Technology Support for Electronic Placing The best way to predict the future is to invent it Alan...
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Transcript of Technology Support for Electronic Placing The best way to predict the future is to invent it Alan...
Technology Support for Electronic Placing
“The best way to predict the future is to invent it”
Alan Kay – President, Viewpoints Research Institute
Peter Holdstock, LMA, and Adam Stafford, Lloyd’s
IT Club, November 2007Peter Holdstock
• Introduction and Background
• Placing technology environment map
• LMA role in technology
• The Lloyd’s perspective
Agenda
Peter Holdstock
A Short History
Electronic Placing is not new.Individual initiatives - Broker portals, emails.Market initiatives - EPS, Wise, WIN, Ri3K, eReinsure, Kinnect Group initiatives – G6 Peer-to-Peer a tentative step into standardisation. skinny data set one-way messaging varying levels of document and data integration
Post G6 growing functionality (two-way, multi-section risks) increasing emphasis on direct messaging for STP other initiatives point towards direct messaging
Peter Holdstock
What is electronic placing?
Face to Face
Complex
Face to Face, Telephone, Electronic
Moderate
Electronic
Simple
Negotiation
Data Exchange
Electronic Placing
Components
Participants
Suppliers / Vendors
Benefits
Barriers
EnvironmentMap
Standards
ProcessData and
Documents
Technology
Roadmap
Evidence of Cover
InterchangeAgreement
Legal Aspects
Threats
Suppliers / Vendors
EnvironmentMap
Technology
Peter Holdstock
Electronic Placing Environment Map
Trading PlatformHosted full trading platform Controls process and data
Market RepositoriesG
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Notifications
Submission / binding
Messaging HubOutsourced connectivity
and message management
P2P Message
Bro
wse
r
Electronic FormsHosted data entry and
message creation
Tra
ding
Par
tner
s
Portal
Trading PlatformHosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
Electronic Placing Environment Map
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Notifications
Submission / binding
Messaging HubOutsourced connectivity
and message management
P2P Message
Bro
wse
r
Electronic FormsHosted data entry and
message creation
Tra
ding
Par
tner
s
Portal
Trading PlatformHosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
DefinitionA web-based application offering users secure access to a trading environment which provides workflow and data management functionality via the internet.
Primary FunctionSecure on-line trading.
Additional ServicesStructured ACORD-compliant message exchange.Electronic links to market repositories.Electronic links to market services.
Peter Holdstock
Trading Platform
How does it work Brokers and Underwriters undertake the placing process
on-line by logging on to the platform May provide ability for Brokers and Underwriters to trade
using their own internal workflow using messaging. Process and data managed by the Trading Platform. May provide links to external information and services
ExamplesRi3K, eReinsure
Peter Holdstock
Trading Platform
Trading Platform
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Notifications
Tra
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Par
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Trading PlatformHosted full trading platform Controls process and data
Market DocumentRepositories
Notifications
Peter Holdstock
AnotherTrading Platform
Messaging Hub
Electronic Placing Environment Map
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Doc
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Cor
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Notifications
Submission / binding
Messaging HubOutsourced connectivity
and message management
P2P Message
Bro
wse
r
Electronic FormsHosted data entry and
message creation
Tra
ding
Par
tner
s
Portal
Trading PlatformHosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
DefinitionA software product that acts as a front door to the organisation, allowing business messages and documents to be sent and received by the company, using ACORD Web Services.
Primary FunctionData and document exchange.Sending and receiving ACORD standard placing messages.Shredding incoming XML messagesMaintenance of partner connectivity, and ACORD upgrades.
Additional ServicesAudit log of messages.Simple relational database and document repository.Error management functionality.Business statistics.
Peter Holdstock
Gateway
How does it work Links organisation to trading partners over the internet. Direct messaging capability consists of two elements,
data (RLC) and documents (DRI). Receives and validates incoming and outgoing messages
and manages communications protocols. Synchronises data and documents when they apply to a
single business message.
ExamplesAtos (WritePlace), IBM (Insurer Messaging Network), Perspective Technologies (onMessage), Trace Isys (TMMS), TriSystems InfoBahn (Universal Messaging Gateway), WebConnectivity (EnabledB2B, EnabledR2R)
Peter Holdstock
Gateway
Electronic Placing Environment Map
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Notifications
Submission / binding
Messaging HubOutsourced connectivity
and message management
P2P Message
Bro
wse
r
Electronic FormsHosted data entry and
message creation
Tra
ding
Par
tner
s
Portal
Trading PlatformHosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
DefinitionA web-based application offering users the ability to route messages between trading partners.
Primary FunctionOutsourced connectivity configuration.Secure delivery of ACORD RLC and DRI messages.Maintenance of partner connectivity, and ACORD upgrades.
Additional ServicesMessage validation.Control features to manage partners gateway downtime.Electronic links to market repositories.
Peter Holdstock
Messaging Hub
How does it work Used to route XML messages and supporting documents
between trading parties. Message validation may or may not be provided.
ExamplesAtos (WritePlace), Catex, IBM (Insurer Messaging Network), Kewill, SSP (Nexus), The Insurance Workplace.
Peter Holdstock
Messaging Hub
Electronic Placing Environment Map
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Ser
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Doc
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t Rep
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Cor
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Em
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Notifications
Submission / binding
Messaging HubOutsourced connectivity
and message management
P2P Message
Bro
wse
r
Electronic FormsHosted data entry and
message creation
Tra
ding
Par
tner
s
Portal
Trading PlatformHosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
DefinitionAn easy-to-use, dynamic front-end to business process.
Primary FunctionUsed to help organisations quickly participate in electronic placing without incurring major IT development expense.Provides a structured input form for a specific process.Converts to either an email or structure data message.
Additional ServicesData validation.Document production.
Peter Holdstock
Electronic Forms
How does it work Generally used in combination with a hosted gateway.
ExamplesAtos (WritePlace), Exari, IBM (eForm), The Insurance Workplace, TriSystems InfoBahn (Universal Messaging Gateway), WebConnectivity (Easy Placement, Starter Kit)
Peter Holdstock
Electronic Forms
Examples of the technology choices
Peter Holdstock
Vendors Landscape Analysis
Broker
Core System
U/W
Core System
Document
Management Workflow GatewayElectronic
Forms
Trading
Platform
Messaging
Hub
Market
Repositories
Acturis CGIGIOS
Alphabet Group TIW
Capita Total Documents Swordfish
Alphabet Group TIW
ATOS Origin eReinsure ATOS Origin WritePlace
ISO Market Wordings Database
Open GIMomentum
EurobaseSynergy
Capita Total Documents Swordfish
KnowledgeCenter
ATOS Origin IBM eForms Ri3K IBM Insurer Messaging Network
Xchanging IMR
Sequel (SBS)Sectornet
Intech Open Box
Documentum MicrosoftSharepoint
IBM Insurer Messaging Network
QKnow Kewill
Total Objects Global XP
ROOM Subscribe
Filenet QKnow Perspective onMessage
WCL Easy Placement
Total Systems Ultima
Sequel (SBS)Eclipse
Knowledge Centre
SourceCodeK2
Trace IsysTMMS
Trace IsysTWINS
Total ObjectsIMS
MicrosoftSharepoint
TriSystemsUMG
Xchanging Brokasure
Xchanging Genius
OpenTextHummingbird
WCL EnabledB2B
Internal infrastructure Shared infrastructure
ACORD standard RLC/DRI messagesPlacing data and documents
Resource: Electronic Placing Landscape v1.3
• Vendors sell products that combine components. E.g. Gateway and Electronic Forms.
• Brokers and Carriers choose combinations to suit organisation uniqueness.
• The market will not settle on a one-size-fits-all solution in the short term.
Peter Holdstock
Component Combinations
Fully-integrated message-enabled organisation
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Messaging HubOutsourced connectivity
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P2P Message T
radi
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ersTrading Platform
Hosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
Data and Documents fully integrated The ideal architecture for maximum benefit realisation.
Allows single desktop for all trading activity.Full electronic exchange of data and documents.
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Notifications
Messaging HubOutsourced connectivity
and message management
Bro
wse
r
Electronic FormsHosted data entry and
message creation
Tra
ding
Par
tner
s
Trading PlatformHosted full trading platform Controls process and data
Market Repositories
Notifications
Peter Holdstock
Platform/hub-enabled organisation
Submission / binding
Notifications
Electronic trading using electronic forms and trading platforms.
No integration with core systems. Cheaper and faster to implement but does not allow full benefit realisation.
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Market Repositories
Peter Holdstock
Traditional organisation
Submission / binding
"Tradition is what you resort to when you don't have the time or the money to do it right."
Kurt Herbert Alder
LMA Role in TechnologyProject Objectives To create clarity in the market about the benefits and
implications of, and options for, the adoption of EP. To extend significantly the use of EP amongst market.
Project ActivitiesElectronic Placing Competitive Landscape.Electronic Placing Development & Adoption Roadmap.Further development of EP Implementation Guide.
GovernanceElectronic Placing Steering Group.Electronic Placing Implementation Group.Electronic Placement Data Standards Group.
Peter Holdstock
Evolving Standards Adoption Cycle
Peter Holdstock
Broker & CarrierImplementations
LMA Data Standards Group
LMA Implementation Group
Vendors / Products
ACORD
Products• New products will emerge. E.g. Business Intelligence.• Seamless interaction between products.• Frictional costs will be removed.
Standards• Translation between standards (ACORD/GDV)• Standards for ancillary processes. E.g. schedules.
Take-up and Adoption• More work during transition period. Requires vision. • Goal is Single Electronic desktop
Peter Holdstock
Some final thoughts…
Peter Holdstock
"Those who say it cannot be done should get out of the way of those that are doing it."
Joel Barker