the market (well those with the resources) have developed their own individual software solutions. As previously mentioned, and other companies have either lacked the capabilities or the funds required to make such and extensive system. While third party developers have been hired hired to provide the bespoke solutions when the insurers lack the in-house skills, those systems are tied to the individual client’s demands on a contract basis, and therefore lack the ability – either for contractual reasons, or a lack of vision, there has never been an universal payment system. Therefore, we at Procede saw an opportunity in the market to provide a product to enable those insurance companies wishing to enter into the multinational insurance sector with a software solution to overcome one of the biggest, if not the biggest, hurdle to entrants into the field. More so, we see a bigger opportunity to help open up this previously closed market to provide more choice to the insurance buyers – and as at Procede we are not tied to any particular company or territory, we our vision is to licence our system to a number of carriers to maximise market participation and our income levels. Having previously been involved with the tender for exactly the kind of system that Procede is from blue-chip and boutique software vendors, the prices for their builds or the adaptation of other workflow systems was between GBP 3m to 5m, with a minimum build time of a 12 months. Procede v1.0 is ready to deploy at a fraction of the price of those builds – making a multinational insurance system nearly instantaneously available at the fraction of the price. Another advantage of Procede is that is designed with the sole purpose of transacting multinational programmes based on the experience of established users of such systems. It’s not another type of system that is adapted or shoe-horned into covering this type of business – it does multinational fronting, and it excels at doing just that.
- Our goal is to change the way that global insurance business is transacted. Too many companies rely on manual processes or legacy systems, meaning that they are unable to share information with their network partners via any method other than via email. Procede changes the game with a universal platform which is accessed via any company’s internet browser, providing insurers (irrespective of location) to be able to collaborate in real time on global accounts.
- Procede follows the journey from beginning to end in relation to global programmes. Front the tending process for new leads to the finance and reinsurance transactions that result from the policy placement (underwriting) and claims management on fronted accounts. Central to the proposition is the delivery of excellent service in a compliant fashion. Procede has many tools and processes to aid these elements. In addition the Procede has a Client and Broker portal that is a must to allow the external stakeholders to access relevant system data in real-time. Not only does this give those parties assurance around programme performance, but it also reduces the number of programme related queries that you will receive. Procede also has web services enabled, allowing us to connect the system to external data sources – such as exchange rate tables, sanction lists and most importantly the possibility to feed data directly to or from your internal insurance systems.