Making life easier for our coverholders
Posted by Adam Stafford | Market Development on Thursday 28 October 2010, 5:03PM Share
The advent of technology for coverholders is upon us as a key step towards an electronic future is launched this week!
Allowing brokers and agents to underwrite insurance on behalf of syndicates has been a very effective and long standing model at Lloyd’s. These ‘coverholders’ (of which there are around 2,600 globally) bring in around 30% of Lloyd’s premium and were highlighted as strategically critical to the market in the strategic review last year.
As mentioned on Carl Phillips' blog, there is a programme of activity underway this year across the market to enhance and promote the coverholder channel for the future. This week sees the deliverable of one of the most important initiatives and an important milestone in the history of coverholders at Lloyd’s. On Friday 29th October we will launch a standard ‘bordereau’ (set of data) for coverholders to use to report premium, tax and regulatory information to Lloyd’s.
For those close to coverholders you will know we already have an exposure management standard for property risk information live with ACORD (the insurance standard's body) which has been developed with Paul Nunn’s team, ACORD and the market. This new standard will sit alongside the risk standard and be used by coverholders to report to London.
This may sound like a small and rather bureaucratic step but it is in fact a giant leap towards the plan to use technology in the coverholder distribution channel. The agreement by the market to a standard set of reporting data for premiums allows brokers, managing agents and crucially coverholders to better plan use of technology that allows data to move between all parties electronically.
Sarah Thacker has led this work at Lloyd’s so a huge thanks to her for pushing forward on what, at times, seemed like an impossible challenge!
Find out more about the new standards
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