Xchanging ePolicies Overview of Service Offering and Willis Service Usage Experience Presented by : Helen Dines (Willis) Jon Faulkner (Xchanging) Date: 25/10/07
Mar 28, 2015
Xchanging ePolicies
Overview of Service Offering and Willis Service Usage Experience
Presented by : Helen Dines (Willis)
Jon Faulkner (Xchanging)
Date: 25/10/07
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Agenda
Introduction
Service Overview
Registration / MAT / Roll Out process
Willis Epolicies User Experience
Questions & General Discussion
Duration: ~ 30 minutes
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Service Overview 1 – Headlines
ePolicies is live and in use by Brokers as of end of July 2007
Service being used by Willis and Millers
Approximately 900 epolicies issued to date
Process from service registration to roll out can be achieved in approximately 2 weeks
Immediate gains in terms of time to confirmation of coverage and reduction of paper in the process
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Service Overview 2 – Objectives / Benefits
Speed up despatch of policy documentation by Xchanging - saving up to at least 2 days over paper process
Create central archive of documentation within the IMR - simultaneously accessible by market and broker, as required
A protected PDF electronic policy document - enabling faster distribution of evidence of cover through the intermediary chain
Maintain compliance with branding requirements
Significant step towards end to end electronic policy handling in the London market
Continued production of hard-copy policies as requested, on an exceptions basis
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Service Overview 3 - Process
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Service Overview 4 –Scope
Applied to e-submissions only – A&S Direct Load or DRI, not paper or email
Could have started life as a paper “stage 1”
Company “stage 2”
Lloyd’s Policy Signing Service (PSS)
Lloyd’s Policy Production Service (PPS)
Policy wordings and related endorsements
Slip Policies
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Service Overview 5 – Exclusions & Exceptions
EXCLUSIONS - Illinois policies
Continue to be provided on paper and be countersigned by the Lloyd's Illinois office as they are today.
ePolicy process is currently being agreed with Lloyd's Illinois and we expect to provide electronic Illinois policies in the near future
EXCEPTIONS
Paper policies – default return to A&S submissions will be an epolicy but paper may be requested
Endorsements on paper policy will be returned as paper endorsements, only eEndorsements will be returned on issued ePolicies
Reproduction of policies which have been originally produced and signed on paper, unless the original paper copy has been destroyed or lost and the appropriate letter of indemnity is submitted
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Service Overview 6 – The Email Notification
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Service Overview 7 – The Signed ePolicy
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Service Registration – Process Overview
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MAT & Roll Out - Overview
In response to Service Registration:
Broker Overview document issued
Broker contacted to arrange Market Acceptance Testing to ensure process is understood and work satisfactorily
Approximately one week of MAT covering possible submissions scenarios and corrections process
Ensure all in place for live operation
MAT sign off and agreement to proceed
Note: Process may be complete within 2 weeks, or take longer if desired by the Broker
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Electronic Policies – The Willis Experience
• The Willis Policy Strategy
• Process
• Workability
• Benefits
• Challenges
• Questions & Discussion
Electronic Policies – The Willis Experience
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The Willis Policy Strategy
Willis believes that any client who wants a policy
as his contract document is entitled to one within
30 days.
The Willis Policy Strategy
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Process
ClientWillis tech
Prepare & submit policy
Willis tech
Scan, mail & file policy
Sales function
Willis central post point (London)
‘The Barrier’XIS Chatham/
Folkestone
Willistechnician
Willis central post point (London)
‘The Barrier’
Paper Process
XIS tech
Check policy
XISAllocate policy
XIS logisticsSign & return
policy
Process
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Process
ClientWillis tech
Prepare & submit policy
XIS tech
Check policy
Willis supportMail & file
policy
Sales function
E-Pols Process
IMR
Email notification
XIS logisticsSign & store e-policy file
Process
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Workability
• Scope
All Direct Loaded policies and endorsements including legacy
• S&A Submissions
Requires co-ordination
Prem Tech is responsible for submission
Facilitates divorcing the premium & policy functions
• Security
Use of PDFs at submission and return for greater protection
Not fraud-proof but neither are paper policies
IMR holds the master version of the policy
WorkabilityWorkability
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Workability
• Email notifications
Central mailbox
• Corrections
Incorrect policies are ‘hidden’ on the IMR so only the correct
version is available
• Printing
Can be slow!
Support function responsible for all elements of policy mailing
• Look & Feel
No wax seal, no coloured jackets but no push back!
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Benefits
• Speed
Direct Load & e-pols have saved 10-15 days on the end-to-end policy
signing time; much more where there are queries
‘Urgents’ can genuinely be handled urgently
‘Lost’ policies are quicker & easier to identify & rescue
• Efficiency
Centralised mailing function
Electronic data storage – facilitates ECF and future e-trading
initiatives
• Quality
Willis controls our document print quality
Benefits
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Challenges
• E-mailing policies direct to clients
• Printing times
• Size of issue depends on operational scale
• Teething issues
• Mis-sent policies/lost or forgotten policies
• Policy correction process
• Endorsements
Challenges
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Questions and Discussion