Risk placement
Submission and quote
-
Broker builds out the risk contract details with the client -
Broker presents the risk to the underwriters in the market -
Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote
Risk placement
Firm order and bind (written lines)
-
Underwriter conducts relevant compliance reviews of the contract pre-bind -
Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk
Risk placement
Signing down and contract complete
-
Broker signs down the placement for risks that are oversubscribed, to ensure it adds up to 100% -
If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)
Premium processing and payment
Accounting and settlement
-
Broker creates the accounting instructions -
Broker provides relevant information for processing
-
Broker may receive queries for more information -
Once the premium is paid by the client, the broker triggers payment of the premium to underwriters -
Underwriter receives a notification when the funds have been settled -
The Corporation receives the relevant tax and regulatory data
Pain points
View the pain points that our new digital solutions are addressing for placing risk in the open market.
Solutions
We’re delivering several solutions which are transforming how we’re placing risk in the open market. Learn more about these solutions, including our progress, benefits and where to find out more.
