Pain points

Placing risk as a delegated authority

Inconsistent application of data standards

The parties to the contract build out the binding authority contract

Binders are paper-based with inconsistent data capture
The binding authority contract is signed by the parties of the contract and the coverholder and registered with Velonetic, Lloyd’s and/or the insurer

Pain point not applicable to this step

Policyholders and the coverholder agree contracts of insurance

Inconsistent data standards lead to manual mistakes and errors during the agreement of contracts of insurance

The coverholder collects and reports details of the contracts (risks) and premiums as part of bordereaux management

Information collected by the coverholder may not be consistently applied leading to errors and rework
Coverholder shares the bordereaux with all parties on the contract in line with the terms agreed in the binding authority contract

Lack of consistent data standards often requires data manipulation to reformat the information to be shared with the parties of the contract

Bordereaux processing

Parties of the contract review the risk contracts and agree the bordereaux

Errors in the data collected can cause an increase in queries downstream and can also delay agreement of the bordereaux

Bordereaux processing

Technical checks are completed for accounting purposes

Pain point not applicable to this step
Fund transaction is created, and the monies are moved accordingly

Errors in the data can cause an increase in queries, which can delay money movement

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

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

A detailed view of the journey, demonstrating the technology that’s involved in each step.

Next Delays in premium processing and movement of funds

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