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ACORD4ALL

ACORD4ALL. What is it? Converting ‘bureau’ legacy messages to ACORD equivalents Signing, settlement & claims. Why invest in it?. Aid market initiatives Underpin ACORD direction Add real volume to assist business case for ACORD Gateways Attract new organisations Removes a major “Londonism”

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ACORD4ALL

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  1. ACORD4ALL • What is it? • Converting ‘bureau’ legacy messages to ACORD equivalents • Signing, settlement & claims • Why invest in it? • Aid market initiatives • Underpin ACORD direction • Add real volume to assist business case for ACORD Gateways • Attract new organisations • Removes a major “Londonism” • Extends reach of processing platform • Changes in current organisations e.g. • XL Re global platform • Gateway investment ACORD4ALL programme launched January 2008

  2. How conversions are completed • Xchanging works with key strategic partner – Web Connectivity • Xchanging ACORD Gateway (XAG) is WCL B2B product • Web Connectivity supply ACORD expertise • Mapping to target data definition • Working group input • Maintenance • Xchanging supply source data expertise & infrastructure • Install source to target data definition in IBM WebSphere Transaction Extender • Test • Embed as part of overnight processing with controls

  3. XL Re Europe Limited, London BranchACORD4ALLMark BerryPeter Sammons November 19, 2009

  4. Original Platforms – 5 Years ago Approximately 80% of the functionality was repeated in 11 systems Vendor System SICS Classic Destiny RSG Singapore XLRE BDA London XL RE Europe Sydney XLRA RSG Run Off GIC IHIC Toronto LA RE Group Re RSG Data Mart Data Mart Data Mart Data Mart Data Mart Data Mart XLRA Month End Data Warehouse

  5. Benefits of moving to one System • Reduces duplicated processing and interface costs across segment • We gain consistency from shared business processes and best practices • We can leverage our investment in system development across segment • Enables us to respond faster to changing business needs • Improves data quality and transparency for consistent common reporting • Improves auditing efficiencies across the segment: Sarbanes-Oxley, FSA, etc. • Reduces paper processing • Allows for personnel realignment from redundant processing procedures to more business focused analysis and special project work

  6. Initial Planning • Executive buy-in (awareness to opportunities & industry involvement) • Commitment to ACORD Standards as the foundation – Structured Data • One In-House system • 5 Year Plan structured for continuous and real time review throughout • Budget • Communication • Strong Governance structure aligned to Executive Management, engaging key Business and IT working teams with global involvement

  7. Implementation Issues • Pressure on the Business • User expectations • Enforcing change • Global implementation - different cultures and the time differences • Missing Functionality • Existing data quality • Budget

  8. XL Re 2009 and beyond • One system: changes are agreed by global teams and implemented once • ACORD messages worldwide, leveraging Xchanging’s services where available or direct with our business partners • Actively reduce paper process and documentation where redundant • Improve cash flow • We will not have to rely on a third party vendor, which means we can develop at the pace we choose • Management information is more consistent, easier to analyse and report upon, and more transparent for internal, external and client facing activities

  9. XL Re Global Capability

  10. Any Questions?Mark Berry Peter Sammons General Manager, London Branch VP, Systems ImplementationXL Re Europe XL Re Europe November 19, 2009

  11. ACORD4ALL Status • Status • LIRMA set completed • Lloyd’s core set completed • Excludes LORS, Claims Snapshot and Monthly Control Message • Signing, Settlement & Claims (LIRMA & Lloyd’s) with ACORD for EBOT & ECOT (2008-1) content validation • Certification looks good with two obvious caveats: • data elements that are outside EBOT, but supplied in role of service provider • Extension schema for London specific data

  12. Xchanging summary #1 • Programme in place for nearly 2 years • ACORD capability currently limited to LIRMA & Lloyd’s • ILU & Brokers investment in negotiation Lessons learned: • This is a change, a culture change merging best of London with global processing to eliminate “Londonisms” e.g. Deferred scheme, multi currency claims • You can rarely do enough testing • With XL Re, we ran months of claims data files –12,000+ ACORD claim movement files processed • Business cases count, not technical theory. Changes impact everyone e.g. “sum insured” now reported as “contract limit”

  13. Xchanging summary #2 • Volumes • Bring London volumes to the gateway cost/benefit • Your share of 20m transactions per year • Versions • Don’t worry • 2005-2, 2008-1 and whatever the future brings • Value • Transaction service, pay as you go

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