“We have been greatly impressed with the recent progress on revised reporting formats and the general functionality of the portal.” Bernard Rice and Stewart Juniper, Markel International
Lineage is a work in progress and continues to evolve based on stakeholder feedback and market initiatives. The following provides the status of the three main components of the Lineage platform.
Accounting & Settlement
In 2008 the Accounting & Settlement component (formerly known as Scheme) was migrated to the platform. All valid premium and claim transactions, including advances and reclaims, entered in Lineage are also created in real time in Accounting & Settlement thereby assuring integrity between what is reported and what is settled. The availability of detailed cash flow projections provides the tools to facilitate any required reconciliations and to identify any possible anomalies before they are settled.
Business Intelligence
This reporting facility allows all authorized users to access high level data via executive dashboards and to create tailored reports based on the criteria that is most meaningful to the user. Available categories of reports are:
- Premium and Claim breakdowns by year of account, region, line of business and risk code categories
- Premium income monitoring
- Claim movements
- Earthquake exposure
- Risk and claims extracts (ability to crate a monthly bordereaux)
- In force extracts including an ACORD ER3001 Canadian equivalent
Effective October 2010 users will have the ability to save and rerun their favorite reports
Insurance Reporting
Usability is a key focus and every effort is made to help ensure the user’s workflow is as intuitive and straightforward as possible. Data quality is paramount and business rules are continuously reviewed to arrive at a balance of what is necessary and what is “nice to have”.
“Lineage allows smaller volumes of often profitable business to be handled in an efficient manner and provides all stakeholders the opportunity to accurately view their current results in a consistent and timely manner.” Mick Morgan, RFIB Group Limited.
What it means for market participants
The continuous improvements introduced to Lineage are driven by extensive input from market participants. Our aim is to help improve business practices for all parties and remove duplicative effort wherever possible.
Coverholders
Lineage reports should greatly reduce the need for coverholders to create supplemental reports for their syndicates and brokers.
Managing agents
Advanced business processes help managing agents run their business more efficiently and can improve risk management. They also ensure compliance with regulatory requirements at both Federal and Provincial levels.
Brokers
Standardized data further lightens brokers’ administrative burden and enables easier discussion of renewals. Lineage also provides automatic settlement of brokerage.
Lloyd’s
The evolution of Lineage demonstrates Lloyd’s commitment to the binding authority market in Canada. It is also pioneering best business practices in the wider market.
“QBE Underwriting Limited is a keen supporter of Lineage because of the unique and significant processing and accounting benefits which it provides.” Brian Hunt
Contact a member of the Lineage team for advice or a demonstration.
Let us show you what Lineage can do. Contact one of the team and we’ll arrange a one-to-one demonstration of the system. We also offer staff training.
UK
Barney Smith
Manager
Lloyd's Delegated Authorities
Lloyd's Telephone +44 (0)20 7327 6057
or
Canada
Lloyd’s Canada Contact Center
Telephone: +1 514 864 5444 (from the UK)
1 877 455 6937 (from North America) or
1 877 (4LLOYDS)
Email: lineage@lloyds.ca
Find out what Lineage is and how it can help you.
Lineage is a simple cost effective way of delivering the services provided by Lloyd's Canada. It consists of the following service lines:
- Clearing –settlement services providing for the monthly/daily settlement of premiums, paid claims, claim advances and other expenses relating to Canadian dollar binding authority business.
- Compliance – collation of regulatory data and reporting on behalf of Lloyd’s underwriters.
- Analysis – provision of data and statistical information to customers.
- Business Controls and Management – a mechanism for the conduct of certain business functions, such as above authority claims administration.
- Customer Service Centre – providing assistance to customers with regard to such issues as regulatory requirements, business processes and the how tos of the various Lineage features.
Download our information sheet for more information on Lineage
Lineage information sheet (63KB, pdf)
