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.

What are the benefits?

Lloyd’s Coverholder Workbench provides numerous benefits to the market

1. Coverholders:

• 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

2. Brokers:

• 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