Spring 2016

Target Operating Model Making Gravitational Waves

The discovery of gravitational waves, as hypothesised by Albert Einstein has made radio and print waves in the news in the past few weeks. As reported by the BBC, imagine two monster black holes spinning down on each other in space. One has a mass which is about 35 times that of our Sun, the other roughly 30. At the moment just before they coalesce, they're turning around each other several tens of times a second. And then, their event horizons merge and they become one.

The result is a gravitational wave that we are able to measure on Earth more than a billion years after the event! Sometimes it feels a bit like that with London market modernisation! It's all relative, of course, as Albert himself would have told you, however, the combined brain power and dedication of Lloyd's and London market practitioners is at this moment dedicated to the creation of a new singularity the Target Operating Model (TOM).

The discovery of gravitational waves is a once in a generation type event, and the same is also true of the opportunity facing London at this moment. As Ian Gittins recently remarked of market modernisation:

"The LMG's London Market Target Operating Model (TOM) presents us with a once-in-a-generation opportunity to improve the competitiveness of our market. Our members have been supportive of this initiative, but will need to be confident that the right modernisation projects are being prioritised and that the market's money is being used effectively."

At DOCOsoft, we can say that we were there at the birth of Write Back and we look forward to playing our part in bringing the TOM into the world during the course of the next 12 months and beyond.

Write Back on Track:
Full Steam Ahead for Claims Tech Innovation

It's Alive and It Works!

Ground breaking, real-time claims technology initiative Write Back, one of the biggest technological innovations for claims since ECF, was launched in October 2015 and although still not live for even half a year, it proved its worth last Friday during the ECF/IMR outage when the DOCOsoft early adopter Carriers were only marginally affected and could still handle claims during the day.

Following its launch date, Write Back experienced a phase of great importance in November of 2015 with Validus subsidiary Talbot becoming the first managing agent to go live across all of its lines.

Mario Apicella, head of claims at Talbot's Syndicate 1183, told The Insurance Insider: "We're very keen to exploit technology and what we want to do is spend as much time as we can looking at the technical side of claims handling, and less time on administration and the nuts and bolts of administrating tasks."

Shortly after, DOCOsoft announced that Faraday had become the first Managing Agent to go live with ECF2 Write Back in the company market. As DOCOsoft reported at the time these are the first steps towards a technologically evolved London Market, a future-ready market, which is just around the corner.


Maximising Operating Efficiencies:
Key To Success In "New Normal" Insurance Environment

The value proposition of reinsurance improved further according to the latest Reinsurance Market Outlook produced by Aon Benfield timed to coincide with the critical 1st January renewal season.

The global reinsurance broker's outlook for April 1, 2016 renewals was also positive for Aon Benfield's insurance cedant clients, which it stated would likely "find improvements in pricing terms and conditions that are similar to what we achieved for clients at January 1, 2016."

The in-depth report is a must read for insurance professionals across the board, however, DOCOsoft is particularly interested in Aon Benfield's assertion that differentiators for reinsurers going forward are increasingly apparent.

The positive impact of new technology on insurers' balance sheets is a recurrent theme in the report, particularly with regards to advances in modelling or to be more precise, flood modelling. These advancements have sharply improved the ability for insurers to evaluate individual risks and price accordingly; elevating the industry into a better position to understand flood risk.

Meanwhile, The Solvency II Directive (S2), originally published in 2009, came into effect across the European Union (EU) on January 1, 2016.

Write Back Steering Group on Course

Representatives of DOCOsoft have been invited onto the Market Write Back Steering Group. The Write Back Steering Group is chaired by Lee Elliston from the LMA. This group comprises:

  • A subset of the ECF User Group (existing or would-be Write Back participants)
  • Representatives from participating Software Providers
  • Xchanging representatives

This group will be the main governance function for shaping and driving the Write Back services for at least the next 18 months.

DOCOsoft Bordereau and Block Claims Module

Why should Carriers be interested in DOCOsoft's new Bordereau and Block Claims Module for the DOCOsoft Claims Management System (CMS)?

  • Assists in Solvency II Pillar 3 reporting and Lloyd's Minimum Standards
  • Breaks Coverholder / TPA bordereaux into individual claims
  • Bordereau Template mapping. Only need to create a template once for all subsequent monthly bordereaux
  • Capture Conduct Risk information Denials & Complaints at individual claims level (in conjunction with the Conduct Risk module)
  • Manually edit claims information
  • Report available

Block claims within the DOCOsoft CMS can be set automatically by the system or manually by the user. Once a block claim has been identified, the system will present users with additional functionality for ensuring that the task can be handled appropriately and all necessary bordereau information can be associated.

Once templates have been configured in the CMS, users can browse and directly upload TPA or Coverholder bordereaux that align with pre-defined templates. Updating monthly bordereaux is made efficient and easy thanks to the Bordereau Template Mapper. All a user needs to do is locate and upload monthly bordereaux to the system, which then uses the previously configured mapping functionality to extract and classify data within the CMS.

DOCO Renews Sponsorship of Key London Market Claims Forum

DOCOsoft and the Importance of Corporate Social Responsibility

DOCOsoft is pleased to announce that it has renewed its sponsorship of the London Market Claims Council (LMCC) for 2016.

Launched in September 2009, the LMCC is a forum for the major insurers and reinsurers, brokers and senior claims handling professionals of the London insurance and reinsurance market.

Like the London 100, the LMCC is the place to exchange ideas, cultivate debate and pursue best market practice in the world's leading specialty insurance and reinsurance market. Membership is by exclusive invitation only and affiliates represent the most influential claims executives in the London market.

As DOCOsoft has grown in size and ambition over the last 18 months we have come to recognise that there are greater expectations and commitments that we need to undertake including our responsibilities as a good corporate citizen.

As a result DOCOsoft is delighted to announce that its employees have voted to make Macmillan Cancer Support our 2016 Charity of the Year.

DOCOsoft decided to choose Macmillan because our colleague Graham Sheppard successfully fought off the disease in 2014 and is now back at work making a nuisance of himself in the London office!

Claims Management Systems: Buy Bespoke or Off The Shelf?

The world of claims software can be a confusing place to navigate. Not only do you need to work out what the best software is to suit your needs, you also have to decide whether to buy an off-the-shelf or bespoke software package.

This article gives you a quick overview of the different options that are available. Whether it is a bespoke implementation of a claims management system or an off-the-shelf package it is the DOCOsoft view that in the rapidly evolving and fast moving claims environment adopting an off the shelf solution, while tempting, can be a false economy.

The Off-the-shelf software investment

Off-the-shelf software tends to be ready-made and available to a larger number of users typically paying a license fee to use the system.

Bespoke (custom-made) Claims Management Systems

A bespoke claims management system is custom made especially for the adjuster based on his/her feedback, to meet their specific business requirements.

The advantages are:

Tailored to the needs of the claims adjuster, the technology is developed and built to meet experienced claims practitioner requirements, ensuring that they get software that is implemented exactly as they need it. Such systems are far more flexible and a bespoke CMS can evolve over time to grow with the increasing burdens imposed, quite often in insurance, by regulatory and legislative change.

Channel Syndicate goes live with DOCOsoft Claims Management Solution

DOCOsoft are pleased to announce Channel Syndicate has successfully gone live with our Claims Management System for its Lloyd's Syndicate 2015 operations. The implementation was delivered on time at the beginning of 2016 to support The Channel Syndicate's Claims Handling team.

DOCOsoft are supplying Channel Syndicate with its DOCO Claims system, which is designed to increase efficiencies in claims handling and cost management, as well as provide enhanced reporting functionality. The system will also simplify Channel Syndicate's processes for complying with Lloyd's Minimum Claims Standards and is also integrated with the Open Box Underwriting System.


An Insurance Layman's Guide to Blockchain

Is it possible that we are about to enter a future where a new technology protocol - e.g. a technology revolution like that brought in by the World Wide Web - reshapes the way we perform everyday task and pursuits in our personal and business lives? Those were the claims being made by some on behalf of blockchain technology (or mutual distributed ledgers to give them their more formal title) at the 26th February ACORD Innovation Forum.

According to speaker Gary Nuttall from Distlytics who was speaking on the subject The Use of Blockchain Technology in the London Market: "What made me sit up and take notice of the blockchain originally was when I attended a banking conference where I heard a senior banker giving a talk on the blockchain. He said at the time: 'This is the most exciting thing I've heard happening in the banking industry in my 45 year career.' "

"I think this truly shows how blockchain is going to be transformational. I have just started working for the LM TOM initiative working on the data integration piece and potentially using blockchain as part of that, working on proof of concepts as to how we might exploit this technology and bring the TOM into the 21st Century."


DOCOsoft Demos New Dawn of Claims Technology in Traditional Setting

The City of London Club was the prestigious venue for DOCOsoft's November 19th event demonstrating the capability of its new claims management system that underpins Write Back.

Since 1832, important City figures such as the first Duke of Wellington, Sir Robert Peel and the original Rothschild family have used the Club to relax in good company and comfortable, elegant surroundings. 50 senior claims practitioners followed in their footsteps on the day, witnessing demos of a new dawn in London market claims technology!

We believe that even the Duke of Wellington – a notoriously hard to impress individual – would have been intrigued by the cutting–edge technology on display on this pivotal day in the history of DOCOsoft. The 19th November was a game changer for DOCOsoft, launching us into 2016 with confidence so thank you to everyone that was able to visit us on the day and make the event so memorable.

DOCOsoft Christmas Party at the Old Tea Warehouse

It should by now be common knowledge in London market claims circles that DOCOsoft is partial to a cup of coffee or two. Who can go without lovely delicious coffee, we wonder? At DOCOsoft, however, we like to throw in the odd curve ball, which is why we decided to throw our 2015 Christmas Party in the Old Tea Warehouse, a venue and event in which, to our knowledge, neither tea nor coffee was consumed! Confused? Never mind!

Safe to say that a good time was had by all and we would like to thank everyone that attended the party for their continued goodwill and support in 2015. Now that the dreaded dry month of January is over we're looking forward to catching up with all our market friends and colleagues in 2016.

TOM Update

Following the establishment of the London Market TOM Steering Board in January, the TOM Board met for the first time on the 8th February and agreed to prioritise three key initiatives during 2016: PPL (Placing Platform Limited), CSRP (Central Services Refresh Programme) and Delegated Authorities, plus one enabling project focusing on data management.

In other TOM-related news the market learnt that the PPL board has still not signed a contract with Ebix one year after the insurance software firm was selected to develop an electronic placing platform for the London market. Sources reportedly told The Insurance Insider that a complete rebuild of the technology for the platform was behind the delay and had caused the deadline for a Q4 pilot of the service to be missed.


Congratulations to the LMA and Write Back!

Towards the end of last year, DOCOsoft was one of the first to congratulate the Lloyd's Market Association for their achievement in winning the 2015 Insurance Day Technology Initiative of the Year award due to their sponsorship of the ECF2 Write Back project.

As one of the vendors involved with that project, DOCOsoft was delighted for the LMA team and we were there on the night to see LMA Claims Manager Lee Elliston hold the trophy aloft! This win followed ACORD's annual conference in Florida, where the LMA picked up Write-Back's Business Process Improvement Award the previous month. Heady times for the LMA!

While all this was going on, DOCOsoft also attended a number of insurance industry awards ceremonies after being shortlisted in multiple categories for leading claims management expertise.

We progressed to the Finalist Stage of the Insurance Times Tech Awards in the new 'Claims Technology Initiative of the Year' category for our work with early adopters Talbot Validus Insurance and Faraday on ECF Write Back.

DOCOsoft followed that up by advancing to the Finalist Stage of the Insurance Day Awards in the 'Adviser of the Year category'. Close but no cigar on that one but we were happy to share in the LMA Write Back glory with our early adopters from Talbot and Faraday. Well done all.