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You are here: Home / Services / iPlace: electronic placing / iPlace functionality

iPlace functionality

 

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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Our SaaS services…

  • Web Apps
    • Publishing Portal
    • Xsus Coverholder portal
    • Xsus Construction portal
    • Case study
  • iPlace: electronic placing
    • iPlace and the FOG Paper
    • iPlace functionality
    • iPlace case study
  • eEndorsements
  • eAccounts
  • eClaims
  • A&S
  • ECF
  • Vendor Integration
  • Insurance Consulting

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