What is 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.
When will Lloyd’s Coverholder Workbench be available?
Lloyd’s Coverholder Workbench is already available to UK Coverholders. The platform will be launched to US Coverholders in Q3 2020.
Why is Lloyd’s offering Workbench to Coverholders?
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).
What are the benefits of Lloyd’s Coverholder Workbench to Coverholders?
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.
Is there a cost to use Lloyd’s Coverholder Workbench?
There is an annual cost per binder product.
Is use of Lloyd’s Coverholder Workbench mandatory?
Lloyd’s Coverholder Workbench is not a Lloyd’s mandated system.
How can firms register their interest in Lloyd’s Coverholder Workbench?