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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Review actions

• Allow online review/reporting of outstanding actions

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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

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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

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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

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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

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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

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Limitations

• Does not currently support multi stamps and pools
• Does not currently support hybrid risks (mixed Binder / Open Market)

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