Features and benefits
Designed from the ground up, Lloyd’s Coverholder Workbench has a number of key features that makes it flexible and bespoke for each user.
Flexible workflow management
Ability to manage the workload of quotes, policies and endorsements via real time visual controls and reports.
Flexible document production and control
Bespoke document templates are provided which are fully editable where appropriate, while maintaining full audit control.
Full internal rating capability
Ability to convert existing rating schema into a version that can be uploaded into Lloyd’s Coverholder Workbench. If the rates change, a new version can be simply and quickly uploaded. Full rating history is maintained.
Comprehensive reporting suite
Provide insights into the underwriting activity on the system including quote ratios, pipeline premiums and rate information, as well as other areas such as workflow (activity) management, credit control and aged debt.
Fully compliant bordereaux production
Lloyd’s Coverholder Workbench captures risk data in a single place to satisfy Lloyd’s and local reporting requirements, bespoke to the class of business and region. Data capture includes all fields required to drive the rating schema. Lloyd’s Coverholder Workbench will generate a Lloyd’s compliant risk and premium bordereaux. These can be accepted by the Delegated Data Manager (DDM) without any rework or translation, for swift transmission to Managing Agents.
Complete Tax Reporting
This includes billing, invoicing, cash allocation, supporting UK and US Surplus Line tax recording. Lloyd’s Coverholder Workbench provides full data transfer of policy capture, avoiding re-keying and reconciliation issues.
What are the benefits?
Lloyd’s Coverholder Workbench provides numerous benefits to the market
- Streamlines Coverholder processes, managing quoting, binding, automatic document production, submission, and premium accounting
- Offers reporting insights, including quote/bound/declined ratios, pipeline premiums and rate information
- Reduction in errors and omissions due to structured data capture
- Simple production of bordereaux, fully compliant with Lloyd’s Coverholder Reporting Standards and Delegated Data Manager (previously DA SATS)
- Reduction in IT running costs
- Less on-site audit time
- Increased operational efficiency
- Streamlines approval for new Coverholders
- Reduces the need for bordereaux cleansing and validation
- Management of the referral process to Underwriter/Broker
- Allows focus on value added activity
- Reduction in downstream errors as any inaccuracies are addressed at the front end by Lloyd’s Coverholder Workbench
- Increases efficiencies of audits