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Pain points

Placing risk as a delegated authority

 

Manual intervention and lack of automation

Man scratching his head with paper flying around

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

    Binder information must be manually recreated for registration, requiring additional time and effort

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

    Details of the contracts and premiums are collected manually on spreadsheets and by email leading to errors and rework

  • 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

    Receiving and processing bordereaux often requires data manipulation to reformat the information to be shared with the parties of the contract

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

    Reviewing and agreeing the contract is manual as parties of the contract have to pull information from different sources, and agreement may happen offline (e.g. via email)

Bordereaux processing

Digital processing and payment

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

    Checks are largely manual and require data from multiple sources, and queries are shared via manual routes (e.g. email)

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

    Proactive management of loss funds across multiple contracts and bank accounts is a time consuming and manual process, which must be completed on an annual basis

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

A man checking his watch in front of a clock

Delays in premium processing and movement of funds

Woman with laptop with a clock in the back

High handling time and costs with unnecessary queries

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 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.