Frequently asked questions
Some of the more common questions asked about Lloyd’s Coverholder Workbench
A digital platform that supports the Coverholder placement lifecycle including submission, rating, quoting, policy generation, management, and cash handling. It is a cost-effective solution to support the Coverholder.
Lloyd’s Coverholder Workbench is already available to UK Coverholders. The platform will be launched to US Coverholders in Q3 2020.
To provide Coverholders the opportunity to work seamlessly with the Lloyd’s market, satisfying all of Lloyd’s reporting requirements. The system is fully compliant with the Lloyd’s Coverholder Reporting Standards and Delegated Data Manager (previously DA SATS).
Lloyd’s Coverholder Workbench delivers the following benefits: reduced IT costs, operational efficiency savings, reduced error rates, simple production of bordereaux, streamlines approval for new Coverholders and ongoing compliance and less on-site audit time.
There is an annual cost per binder product.
Lloyd’s Coverholder Workbench is not a Lloyd’s mandated system.