News
Xchanging Unveils Technology Route Map to the Future
07 Feb 2012
Xchanging unveils technology route map to the future
Modernising London into a dominant global powerhouse
LONDON, 7 February, 2012: Global business processor Xchanging today unveiled its vision for the Lloyd's and London market. Presenting to 120 senior market executives, members of the Xchanging senior management team, including Ken Lever, Max Pell,
Jim Sadler and Rob Myers, presented the vision of the transformation required to cement London's standing as a leading global hub for insurance.
The presentation highlighted the business imperative for London to become easier to deal with in order to remain competitive for a broad spectrum of carriers and brokers.However, Xchanging stated that if the right choices were made now that London had the potential not only to achieve this but to be far ahead of other markets within five years. Crucial to that would be improving the ease and speed of access for brokers and exploiting quality structured data to drive straight through processing through automation.
To achieve this Xchanging urged that the pace of change now needs to be stepped up to unlock the potential business that could flow into London. The prize achievable through modernisation, it estimated, could be an additional 20% of business into London and the potential value that could be unlocked from an existing £36bn base, with an additional £30m annual spend over five years, could result in an additional £7bn flowing annually through London.
Xchanging also stated that the market need not be funneled down a single route right now, and that the modernisation required to attain these goals could be achieved in one of three different ways; the start and end of the journey being identical whichever path is
selected.
"We need to be brave and start this process now" urged Jim Sadler, CIO, Xchanging Insurance Services. "This does not lead us down the expensive and perhaps untimely paths of the past, but rather allows us to make a start of the journey, while allowing businesses the flexibility to consider the next best steps to achieve the prize of the
modernisation of the London market."
Recognising that the start and end of the journey are essentially the same, Xchanging demonstrated the options available to the market, depending on their own appetite for risk and cost. The three scenarios outlined this morning were:
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To transform policy and claims together
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Transform policy first
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More gradual incremental change
The first two options are very transformational and therefore attract a higher level of risk, however in all three scenarios the preparatory work for the next 12-18 months is identical. Which choice the market eventually selects would depend on their appetite for risk; their view on the market's ability to absorb process and cultural change over a
period of time and their propensity to fund developments.
"It is important not to make technology the limiting factor, " said Max Pell, Managing Director, UK Insurance Sector. "Success truly depends on the market's appetite for process and cultural change - we must not hide behind technology as a reason for failure."
Whichever route is taken by the market Xchanging is well positioned to deliver the technology support required. "We are already delivering mission critical technology solutions to the London Metal Exchange, national infrastructure to Gatwick Airport security services and leading edge infrastructure in the 4G markets with YTL" Ken Lever
CEO, Xchanging, told the audience. "Working with world leading partners such as Adobe, IBM and Autonomy, we believe we are best positioned to support the London Market in leading the charge to modernisation and global market growth."
To support the market in seeing through the challenges ahead, Xchanging has renewed its strategy, vision and leadership to help drive change in the market. The recent appointments of Geoff Unwin and Bill Thomas to the Xchanging Board, Andrew Binns to the Executive Committee, and Jim Sadler and John Niblett to the London Market technology team demonstrate Xchanging's firm commitment to technology led and enabled business solutions.
Enquiries
Xchanging UK
Julie.Lynch
julie.lynch@xchanging.com
Tel: +44 (0)20 7780 5010
FWD PR
Michael Gaughan
michael.gaughan@fwdpr.co.uk
Tel: +44 (0)20 7623 2368
Richard Adams
richard.adams@fwdpr.co.uk
Tel: +44 (0)20 7623 2368
About Xchanging
Xchanging is a business process and technology service provider and integrator specialising in Financial Services, Insurance Services, Technology and Procurement, with pervasive processing skills and capabilities applicable to other vertical industry and market sectors.
www.xchanging.com