High handling time and costs with unnecessary queries
Binding authority placement
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The parties to the contract build out the binding authority contractPain point not applicable to this step -
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 insurerPain point not applicable to this step
Risk and premium placement
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Policyholders and the coverholder agree contracts of insurancePain point not applicable to this step
Coverholder reporting
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The coverholder collects and reports details of the contracts (risks) and premiums as part of bordereaux managementAs information is collected and shared offline, errors are found later in the process leading to more queries, rework and delays in processing
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Coverholder shares the bordereaux with all parties on the contract in line with the terms agreed in the binding authority contractPain point not applicable to this step
Bordereaux processing
Agreement
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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
Digital processing and payment
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Technical checks are completed for accounting purposes- A lag in data being transferred between systems can cause delays in technical checks being completed
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Fund transaction is created, and the monies are moved accordinglyPain point not applicable to this step
Pain points
View the pain points that our new digital solutions are addressing for placing risk as a delegated authority.
