No unified view of data
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 marketPain point not applicable to this step -
Underwriter reviews the contract, negotiates the risk with the broker, and provides a quoteThere is no centralised quote capability
Risk placement
Firm order and bind (written lines)
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Underwriter conducts relevant compliance reviews of the contract pre-bindPain point not applicable to this step -
Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the riskPain point not applicable to this step
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%Pain point not applicable to this step -
If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)Full visibility of tax and accounting data is not always available early in the process, delaying downstream processing
Premium processing and payment
Accounting and settlement
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Broker creates the accounting instructionsPain point not applicable to this step -
Broker provides relevant information for processingInformation is submitted in different formats, which needs to be checked manually and validated by central processing services
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Broker may receive queries for more informationThe most current master risk data is held in the central processing services platform and is updated to reflect the queries; these updates do not flow back to broker and underwriter systems until the risk/endorsements are signed
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Once the premium is paid by the client, the broker triggers payment of the premium to underwritersPain 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 dataLack of structured data and audit trails of information; additional data must be collated to supplement the signed down data from the placement process to create regulatory reports
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.
