Coverholder Workbench removes the barriers to delegated authority business
Blog -- 06 July 2021
Author: Sequel Marketing
Lloyd’s Coverholder Workbench – the new digital delegated authority placement platform developed by Lloyd’s in partnership with Sequel – removes barriers to entry and helps coverholders write business more quickly, transparently and effectively than before, Managing General Agent Association (MGAA) members heard in a webinar featuring Sequel Chief Experience Officer Tim Rayner, Lloyd’s’ Head of Global Operations and COO, Americas, Marc Bloom, and Lloyd’s Stakeholder Manager Dex Bransby.
“We didn’t want investment in technology to be a barrier to entry for coverholders any longer, so we developed a turnkey solution to simplify, streamline and modernise coverholder business,” Bloom explained in the session entitled ‘Introducing Coverholder Workbench’.
Coverholders accounts for 30% of Lloyd’s premium, yet inefficiencies still exist in the delegated authority market, with many firms still relying on manual processes, spreadsheet bordereaux and the use of multiple systems to administer and report on business.
Workbench is a configurable Cloud-based platform which brings all the essential trading tools for coverholders – rating, quoting, document issuance, premium handling,– into one system and will eventually provide a feed directly into Delegated Data Manager (DDM), the market’s central data capture platform.
According to Bloom, Workbench “sits squarely within London’s delegated authority digital ecosystem and the Future@Lloyd’s”, integrating seamlessly with DDM and Cloud-based solutions such as Sequel’s Rulebook and Rulebook Hub, though he stressed the strategy is vendor agnostic and used voluntarily rather than mandated by Lloyd’s.
By automating many manual tasks and streamlining workflows, Workbench significantly reduces rekeying and human error, bringing cost savings and efficiencies to coverholders, the panel said. “Workbench also delivers efficiencies by allowing market participants to share accurate, consistent data in near-real time – enabling better decisions-making and bringing products to customers quicker,” added Rayner.
One of Workbench’s most important functions is the simple production of digital bordereaux, fully compliant with Lloyd’s Coverholder Reporting Standards, which can be generated whenever needed rather than on a fixed monthly or quarterly basis. At present, users simply drag and drop bordereaux data into DDM but, according to Bloom, Workbench will soon populate DDM automatically, making the process even simpler.
This spells the end for spreadsheets, giving capacity providers real-time visibility over delegated business rather than operating on a lag of several weeks. Stakeholders also access enriched data from Workbench coverholders, such as quote to bind ratios, technical versus offered prices, estimated premium income and bespoke reports.
“Workbench provides a single platform through which brokers, MGAs and coverholders can access reliable information and enhanced insights in near real-time, bringing a new level of transparency and responsiveness to delegated authority business,” said Rayner.
The system also significantly reduces time to market and removes the risk of system limitations holding coverholders back from winning Lloyd’s approval. “Workbench can reduce approval time by around 30% as it is already a Lloyd's-approved system,” Bransby explained. “If you are a coverholder bringing on a new product, you've got a capacity provider and you need a system to manage the product or risks, Workbench gets you trading with Lloyds and reporting to the required standard within a few weeks.”
Bloom encouraged users of the solution – which is currently being offered pro bono – to provide feedback to help Lloyd’s and Sequel continue to make improvements to help delegated authorities operate even more responsively and cost-effectively.
“Lloyd’s wants to make sure it delivers right first time,” he said. “The better engagement we have with coverholders, the faster and better the implementation will be.”
Find out more about Coverholder Workbench.
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