STRATEGIC PARTNERSHIP

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1 South Africa STRATEGIC PARTNERSHIP WHERE INNOVATION BEGINS A web-enabled, transparent, continuous innovative marketplace that enables more efficiencies and effectiveness for s whilst providing multi-insurer, comparative product information for their customers in order to make well informed decisions in a BPO / SaaS delivery model. Is this the future? No, it is real today through Innovation Group s Bureau in South Africa. While regions and segments of the industry are keen to develop modern insurance exchanges, the Bureau has been operational for nearly 5 years to the South Africa market. The Bureau provides a secure, fully-managed solution that streamlines workflows, saves time, reduces redundant work and costs, minimizes risk, and capital efficiencies. The Bureau provides a seamless integration of policy, claims and accounting via a transaction model, freeing capital for business growth. It provides a comprehensive operational alternative of business process outsourcing (BPO) services and software solutions to the South Africa insurance industry that is FAIS and PPR regulatory compliant. The Bureau is the first fully automated, functionally rich, BPO/ SaaS based electronic insurance marketplace for South Africa currently processing 960,000+ policy renewals and Rand 900 million premium annually. The Bureau makes it simpler and easier for s to do business; creates the opportunity for Insurers to reach new distribution channels; and supports full policy management from quote, issue, billing and collection of premium for over 400 s, with the additional option of providing BPO policy administration. The Bureau continued its innovation in 2010 by adding web-based comparative quoting for s; aggregator capabilities; and full claims management which provide end-to-end insurance solution with a combination of software and BPO administration via a SaaS delivery. The enhanced capabilities have skyrocketed broker growth by 48% from 269 to 400 s and Insurers in just 3 month, increasing transactions and policies by 100%. The business impact greater market opportunity, reach and options for s and Insurers while ensuring customers are best served and markets once overlooked have options. The business value of this modern insurance exchange includes: More choice and 80% distribution cost reduction from quote to issue for s and Insurers Insurers have access to new distribution channels for their products, reaching more brokers simultaneously resulting in 15 20% increased sales. s focus on sales rather than administration, resulting in increased customer satisfaction and 25 % increased sales. Cost-effective product entry for Insurers entering the market or introducing new products by 60 75% from 3 4 months down to one month or less. Cost savings on technology ownership, maintenance and upgrades and reallocation of capital to growth initiatives. The Bureau provides s and Insurers a new business model for distribution, customer interaction and insurance operations that are capital efficient, operationally effective and market transparent powering growth, transformation and for sustainability. 1

2 STRATEGIC FOCUS South Africa Similar to other markets, the South African insurance industry is undergoing significant change, from regulatory, technology, distribution and customer demands. This new business landscape requires companies to move beyond traditional views of distribution, customer interaction, products, and operations to solutions that provide efficiency, effectiveness and transparency to enable transformation and sustainable results. As a result, s and Insurers are responding with new business models. New compliance requirements dictate that s must show and offer choice based on comparative ratings / proposals from multiple Insurers for their clients and demonstrates the added value as an advisor. This represents a fundamental change in the market, from a preselection of Insurers based on long-term relationships, to a customer and broker value based model using a business value proposition allowing brokers to find the best insurance match for the client s risks and exposures. In this increasingly regulated and competitive landscape, the economic reality for s is finding Insurers with good rates, brands, underwriting capabilities and effective connectivity. s key challenges include compliance, administration, up sell / cross sell, and access to niche products. Likewise for Insurers, they are looking for new distribution channels and markets to support growth plans and government requirements for micro-insurance with limited capital investment. Increasingly, competition is based on product and service that channels the flow of business. However, a key challenge is the ability to distribute low premium / small commission products cost effectively, such as micro-insurance. Evolved Model with New Opportunities The Bureau s original objective of providing solutions and connectivity to accelerate and enhance communication between s and Insurers is similar to what IVANS in the US and XChanging in the London Market have done. Operational since 1972, the Bureau has historically responded to market changes with continuous innovation and transformation of the Bureau capabilities. Once again, we are introducing new capabilities and options, for s and Insurers. Currently insurance products are primarily distributed via s. New regulation requires all financial service providers (s, IFAs) to register with the Financial Services Board. The impact has been a decrease in s due to the cost of compliance. Regulation requires brokers to position themselves as commission-remunerated agents or fee-remunerated independent advisors. Consumer increasing incomes coupled with these regulatory changes have prompted the emergence of alternative distribution methods, such as retail networks, bank assurance, and direct, increasing distribution competition. This competitive landscape requires business solutions that support innovative distribution, premium collection (mobile technology, voucher cards, flexible billing options), and new products such as micro-insurance. The micro-insurance business requires cost effective business platforms to sell and service differently than existing portfolio of products due to low premiums and profit ratios. The result is that s and Insurers must reevaluate their business operations and platforms, invest and introduce new business models including SaaS / BPO based solutions to adapt to these changes. 2

3 Modern Insurance Marketplace: A New, Transparent, Comprehensive Solution Responding to these market changes, the Bureau has evolved into a modern insurance marketplace that maximizes network, infrastructure and menu portfolio of solutions with proven business value for the market, Insurer, and. More importantly, it supports the customer with a solution across the complete insurance lifecycle from sales through financial management and fulfillment. The Bureau is now the aggregator and negotiator for the and distribution channel across a wide array of areas including: comparative rating between Insurers; buying power; access and aggregator to agents and subagents; facilitator to access client data from anywhere; and influencer and negotiator to insurers based on volume and geographical reach utilizing the internet.. Previously, s submitted risks and received proposals from several insurers for commercial lines and then shared these with their customers. This process was fraught with multiple submissions, methods and different formats resulting in chaotic information that was manually translated and consolidated. The result was inaccurate information, high percentage of errors, high business costs and lost sales opportunities. Alternatively, the Bureau provides an innovative model with the following: Improved matching of customers to insurer products with comparative quoting and more precise pricing / underwriting data as well as faster turnaround time and increased accuracy of insurance submissions and proposals through the internet. Improved rating updating through centralized rating mechanism. Cost effective market and product entry option for Insurers and s. Rejection of incorrect and incomplete submissions, protecting the integrity of the market with the capturing their own information. Improved policy issuance and servicing efficiencies and effectiveness using web technology. Improved compliance and oversight of business and transactions with Insurers and customers. Better business intelligence and management information for decision-making by Insurers and s. Transparent industry based metrics for Bureau operating performance. Greater ability to support underserved market segments. Secure audit trail of transactions, reducing time and cost for regulatory compliance. For s utilizing the Bureau, a product is linked to a customer with one debit order run, reducing administration and costs. More importantly, a broader group of Insurers are available to s providing access to additional products and markets. This enables s to be more efficient, less repetitive and more service-oriented by providing the broadest and most accurate market information. For Insurers, they retain rating and quoting responsibilities through automated electronic rating engines; called Black Boxes that integrate into the Bureau quoting system. This provides Insurers cost effective access to a broader distribution channel, particularly for low cost or niche products. Key attributes of The Bureau offering include: Technology based product and service delivery IT infrastructure drives the delivery Menu based service delivery structure Capacity to provide either IT platform, products and / or services 3

4 Development and deploymentof a Commercial Multi-Quoting Platform Development and presentation of technology tools for reporting, monitoring and compliance The menu based choice of Bureau capabilities and options are reflected in Diagram A. Diagram A Administrator Administrator Administrator POLICY ADMINISTRATION CLAIMS ADMINISTRATION DISTRIBUTION CHANNEL UNDERWRITING FACILITIES NICHE PRODUCTS PORTFOLIO MANAGEMENT TECHNOLOGY & SYSTEMS PROVIDER PRODUCT RESEARCH & DEVELOPMENT WHOLESALE BROKING ANALYTICAL TOOLS 11 Presentation and material Innovation Group (Pty) Ltd (2009) The Bureau is a bespoke range of solutions to meet the and / or Insurer needs for endto-end insurance or risk management, replicating the operational delivery of an insurance company to providing comprehensive virtual insurer capability that sits behind Insurer or brands. Similar to other industry leaders like DTCC for securities and SWIFT for money transactions, the Bureau provides an industry operational environment under-pinned by customer experience with a continuous investment in best practices and new technologies. This represents a new business model for the P&C industry which provides technology enabled business process services using automated services, frictionless stream of real-time data, and business analytics on a standardized software platform. It is a unique one-to-many platform supporting an insurance BPO solution, a business process utility (BPU) as defined by Gartner in the 2010 BPO Hype Cycle Report. The Bureau provisions, designs, operates, supports and maintains the business applications responsible for providing the BPO services, on its own platform and infrastructure. The platform consists of a set of interchangeable business processes as a standardized menu with scalability and lower operational costs. This offers the industry a quick and cost effective market entry option with reduced organizational risk, limited capital requirements, and increased cost effectiveness. The Bureau Services The Bureau is an alternative, outsourced solution for s and Insurers who do not want to own and maintain back-office software, systems and/or personnel and allows them to instead focus on their core business, safe in the knowledge that their customers are enjoying high quality, efficient service, day after day. Compliance with FAIS and PPR (Policyholder 4

5 Protection Regulations) legislation; management information; standardisation and control over individual portfolios are available. The Bureau provides the following capabilities: Personal lines comparative quoting system Personal and commercial policy management Comprehensive claims management system Automated ing of schedules and reports Product and rate set-up functionality with underwriting criteria; multi-product facility; bulk printing of rate adjustments Capture of new business, endorsements and cancellations Batch processing - includes debit notes and standard letters Month end processing of standard reports ACB premium collection; provision of IGF guarantee; processing of refused payments; automated unmet payment facility Transfer of data to Insurer; export of report data to multiple interface files Monthly disbursement of premiums, commissions and policy / broker fees Integrated accounts system and reconciliations Policy renewal facility Of particular note, is the Comparative Quote capability offering. This provides rapid, webbased comparative insurance quoting and presenting of premium rates from multiple Insurers on personal and motor products electronically. The Bureau partnered with South Africa s most innovative insurers (Regent, Auto and General, and Santam Insurance Company,) to deliver this capability to financial advisors and motor dealers (800+), allowing them to quote and bind clients to insurance policies in real time. Financial advisors now have the ability to present a choice of products and rates to their clients without having to invest in cumbersome and expensive computer systems. Business Value Other markets are looking at creating such a marketplace. The Bureau has been doing this for over 40 years, transforming the model to leverage new technologies and respond to market changes. Today, the Bureau provides a seamless integration of policy, claims and accounting via a transaction model, freeing capital for business growth as an innovative alternative BPO and software solution that is FAIS and PPR regulatory compliant in South Africa. The Bureau is a fully automated, functionally rich insurance marketplace. The web-based service consolidates multiple groups and treats them as a central unit, relieving them of the hassles associated with administrative processes. s can access comparative personal lines and motor quotes from multiple insurance companies, knowing that the information is constantly updated with the latest rates. s and Insurers have access via a single server platform, whilst Innovation Group assists with policy capturing, dissemination of client correspondence, compilation of commission statements, premium disbursements and monthly reports. A broad range of business is supported including personal lines products such as house owners, householders, motor, motor cycle, caravan, trailer, watercraft, all risks, public liability, personal accident, funeral, and any additional add on products such as EPC, roadside assist, tracking companies etc. In addition, commercial lines which encompasses full MultiMark (including engineering classes) and professional indemnity in additional to any bespoke development required are also supported. Access to specialized products of commercial excess buy back, increased liability covers, and a supplementary road accident fund product 5

6 are available and can be taken individually or embedded in existing products. Innovation Group can market the product to existing clients utilizing call centre sales campaigns white labeled to a specific or Insurer. The bottom line The Bureau makes it simpler and easier for s to do business; creates the opportunity for Insurers to reach new distribution; and supports full policy management from quote, issue, billing and collection of premium for over 400 s, with the option of providing BPO policy administration and now full claims management. The Bureau business value includes: Modern, innovative insurance marketplace and platform processing 960,000+ policy renewals and Rand 900 million premium More choice and 80% distribution cost reduction from quote to issue for s and Insurers Insurers have access to new distribution channels for their products, reaching more s simultaneously resulting in 15 20% increased sales. s focus on sales rather than administration, resulting in increased customer satisfaction and 25 % increased sales. Cost-effective product entry for Insurers entering the market or introducing new products by 60 75% from 3 4 months down to one month or less. Cost savings on technology ownership, maintenance and upgrades and reallocation of capital to growth initiatives. Addresses insurance skill shortage in the South Africa market by centralizing staff. Provides Insurers cost-effective market entry solution with the Bureau providing insurance administration while the insurer focuses on portfolio management, reinsurance and risk management. Cost savings on technology ownership, maintenance and upgrades The Bureau provides s and Insurers a new business model for distribution, customer interaction and insurance operations that are capital efficient, operationally effective and market transparent powering growth, transformation and sustainability. The success of this partnership in the South Africa insurance market is based on the following: Vision, joint senior level sponsorship and commitment to a relationship bringing value to all parties, encouraging business involvement, collaboration and open communications. Shared Values, superior customer service and strong commitment to the market and innovation. Intimacy, a true partnership between the business, IT and Innovation Group based on transparency, transfer of knowledge and skill and win / win interactions to stand the test of time and create mutual trust and traction at every level. By combining Innovation Group s people, process, data and technology with the market s leading s and Insurers, we have created significant value for all provided immediate business value to grow and innovate their business, while providing value to their customers in product and service. Innovation delivered. 6

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