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Functionality and benefits

How Delegated Contract Manager makes managing delegated authority business more efficient.

Key functionality

Binder registration

Delegated Contract Manager will manage the registration of all new contracts. The system can perform binder validation checks at an earlier stage, leading to better quality data and less re-work.

Creation of binding authority contracts

The optional Contract Builder tool will enable delegated authority contracts to be produced upfront in an electronic manner with automated data validation checks being conducted as the contract is being produced.

Renewal of existing binding authority contracts

Delegated Contract Manager can copy relevant data from the previous contract to speed up the renewals process.

Collaboration on binding authority contracts

Delegated Contract Manager will allow all parties to collaborate in real time on a contract, showing amendments by the contract creator at the request of the leader.


What are the benefits?

Delegated Contract Manager will provide numerous benefits to the market

  1. Coverholders:
    • More oversight of contracts
    • Real-time visibility of contract progress
    • Easier to make changes and updates to contracts
    • Access to better reporting, enabling richer business insights
    • Ability to sign off contracts on system

  2. Brokers:
    • Contract data will only be entered once and be registered simultaneously
    • The registration data will feed Delegated Data Manger the contract details
    • All data is held centrally and available to all relevant parties
    • Contract data is validated against QA tool rules early in the process, so there are fewer errors to correct, saving time and cost
    • There is a single source of information for contract data rather than multiple, inconsistent versions

  3. Managing Agents:
    • Underwriters can collaborate real time on a contract and see what has been changed then be able to conclude contract on the same workflow
    • Contract data is validated against the QA tool rules early in the process, so there are fewer errors to correct, saving time and cost
    • There is a single source of information for contract data rather than multiple, inconsistent versions,
    • The registration data will feed the contract to Data manager reducing the need for rekeying and reduce errors
    • Better quality structured data is available to support analysis and decision making