Building a policy

From idea to policy

Watch these videos to see how an idea quickly becomes a product and launches to market using a digital, collaborative unified experience layer.

Onboarding

Access to the DA market split into gates, separating personal and entity level checks from product specific checks to streamline the way in which entities access the DA market.

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Access to the DA market is split into gates.

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Gate 1: Personal and entity level checks = marketplace user able to make digital connections with distribution partners & collaborate on proposition build.

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Gate 2: Proposition/Product specific checks = Lloyd’s Approved Coverholder Status granted with launch of an approved product.

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Coverholders sign a single set of market level T&Cs which set their responsibilities and duties as a Coverholder and authorise them to engage with any other party in the market.

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Providing compliance info is super simple, what cannot be obtained via scraping the web can be dragged and dropped into the platform, just once.

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Checks are automated with only exceptions flagged to central compliance.

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Centralised compliance means due diligence information collected is made available to Managing Agents and Brokers who need to see it, when they need to see it.

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Once onboarded the system monitors things in real-time, running further automated checks and requesting updates as needed.

Product Creation

Use digital tools to connect different stakeholders with each other and the proposition data in real time.

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Steps & activities that must be completed to take a product to market are clearly defined.

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Coverholders can choose whether to engage the services of a broker and what services to use.

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Coverholders are able to invite brokers and MAs to view and collaborate on their proposition in real time – one version of the truth with full audit history.

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Standard templates are available to Coverholders to ensure they build a proposition that brokers and MA’s can engage with.

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Deciding who handles claims is a key element of product creation and DCAs are required to confirm their ability to support the product before follow capacity is sought.

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Communications (DMs, group chats, calls, video recording etc.) are all accessible in one place.

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Centralised and standardised recording of costs throughout the distribution chain enables better oversight & analysis of what is driving cost.

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Simplified contracting via a digital product package, that relates to a single product.

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Full visibility and traceability, capturing who does what and when.

Capacity Matching

Streamlined methods for obtaining capacity, both initially and ongoing where capacity needs to be reduced or removed.

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Early engagement and collaboration minimise the need for lead Managing Agents to request further information.

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Data is surfaced in one place – all information captured about an entity and product to date is available to those who need to see it, when they need to see it.

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Workflow will share the proposition automatically with a defined group of follows.

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Full visibility and traceability, capturing who does what and when.

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Ability for Managing Agents to API data into their own systems to analyse and provide a response back via API.

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Contracts of delegation are continuous and capacity ongoing until removed.

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Product launch

A digital, real time means of providing final approvals to previous 'in principle' commitments.

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Real time notification to all involved parties when a product is fully e-stamped and live.

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Lloyd’s Approved Coverholder Status granted with launch of an approved product.

Portfolio & Claims Management

Surfacing product, premium and claims data so stakeholders have access to the information they need, when they need it.

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Risk, premium and claims data is provided via API in real-time.

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All product data can be viewed by all involved parties on an individual product basis or as part of their wider portfolio – always with the ability to API into their own systems.

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Risk and premium data is automatically reconciled, payment files and reports are auto generated.

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Any part of the product package can be amended in real-time to respond to performance, for example temporarily increasing DCA authority to minimise delay and disruption in the event of a surge in claims activity.

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Continuously compile data about each entity to create a set of data driven performance ratings that can be used by others when deciding whether to collaborate, contract and transact together.

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Link policy, claims and external event data to forecast exposure and impact, making this information accessible to DCAs and Coverholders to enable proactive and preventive customer interaction, guidance, and support.

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Automated monitoring of centralised claims e-wallet levels, notifying relevant parties when further funds are required and automatically moving the funds to ensure that claims can always be paid quickly.

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Full visibility and traceability – who does what and when they did it is recorded and reportable.

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