Interview:


Ian Summers, Aon Benfield


Adding value through efficient transactions


Automating the transaction process will pay dividends, says Ian Summers, director of change strategy at Aon Benfield


W


ith the launch of the Qatarlyst platform, the broker channel reinsurance industry


will quickly feel the benefits of expedited transactions and a reduction in time spent on parity checking rekeyed data. This increased efficiency will allow intermediaries to spend more time honing clients’ programmes and proving them with additional enhanced broking services. This is the opinion of Ian Summers, director of change strategy at Aon Benfield. “We want to be able to spend the maximum


amount of time adding value to the service that we offer to our clients,” he says. “We recognise that dealing in the paper world is an inefficient process. While deals tend to be done face to face, there is currently a whole host of transactional data that is moved around and has to be rekeyed, which is an onerous task. We are looking to au- tomate that part of the process through the roll out of Qatarlyst in London, which will enable far more efficient transactions going forward.” Aon Benfield has been committed to the


idea of an electronic market for a number of years, but when RI3K was put up for sale in 2010, the firm had to take a step back. “We reduced our support during that period


until RI3K re-established itself as a more stable entity, with the ability to continue to invest in the future modernisation of the platform,” he says. “Following its sale to Qatarlyst, we have reengaged with the new entity with a view to


“Previously, I think the RI3K


platform was slightly ahead of the curve. It was inadvertently trying to change 300 years of tradition in the London market in isolation, and that is a very dif- ficult thing to achieve,” he says. However, recent developments


may have worked out for the best. Other players have now come on board and the market has begun to recognize the potential ben- efits of utilizing


the platform,


with many beginning to invest in the necessary infrastructure, says Summers. “We are presenting an efficient system to the market and feel that the industry is offering plenty of support,” he says. Ultimately, Summers believes


24.10.11 MONDAY


Ian Summers, director of change strategy at Aon Benfield


that this will lead to more busi- ness coming into London and that the business will be dealt with more efficiently. This con- fidence seems to be reflected by others in the market, with the project receiving senior level support from Aon Benfield’s carriers. “Everyone wants to see more business com- ing into London and one of the barriers to that is the current inefficiency in the transac- tional part of the service,” he says. “However, I’m really keen to highlight that it is only the


“We reduced our support during that period until RI3K re- established itself as a more stable entity, with the ability to continue to invest in the future modernisation of the platform.”


rolling out the platform over the next 12-18 months across all lines of business.” The initial roll-out of Qatarlyst will cover


London brokers, and while the market may not have been ready for such a system before, Sum- mers believes that conditions are now right for its success.


www.intelligentinsurer.com


transactional aspect we are changing – not the negotiation or face to face broking, which is still a vital component and key differentiator of the London market.” According to Summers, efficiency will be


added through a number of key aspects of the platform.


“Firstly there is the removal of the need for


rekeying data, and the potential data degrada- tion and associated costs,” he says. “Currently there is a 35 percent error rate in the premium closing process in the London market, which is predominantly centred on incorrect entry of the risk structure, regulatory reporting and underwriting references. If these are done elec- tronically, the errors are eliminated.” “Because there is only one document be-


tween the broker and the underwriter, which is centrally held, the electronic process also improves transparency. This in turn leads to a saving around Errors & Omissions, and much improved efficiency around faster documenta- tion for our client, along with standardisation of contracts.” “As these are all data driven processes, it al-


lows firms to report more easily and more effec- tively than they could have done through paper based processes, which means that manage- ment information is much more robust, both in terms of timeliness and in terms of accuracy.”


Monday October 24 2011 | INTELLIGENT INSURER —BADEN-BADEN TODAY | 11


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20