Data needs to be re-keyed numerous times
Risk placement
Submission and quote
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Broker builds out the risk contract details with the clientPain point not applicable to this step -
Broker presents the risk to the underwriters in the marketNegotiation data must be manually keyed in from the broker’s internal system to a placement platform
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Underwriter reviews the contract, negotiates the risk with the broker, and provides a quoteRisk data must be manually re-keyed from the contract into broker and underwriter systems in line with discussions
Risk placement
Firm order and bind (written line)
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Underwriter conducts relevant compliance reviews of the contract pre-bindUnderwriters must re-key data for contract compliance checks using additional Lloyd's online tools, such as Crystal
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Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the riskKey risk data must be taken from the bound contract and re-keyed into various underwriter systems, such as the Policy Administration System (PAS), and any changes need to be reflected in broker systems
Risk placement
Signing down and contract complete
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Broker signs down the placement for risks that are oversubscribed, to ensure it adds up to 100%Percentage changes must be re-keyed into broker systems on sign down
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If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)Pain point not applicable to this step
Premium processing and payment
Accounting and settlement
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Broker creates the accounting instructionsAdditional information (e.g. tax payments and expenses deductions) must be collated from numerous sources and re-keyed into market systems
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Broker provides relevant information for processingA work package (i.e. contracts, LPANs, tax schedules) must be submitted to central processing services and information re-keyed into mainframe platforms (LIDS or PoSH)
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Broker may receive queries for more informationAdditional information must be re-keyed into central processing services platforms
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Broker builds out the risk contract details with the clientPain point not applicable to this step -
Underwriter receives a notification when the funds have been settledPain point not applicable to this step -
The Corporation receives the relevant tax and regulatory dataInformation required for creating regulatory and tax reports has to be collated manually from numerous sources
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.
