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Delegated authority now represents more than 40% of Lloyd’s gross written premium and over 10% of the UK general insurance market (Deloitte). Yet much of the operational infrastructure supporting that volume still depends on spreadsheets, email chains, manual reconciliations, and disconnected workflows. The result is not simply inefficiency; it is operational drag at market scale. The London Market is estimated to spend more than £800 million annually on operational burdens s

Why are insurers moving away from monolithic core systems? For nearly two decades, insurance modernisation followed a predictable formula; consolidate systems, centralise workflows, and push more operational capability into a single core platform. The Policy Administration System became the centre of gravity for underwriting, administration, reporting, integrations, and operational control. Now the market is moving in the opposite direction. The rise of “Skinny PAS” architect

A bordereau (plural: bordereaux) is a structured report used in insurance to list risks, premiums, or claims under a delegated authority agreement. It’s submitted by a coverholder or third party to an insurer or reinsurer, typically on a monthly or quarterly basis. In practice, bordereaux are not standardised. They vary widely in format, structure, and data quality, which is where most operational problems begin. Bordereau Definition: Understanding Bordeaux and their role in

Across the Lloyd’s and specialty insurance market, few operational frustrations are as persistent or as quietly consequential as the inability to reconcile what should be a shared view of the truth. Data exists in abundance, yet confidence in that data remains uneven. Underwriting systems, bordereaux submissions, claims reports and finance models frequently tell different versions of the same story, each shaped by its own timing, structure and interpretation. This is not simp

As financial institutions across insurance, banking and asset management increasingly embed artificial intelligence into underwriting, claims processing, investment analysis, fraud detection, compliance, and operational workflows, governance expectations are evolving just as quickly. Boards are now faced with a practical challenge: how to ensure AI systems remain transparent, controllable, and resilient while regulatory expectations are still developing. Across the financial

How to Simplify and Innovate Your Banking Operations Banking complexity is under renewed scrutiny, as regulators and industry leaders examine the risks posed by outdated systems, manual workflows, and siloed data. Banking technology spending continues to rise, yet innovation budgets remain constrained. This paradox costs the industry billions annually and slows down progress. Banks spend more than 10% of their revenues on technology , one of the highest ratios across industr

In delegated authority, technology isn’t just “software.” It’s the backbone of your underwriting operations. It helps you ingest bordereaux, standardize data, route exceptions, and produce the evidence that your stakeholders (and regulators) expect. A Problem-Led Guide to Data + Process Automation Readiness for Insurers The Evolving Landscape of Automation By 2026, the expectations have shifted again. The study, The Value of AI in the UK: Growth, People & Data, produced with

Exploring the Hidden Costs: The Impact of Data Exchange Failures in Financial Services The Persistent Human Cost of Data Exchange Failures in Financial Services Data exchange sits at the heart of financial services because every trade, claim, and underwriting decision depends on the smooth movement of structured information between organisations. Although the industry has made considerable progress in modernising technology, firms still struggle to ensure that both sides of a

The collapse of Silicon Valley Bank highlighted how financial disruption can rapidly expose weaknesses in operational resilience, dependency mapping and recovery planning. The Failure of Silicon Valley Bank The California-headquartered Silicon Valley Bank, known for helping founders, innovators and start-up companies get started in growing a business has recently failed on March 10th 2023 following a number of hapless investment decisions. U.S. regulators have shut down the b