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Pain points

Placing risk as a delegated authority

Delays in premium processing and movement of funds

A man checking his watch in front of a clock

Binding authority placement

  • Two people looking at a contract on a computer
    The parties to the contract build out the binding authority contract
    Pain point not applicable to this step
  • A man registering on a computer
    The binding authority contract is signed by the parties of the contract and the coverholder and registered with the Velonetic, Lloyd’s and/or the insurer
    Pain point not applicable to this step

Risk and premium placement

  • A man and a woman shaking hands
    Policyholders and the coverholder agree contracts of insurance
    Pain point not applicable to this step

Coverholder reporting

  • Woman looking at reports on two laptop screens
    The coverholder collects and reports details of the contracts (risks) and premiums as part of bordereaux management

    Where lots of premiums are submitted in a particular month, loss funds can run out before the bordereaux are shared

  • A man on a computer sending a document
    Coverholder shares the bordereaux with all parties on the contract in line with the terms agreed in the binding authority contract

    Bordereaux reporting is on a monthly basis which delays information and data flow

Bordereaux processing

Agreement

  • Two people on computers with an icon of two people shaking hands
    Parties of the contract review the risk contracts and agree the bordereaux
    Pain point not applicable to this step

Bordereaux processing

Digital processing and payment

  • A woman doing technical checks on three computers
    Technical checks are completed for accounting purposes

    Checks occur late in the process and can often result in queries that delay fund movement and/or loss fund top up

  • Money being sent from one person to another
    Fund transaction is created, and the monies are moved accordingly

    Loss funds are established late in the process, delaying the movement of data and the processing of premiums

Pain points

View the pain points that our new digital solutions are addressing for placing risk as a delegated authority.

Data sheets

Inconsistent application of data standards

Woman with laptop with a clock in the back

High handling time and costs with unnecessary queries

Man scratching his head with paper flying around

Manual intervention and lack of automation

Related steps

Journey overview

A high-level overview of the journey including the associated pain points and solutions. 

Detailed steps

A detailed view of the journey, demonstrating the technology that’s involved in each step.
Previous Inconsistent application of data standards
Next High handling time and costs with unnecessary queries
Get adoption ready

Blueprint Two will be delivered in two phases. At phase one cutover, all market firms must adopt the new digital services.