The Dutch Insurance ExchangeIntroducing VNAB & e-ABS

Michel Schaft

Dutch Insurance Exchange, active since 1598

Rotterdam Insurance Exchange: 1598Amsterdam Insurance Exchange: 1611

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Introducing VNAB

VNAB (Dutch Insurance Exchange Association) is the Dutch organization of (Register) Brokers and Insurers (including authorized agents) active on the Exchange

4 important ‘roles’: Facilitating the marketplace (e-ABS) Knowledge and knowledge sharing Advocacy Marketing and communication

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How our local market works…

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Local and international insurersLocal and international insurers

InsuredInsured

Broker- Policy Issuance- Claims Handling- Clearing

Broker- Policy Issuance- Claims Handling- Clearing

Risk

Dutch Insurance Exchange

5*) a policy is underwritten by - on average - 3,7 insurers.

Premium volume through e-ABS:

1,300,000,000 EURper year

30,000 claims per year

37,500 bookings per month

Why change to a digital marketplace?

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Margins erode so focus on added value services & efficiency

Technological advancements change of the businessmodels in the market

Transparency is keysupervisors claim a more active role

VNAB presents…

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e-ABS is an integrated system that facilitates the co-insurance process between Brokers, Insurers and Loss Adjusters on Placement, Claims and

financial processing (Clearing).

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Our journey from a physical to a digital market place

Decision to start a digital marketplaceDecision to start a digital marketplace

Thorough discussions with VNAB members

about functionality

Thorough discussions with VNAB members

about functionality

Functional design made final

Functional design made final

A request for information was

formulated

A request for information was

formulated

Three suppliers where invited to

submit a proposal

Three suppliers where invited to

submit a proposal

e-ABS core team (appointed experts and external IT consultants)

addresses all tenders

e-ABS core team (appointed experts and external IT consultants)

addresses all tenders

Content related and financial assessments results in advice

to select the supplier

Content related and financial assessments results in advice

to select the supplier

Starting gradual implementationStarting gradual implementation

Claims module operationalClaims module operational

Placement module operationalPlacement module operational

Clearing module operationalClearing module operational

Gradual implementation towards successful usage of e-ABS

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2008 2009 2010 2011 2012 2013 2014

Gradual implementation

Fully operational

Today:+/- 175,000 registered claims since 2008+/- 950,000 booking lines since 2011

+/- 40 brokers, +/- 40 insurers and +/- 50 loss adjusters use e-ABS

In 2012:+/- 52,000 active policy files

e-ABS: succesfully used for quite some time

• In total +130 companies use e-ABS• In order to use e-ABS, companies have to be members of the VNAB• Membership starts at +/- EUR 3,000 (broker) and EUR 5,900 (insurer)• License fee e-ABS depends on role (broker/insurer): +/- EUR 2,200,- / 2,500,- per user

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So..what does e-ABS do?

• Webbased system:• Accessible via webbrowser• Webservices available for

connections with backoffice systems of insurers and brokers

• System supports full placement, claims and clearing process

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So... what does e-ABS do?

ClearingClearing

PlacementPlacement

ClaimsClaims

e-ABS works with three modules

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Create fileCreate file Quotation procedureQuotation procedure Complete coverComplete cover Record agreementsRecord agreements Policy versionPolicy version

Notification of claimsNotification of claims Loss adjustingLoss adjusting Claim settlementClaim settlement

Policy versions of this process are the basis for claims

Policy versions of this process are the basis for claims

Placement: all processes needed to get cover and create & maintain a policy

Placement: all processes needed to get cover and create & maintain a policy

Claims: all processes needed to issue and settle claims

Claims: all processes needed to issue and settle claims

Clearing: Booking of premium &

claim amounts

Clearing: Booking of premium &

claim amounts

DEMOIntroducing the players

17Client

BrokerLead insurer

Followers

Loss adjuster

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Herman van de Wetering, Claims specialistAon Corporate Solutions

Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

Hans de Hoog, general managerLenkeek, Laarman & De Hosson

“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”

Jack van Nielen, operations managerAON risk solutions

How do participants see the benefits?

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Herman van de Wetering, Claims specialistAon Corporate Solutions

Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

Hans de Hoog, general managerLenkeek, Laarman & De Hosson

“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”

Jack van Nielen, operations managerAON risk solutions

e-ABS is efficient

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Herman van de Wetering, Claims specialistAon Corporate Solutions

Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

Hans de Hoog, general managerLenkeek, Laarman & De Hosson

“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”

Jack van Nielen, operations managerAON risk solutions

e-ABS is transparent

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Herman van de Wetering, Claims specialistAon Corporate Solutions

Gielijn Arends, Head of Claims Marine & ReinsuranceAmlin Europe

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

“It is a system where parties can share information in a very efficient way and that allows insurers to comply more easily to the demands of their in- and external control systems”

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

The biggest advantage of e-ABS is shorter throughput time. “It saves weeks on average per claims file. Furthermore it is my experience that 70% of the claims are finalized within 2 weeks."

Peter Bastiaans, Head acceptance Cargo Transport insuranceHDI Gerling

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

Going back is no option for Peter. “For that this unique system is offering too much advantages: a policy file accessible on 1 location for everyone and the efficiency benefits of the financial processing of Clearing”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

“Especially as to follow insurer it is good that thanks to e-ABS you are quickly aware of the current status of the claim, and that you can see all the relevant correspondence. You can directly adjust the claim policy accordingly ”

Erik Boers, Team Leader Claims NetherlandsZurich Global Corporate Benelux

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

“As Lloyd’s coverholder I can show my auditors and other business partners in a good and relatively easy way how transparent the way of working is for placement, claims and financial clearing. Also it shows how we can track progress, even if we are not the leading party.”

Duco Teijema, Branch & Marine manager NetherlandsTorus Insurance

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

“In the past, the survey report needed to be sent 8-fold to the broker, but now all the parties involved have insight in progress directly”

Hans de Hoog, general managerLenkeek, Laarman & De Hosson

“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”“..other good points are the efficiency, the archive function, security and the fact that the system is user friendly, not connected to a physical workspace and that it supports chains integration”

Jack van Nielen, operations managerAON risk solutions

e-ABS is easy to use

Growth in volumeIncrease usage

Increase added value Functionality

Increase efficiency of using the platformData sharing Value chain integration

Future steps

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e-ABS key take aways

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The VNAB is the Dutch organization for national and international brokers and insurance companies active on the Dutch Insurance Exchange.

The VNAB is the Dutch organization for national and international brokers and insurance companies active on the Dutch Insurance Exchange.

e-ABS is an integrated system that facilitates the co-insurance process between brokers, insurers and loss adjusters on placement, claims and financial clearing.e-ABS is an integrated system that facilitates the co-insurance process between brokers, insurers and loss adjusters on placement, claims and financial clearing.

e-ABS has three integrated modules: placement, claims and clearing.

The value of e-ABS:•Saves a lot of time and money•Offers a better overview and more transparency•Increases quality•Is user friendly

e-ABS has three integrated modules: placement, claims and clearing.

The value of e-ABS:•Saves a lot of time and money•Offers a better overview and more transparency•Increases quality•Is user friendly

e-ABS is used by 130 parties handling EUR 1.3 BIO premium volume per year, 30,000 claims per year, 37,500 bookings per month

e-ABS is used by 130 parties handling EUR 1.3 BIO premium volume per year, 30,000 claims per year, 37,500 bookings per month

Want to know more? Please visit us at the information stand or visit www.VNAB.nl/lloydstechday