Binding authority placement
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The parties to the contract build out the binding authority contract -
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
Risk and premium placement
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Policyholders and the coverholder agree contracts of insurance
Coverholder reporting
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The coverholder collects and reports details of the contracts (risks) and premiums as part of bordereaux management -
Coverholder shares the bordereaux with all parties on the contract in line with the terms agreed in the binding authority contract
Bordereaux processing
Agreement
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Parties of the contract review the risk contracts and agree the bordereaux
Bordereaux processing
Digital processing and payment
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Technical checks are completed for accounting purposes -
Fund transaction is created, and the monies are moved accordingly
Pain points
View the pain points that our new digital solutions are addressing for placing risk as a delegated authority.
