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Types of business and processes supported
Open-market placements
Binding Authorities, Lineslips & Declarations
Vertical Placement
Risk information
Select Potential Market
Placing Process
Documents
Carrier response
Carriers: Conditional lines
Broker management of responses
Present Resubmission
Handling off-line requests/responses
Close risk & sign-down
Contract Changes (Endorsements)
Declarations
Modify risk data or documentation
Produce evidence of cover
Review actions
Record/advise/agree actions completed
Audit trail & reporting
Administration/Other
User Interface and Search
Interfaces/Relationships with other systems
Limitations
Top
Open-market placements
- Contract Types
- Insurance
- Reinsurance
- Placement Types
- Single Section
- Multi Section
- Submission Types
- Initial submission/build
- Quotation
- Firm order
- Subscription Request
- Signed Line Advice
- In flight endorsement
- Supply Additional Information
- Endorsement
- Withdraw order/endorsement
- Cancellation/NTU
Binding Authorities, Lineslips & Declarations
- Cover Types
- Binding Authority
- Master Cover
- Facility
- Lineslip
- Open Cover
- Placement Types
- Single Section
- Multi Section
- Submission Types (Master Contract)
- Firm order
- Subscription request
- Signed Line Advice
- Supply Additional Information
- Endorsement
- Cancellation
- Submission Types (Declaration)
- Firm order
- Subscription request (if
required) - Notice
- Supply Additional Information
- Endorsement
- Cancellation
- Link between Master Contract & Declaration
- View all declarations for a Facility/Lineslip/Open Cover
- Report on Declarations for a Facility/Lineslip/Open Cover
- Report on Endorsements for a Facility/Lineslip/Open Cover/Declaration
Vertical Placement
- Supported on:
- Open Market Placements
- Binding Authorities
- Facility/Lineslip/Open Cover
- Segregation of Brokerage & Premium across Markets
- Core Document & Carrier specific documentation supported
Risk information
- Set-up key risk data
- Maintain key risk data
- All data held in an ACORD RLC format
- Validation rules over minimum data
- Validation rules applied to types of risk
- Maintain Broker / Carrier contact information
- Varying risk data at section level
- Link risks or layers into a programme
- Link between renewal & renewed contract
Select Potential Market
- Carriers/Underwriters/Teams maintained in a directory
- Directory synchronised with TMEL Market Directory
- ‘Acceptable Carriers’ lists per broking organisation by class of business
- ‘Acceptable Carriers’ lists available to Brokers when preparing submissions
- Select Carrier Organisations to present the submission to
- Select specific Underwriter(s) to present the submission to
- Select specific Underwriting team(s) to present the submission to
- Add markets to a risk during placing
- Allow potential markets to be populated from Brokers internal systems (via integration facility)
- Allow potential markets to be populated from a prior risk record e.g. last year’s placement.
- Validate that potential recipients are still valid Carriers/Underwriters/Teams
Placing Process
- Submit Quotation Requests to one or more markets simultaneously
- Multiple Quotations can be offered by Carriers
- Order Offer to Leader initially, then Subscription Market
- Allow Broker to enter free-text
- Prompt Broker that they will be sending a legally binding offer before submission
- Once submission confirmed, generate submission entry within Carrier(s) inbox
- All submissions to Carriers are in ACORD RLC format
- Allow Broker to propose settlement terms
- Allow Leader to amend settlement terms
- Risks can be reassigned to other teams within an organisation
Documents
- Create a document pack
- Core documents are mandatory at certain placing stages i.e. MRC / MRCE
- Core documents must be in Microsoft Word or PDF format
- Other documents can be added in various formats, each with an associated document type
- Other documents to be available/unavailable to specific Carriers
- Other documents to be available/unavailable to a specific group of Carriers
- Documents cannot be removed once they have been submitted to any Carrier
- Apply file size limit per document (as per market standard)
- Version control documents
- Date/time stamp documents
- Ensure previous versions remain available
Carrier response
- Receive response
- Confirmation process to highlight legal implications of providing a response which can bind the risk
- Where necessary, apply a second-authoriser process before a risk can be bound
- Add underwriting references etc.
- Allow multiple references per line
- Allow references to be associated with risk codes
- Add new references on an annual basis for risk across multiple years
- Reference changes notified to the Broker
- References are searchable
Carriers: Conditional lines
- Conditional Responses allowed
for certain Carrier responses- Firm Order/Subscription
- In-Flight Endorsement
- Endorsement
- Binding Authority
- Declaration
- Master Contract & Facility/Lineslip/Open Cover
- Carrier can add one of two types of Line Condition
- Broker response required
- No Broker response required
- Carrier submits each Line Condition as structured data containing
- Type
- Details
- Date to be completed
- Conditions until met
- Conditions if not met
- Set up workflow entries to monitor resolution
- Allow administrators in each Carrier organisation to define model line conditions
- Allow Carriers to select model line conditions
- Allow Carriers to apply multiple Line Conditions
- Allow Brokers to accept/reject specific Line Conditions
- Allow Broker to respond to a Line Condition with a supporting document
- Allow Carrier to accept/reject Line Conditions which Broker advices as met
Broker management of responses
- View responses received
- Filter responses by all elements of the risk
- Review accept/decline Line Conditions
- Request extension to date that line condition is to be completed
- Allow Broker to remove underwriter from ‘prospective markets’ list
- In this instance reflect offer as ‘withdrawn’ in Carrier’s view
- Where response received on endorsement subject to defined market protocols (e.g. GUA), automatically set up workflow entries in respect of required agreement parties
- Where response received on declaration subject to further agreement, automatically set up workflow entries in respect of required agreement parties
- Monitor/report on the gaining of all necessary agreements
- Reporting of outstanding actions/agreements
Present Resubmission
- Allow Broker to present resubmissions in respect of unbound lines
- Create new entries in Carriers’ in-box in respect of any such resubmissions
Handling off-line requests/responses
- Record off-line Leader comments/settlement terms
- Operate as a single hub for risk distribution (including email & ‘paper’ lines)
- Maintain a central record of all lines obtained (whether on or off-line)
- Where appropriate, allow production of an evidence of cover catering for on & off-line lines
- Provide all lines to Broker systems via an integration facility
Close risk & sign-down
- Confirm that the risk placement or endorsement has been closed
- Record indication that there are no outstanding actions e.g. material facts disclosure
- Prevent further lines/agreements for a closed item
- Enter signed lines, taking into account Lines to Stand
- Make signed lines available to other functions e.g. evidence of cover production
- Make signed lines and other risk data available to participating Broker and Carrier systems, via appropriate ACORD messages
- When closed, allow Broker to see details for all markets
- When closed, all carriers able to see their details & those involved in the placement
Contract Changes (Endorsements)
- Set-up endorsement submission
- Submit endorsement
- Maintain workflow actions to progress endorsement
- Maintain documentation pack for endorsements
- Generation of Notifications based on Carrier agreement role
Declarations
- Set-up declaration submission
- Submit declaration
- Maintain workflow actions to progress declaration
- Maintain documentation pack for declaration
- Generation of Notifications based on Carrier agreement role
Modify risk data or documentation
- Amend risk data/documentation pack in the light of responses received
- Modify market participations in the light of responses received
- Control modifications such that where risk has already been bound they can only be actioned via endorsement or in-flight endorsement
- Take a fresh snapshot of further agreements gained via endorsement
- Where approval has been granted then a risk can be cancelled; and the reference re-used to restart the risk submission and agreement process
Produce evidence of cover
- Produce evidence of cover including signed lines
- Allow Broker-specific branding of evidence of cover
- Within generic solution, allow Broker choice over evidence of cover format
Review actions
- Allow online review/reporting of outstanding actions
Record/advise/agree actions completed
- Allow recording of completed actions/subjectivities
- Where relevant, provide mechanism to allow underwriter review/agreement of actions completed by Broker e.g. provision of satisfactory survey
Audit trail & reporting
- Maintain an audit trail of all actions performed
- Allow review of audit trail
- Provide pre-defined management information e.g. transaction volumes
- Allow selected data to be available to support ad-hoc reporting
Administration/Other
- Active & non-active users
- User maintenance
- Administrator maintenance of Groups/Teams
- Administrator maintenance of user access rights
- Customisation of automated alerts at organisation level
- Customisation of automated alerts at individual user level
- Capture endorsement and claims agreement roles as structured data
User Interface and Search
- Intuitive user interface
- Limited mandatory data
- Limited screen navigation
- Search by Broker
- Search by UMR
- Search by Carrier reference
- Search by insured
- Search by re-insured
- Search by group reference
- Search by programme name
- Search by inception date
- Search by any data item
Interfaces/Relationships with other systems
- Can be used as a standalone solution
- Can be integrated with internal systems
- Maintains structured ACORD(RLC) risk data
- Maintains offer and response data
- Maintains workflow management data
- Maintains audit trail records
- Maintains supporting documentation
- Limits on access to private information
- Use of ACORD RLC data standards
- Use of ACORD messaging standards & market protocols
- Provides basic ‘free text communications’ between Broker/markets
- Risk data from Broker systems
- Documents from Broker systems
- Provision of finalised risk data to Broker / Carrier systems
- Provision of documents to Broker / Carrier systems
- Exchange of workflow data with Broker / Carrier environment
- API interfaces with Broker / Underwriter systems
- Conformance with ACORD messaging standards
- Supports messaging via TMEL
Limitations
- Does not currently support multi stamps and pools
- Does not currently support hybrid risks (mixed Binder / Open Market)