January 2017

Looking Ahead to 2017

To all our clients and colleagues, Happy New Year!

As we enter January 2017 we look ahead and build on the planning that took place at the end of last year. The New Year is always a time for hope and renewal but it would be foolish to ignore the reality that (re)insurance carriers and their claims teams are operating in a tough environment. That point was reinforced by early 2017 reporting on this year's 1/1 renewal season, with the FT noting that current-year underwriting is not profitable in aggregate at the moment.

Global (re)insurer profitability could be dented by higher claims. According to Swiss Re estimates, insured losses from disasters totalled $49bn in 2016, a third more than in 2015 as events such as Hurricane Matthew in the US in September and October, and Canadian wildfires in May, pushed up claims.

In this environment, our customers are thirsty for innovations and smart products that save them time, drive profitability and create added value. In this first DOCOsoft newsletter of 2017 we examine the opportunities for powerful new data analytics, the rise of the robots, the power of smart contracts, and much more that can help to make our work environment more efficient and profitable. If you want to see what a state of the art claims system looks like, please note the following date for your diary. Please join us at Lloyd's Old Library on the 21st February where members of the DOCOsoft team will be showcasing our latest Claims innovations on Write Back at the LMA Write Back 2017 Forum. Instructions for attending this event will be sent out by the LMA shortly.

We'd also like to conclude by saying a big thank you to all our clients and colleagues for making DOCOsoft an award winning London market claims provider when we won the Insurance Day London Market Technology Initiative of the Year award at the end of 2016.

We wouldn't be where we are today without you and look forward to continuing to support your claims environment in 2017.

Voulez Vous un Rendezvous Avec Moi, Ce Soir?

DOCOsoft blended into the reinsurance landscape quite seamlessly at this year's Monte Carlo RSV, grilling the assembled reinsurance executives on their expectations for 2016/17. There was a particular focus on the topic: Insurance, Reinsurance - Trends, Cycles and Disruptions.

The prevailing view seemed to be that technology is transforming re/insurance business models and that by working together the industry can reap long-term benefits.

Interestingly from a DOCOsoft point of view it was pointed out that even though macroeconomic conditions and the overall industry environment remain challenging, reinsurers believe that technological advances will create new and valuable efficiencies. There is a growing consensus that the industry can increasingly access new risk pools emerging from the integration of data, analytics, and technology that address the insurance protection gap, creating new opportunities for growth.


Work Hard, Play Hard and Seize the (Insurance) Day!
Aidan O'Neill Recounts the Experience of Winning the London Market Technology Award

The DOCOsoft approach to life is work hard, play hard. Then work harder. Our teams in Dublin, London and Tokyo certainly put in a shift when it comes to developing new insurance and claims management technology but we believe the rewards are worth it when our clients tell us how pleased they are with the end result.

Our DOCOsoft website home page has many case studies quoting delighted customers, however, until 2016 we had never won any prizes, awards or anything to suggest by an objective analysis that we are excellent at what we do.

We have been shortlisted for a number of awards in the last 18 months as word of DOCOsoft's work on Write Back spread across claims circles. We often came close but there was never a cigar. Not even a cigarillo! So when DOCOsoft was nominated for the Insurance Day London Market Technology Initiative of the Year award 2016 we were quite fatalistic.

DOCOsoft sent three attendees, we had also invited a couple of guests and had settled in at our table. Our entry was in the first half of the awards ceremony and so in the blink of an eye, it came to the Technology Initiative of the Year category sponsored by ACORD. The shortlist was read out and then the winning criteria, which said:

“Providing leading edge claims technology management to the market…”
Hang on, I thought, that sounds familiar, then
…and was a trailblazer for the provision of market-wide Write Back function…”
Surely not!
“And the winner is…DOCOsoft!”

Winning a major award is a curious sensation, possibly similar to an out of body experience though without quite leaving the body. Everything else is a bit of a blur, walking to the stage, receiving the award from ACORD CEO Bill Pieroni, the flash of cameras, returning to my table without tripping up on the way back, it was a top experience.

Starr Signs Up to Four Dimensional Claims Management System

Starr Underwriting Agents Limited is the latest company to benefit from the CMS “one stop shop.” London market claims teams are championing DOCOsoft's CMS as a revolutionary progression in London market claims technology innovation.

Other carriers that have gone live with DOCOsoft's CMS include Talbot Validus, Markel, Faraday, AEGIS and MAP. Starr's CMS was delivered on time and on budget and was supported, developed and managed in partnership with DOCOsoft.

DOCOsoft describes its claims technology as four dimensional because it provides extra capability and granularity of hitherto unstructured data in a one stop shop for adjusters. The CMS with its multi system interfaces unifies claims data, policy information, documents and syndicate claims messages (SCM) providing a one stop shop for claims handling.

DOCOsoft MD Aidan O'Neill said: “DOCOsoft's claims system frees up “value adding time” that allows adjusters to be more creative, more focused and therefore better equipped to deal with complexity. Other potential opportunities can be foreseen that will help the underwriting team and their actuaries to have a more accurate view on future claims exposures thus connecting claims and underwriting together in a four dimensional understanding of risk.”

Greg Long, Head of Claims for Starr Underwriting Agents Limited, said, "As our business continues to grow and evolve, Starr is excited to be partnering with DOCOsoft to introduce an enhanced claims management system across our Lloyd's and company market platforms. In addition to the benefits of Write Back we believe that the custom functionality DOCOsoft developed with us will improve the way we are able to interact with our clients to further reduce the lifecycle of a claim from notification to settlement.”

Future State of Claims: Rise of the Robots!

DOCOsoft is no stranger to innovation as our work on the Write Back initiative has shown, however, time and technology stand still for no one as a smart, poetic robot might say, a point that was brought home by our attendance at 2016's Insurance Technology Congress. Machines and robots have been replacing humans for millennia. The first instance of the idea of "simple machines" was recognized around 3rd century BC, by Archimedes, the Greek philosopher.

The machines have been getting smarter ever since, which is why DOCOsoft was intrigued by a presentation at ITC entitled From dumb robots and smart assistants to bionic underwriters and alternative intelligence: a bold future for London, by Craig Beattie a Senior Analyst with Celent's Insurance Practice.

According to Beattie, the focus over the last decade in insurance has been around streamlining business processes to reduce waste and increase efficiency. Robotic process automation (RPA) is a set of technologies to automate processes that currently require human involvement.

DOCOsoft's current CMS resolves most, if not all of these challenges and is a significant upgrade on any other claims system operating out there right now, however, we don't like to rest on our laurels. It is often said that the first thing a Premiership winning football team should do is to take a cold hard look at the team components that need to be improved because you can be sure that the competition will be gunning for you even harder the following season. Well so it is with technology and claims systems.

DOCOsoft is currently conducting research on Robotic Process Automation (RPA) for enterprise claims management as a way of providing integrated, end-to-end automated solutions. The claims holy-grail is to integrate all applications and legacy systems to avoid disruption with 100% A.I. accuracy.

Closing the Growing Technological Divide between Claims and Underwriting

Insurance Times Interviews DOCOsoft on London Market Claims

The need for advanced claims analytics solutions has been driven by globalised competition, data overload, more stringent risk and compliance requirements, new regulations and changing consumer behaviours. Many London market claims teams are therefore turning to analytics to gain insight and enhance performance. Weaving analytics into the organisational fabric can position Managing Agents for strategic, competitive and cost advantages. To read the original Insurance Day article written by Aidan O'Neill, click here...

The London market is still lagging behind other insurance markets because of its legacy systems and processes, DOCOsoft business developer Graham Sheppard has said in an article published in the Insurance Times magazine. To read the full article click here…

Insurance Day Speaks to DOCOsoft

Insurance Day recently interviewed Paul Jordan, Systems Analyst at DOCOsoft in a short Q&A in relation to how leveraging a CMS can power smart new analytics functionaility.

They then discussed how a big data approach and focus on claims talent can improve carriers service to clients with Richard Power, Support and Marketing Manager at DOCOsoft. To read each interview, click here...

ACORD ITC and Xchanging London Market

The sixth annual Insurance Technology Congress (ITC) in association with Acord took place in London, on September 20 – 21, 2016. Keeping London as the global centre of insurance excellence, TOM progress so far, innovation in claims and subjects as diverse as robotics to smart contracts to Blockchain all featured on the agenda.

DOCOsoft was delighted to sponsor the event, which was thought provoking and very insightful as to future insurance technology trends. With 2017 promising to be a year of rapid change in the market modernisation agenda, last year's Congress updated delegates on the latest initiatives coming through and the massive opportunities they offer. The congress is the leading forum for insurance technology business leaders from all sectors of the market.

One particular presentation by Craig Beattie, a senior analyst at Celent, really stood out. His talk, From dumb robots and smart assistants to bionic underwriters and alternative intelligence: a bold future for London, was a highlight...

DOCOsoft is becoming part of the furniture at the Insurance Insider's Xchanging London Market Conference now as, for the fifth successive year, we were proud to be bag sponsors for last year's event on 10th November at the etc. Venues, Bishopsgate. More than 400 delegates once again gathered to network and debate the major issues affecting the London market, its (re)insurers, brokers, customers and capital providers.

Attendees heard from a variety of industry rainmakers, together with experts and inspiring leaders outside of the (re)insurance industry, at what is widely acknowledged as the definitive London market conference.

Some excellent speakers included Julian James, President, Global Markets, Allied World Assurance Company, Malcolm Newman, CEO, Paris-London Hub, SCOR and Shirine Khoury-Haq, Director, Operations, Lloyd's. The subjects they debated included:

  • Brexit - What the LMG is seeking from the government's exit negotiation
  • Delivering today for a better tomorrow
  • State of the Market
  • Future of the London market

Among many other topics was a very insightful and entertaining keynote presentation from Daniel Finkelstein, Chief Leader Writer and Associate Editor, The Times, giving his views on Brexit, Prime Minister May & the US Presidential Election.

London Market Claims

DOCOsoft were once again pleased to be involved with the 2016 Insurance Network London Market Claims on 10th October at the etc. Venue, Fenchurch Place.

Over 150 attendees heard about how, in the face of changing client expectations and the need for greater efficiency, the necessity for modernisation and positive change within London market claims has never been greater.

The challenge facing all firms is how to crystalize and prioritise the key issues, develop strategies that will deliver tangible improvements to claims performance and drive up service for clients.

Topics discussed included:

  • Delivering a client centric claims service by modernising processes and developing a high performance culture
  • Thinking beyond the TOM… utilising data to provide a more efficient claims service that retains customers
  • Developing cyber risk policies and an effective claims strategy
  • Solving the practical challenge of low volume claims and reducing frictional costs
  • How wider TOM initiatives, CSRP 1.1b and delegated claims authority will impact claims

London Market Claims Systems Team go to Hell and Back

DOCOsoft entered a team into the notorious "Hell and Back", Ireland's toughest mental & physical endurance challenge, raising more than £1,000 for the company's Charity of the Year Macmillan Cancer Support, more than doubling its £500 target.

The challenge took place last year at Kilruddery, on the outskirts of Dublin, where the intrepid team, along with about 1,200 other participants, endured ice cold water baths, muddy ditches, electric shocks and crawling through tunnels into rancid ponds, while getting shot at with pellets!

DOCOsoft participant Deirdre Lennon said: "It definitely was not for the faint hearted. We kept together and cheered each other through the difficult parts. For me the worst was the bog pits! You were nearly waist deep in a horrible mixture of muck and other things which I won't mention, it was a working farm after all. I can still get the smell!"

A to Z of Claims Management Innovation

A is for Analytics: the word of the moment in the insurance world, analytics is often synonymous with “big data”. The need for advanced analytics solutions has been driven by globalised competition, new regulations and changing consumer behaviours. Weaving analytics into the organisational fabric of managing agents can position them for cost advantages.

B is for Big data: synonymous with analytics, big data looks set to underpin future insurance and claims solutions, such as proactively managing the customer claims experience. Risk carriers that utilise big data and advanced analytics – possibly in combination with another B, for blockchain technology – will have a head start.

C is for Customers: insurance companies collect and retain a large amount of data about their customers. Significant quantities of public data are now available and accessible. Overlaying these inputs to enhance internal company data could allow London market operators to gain insights into their customers' preferences.

To read the rest of this charming claims alphabet, (which was published in Insider Quarterly) click here.

TINtech London Market 2017

We'll be in attendance at the TINtech London Market 2017 event on the 7th of February. Be sure to say hi to us and get yourself a DOCOduck! To find out more, click here.

Write Back 2017 Forum

DOCOsoft will be presenting at the LMA Write Back 2017 Forum this February 21st in the Lloyd's Old Library. Be sure to catch one of our presentations and say hi to us at our booth. To find out more, click here.