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A seamless approach to Delegated Underwriting Authority

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Published on:26th April 2024
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As we remain in a hard market, insurers are looking for ways to increase productivity and improve performance. Underwriting Workbenches are introducing new opportunities for insurers to achieve this through optimised underwriting processes and the ability to quickly introduce new products to the market.

Built on a leading Underwriting Workbench, our Delegated Underwriting Authority Workbench gives insurers a single platform for open market and delegated business. Coverholder, binder and bordereaux management are integrated within the Underwriting Workbench to give insurers a single platform to manage these.

 

A seamless approach

Insurers no longer need to navigate multiple systems to oversee the onboarding process and manage the performance of your delegated business.

Our integrations and workflows combine to simplify how teams manage Coverholders, binding authority, and bordereaux ingestion – as well as validation within your existing underwriting process.

We’ve combined these Delegated Underwriting Authority requirements with the power of our Underwriting Workbench to help teams focus on product development and growing your delegated business.

These disparate processes and systems are often managed outside of any open market business, leading to difficulty in provisioning MI that includes an overall portfolio performance.

Send’s Delegated Underwriting Authority Workbench simplifies a landscape that can be inherently complicated by separate onboarding processes that are hard to track and multiple systems to manage ongoing performance of the binders.

 

Core components for Delegated Underwriting Authority

From within our Underwriting Workbench, we have 40+ lines of business, mature workflows, and insurance integrations to streamline the underwriting process.

As part of our Delegated Underwriting Authority Workbench, we include specialised Delegated Underwriting Authority components:

 

Coverholder Management

Coverholder relationships are key to successfully managing your delegated business. Designed to improve the oversight of Coverholders, we enable you to easily capture key Coverholder and binding authority details for a seamless onboarding process.

Integrated workflows simplify the process of creating new and managing existing Coverholders. Data services ensure you are using a known entity when creating a Coverholder and referrals to manage approvals.

Onboarding new Coverholder can be managed in an efficient and transparent way within Delegated Underwriting Authority Workbench.

Initial data capture and due diligence, including automated sanction checks, can initiate a workflow that distributes activities across multiple teams who need to review and authorise Coverholders. Activities are assigned at the point of data completeness and all interested parties can clearly view where in the process any given Coverholder is with all related documentation loaded to the record.

 

Managing your Binding Authority

Binding Authority contracts can be set up with specific workflow to manage the process and bind of the contract. The binder details will include defining the contractual details that can then be applied to bordereaux ingestion automatically. Endorsements, MTA’s and renewals can be managed on the platform.

Our review and approval processes enable underwriters to easily capture and store all relevant details related to your contracts. This ensures that your contracts are accurately recorded and readily accessible whenever you need them.

 

Bordereaux Management

The volume of unstructured bordereaux can be overwhelming. Our Bordereaux Ingestion component maps risk, premium and claims data from different sources into a standardised format – providing you with better risk data within a single standardised view.

As part of the Delegated Underwriting Authority workflow, we enable key terms of the contract to be captured within the workflow to validate the bordereaux when it is ingested. These automated checks significantly reduce errors and improve data accuracy.

 

Compliance & Insights

Managing compliance and being able to gain insights from large volumes of complex data is key to growing your delegated business.

Our reporting capabilities allow you to track bordereaux and produce consolidated data for better insights from premium, risk and claims data.

Coverholder relationships and compliance are also simplified with the ability to conduct due diligence checks and monitor compliance with binding authority agreements.

This makes it easier to stay informed and have a single view of your open market and delegated business.

Ready to get started?

We’re here to take all the stress out of managing your delegated business, so you can focus on growing your portfolio.

For more details, please click here: Delegated Underwriting Authority. Or click here to speak to our sales team.

 

 

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