Delegated Authority
A delegated authority relationship is formed when an insurer allows a different party to act on their behalf. We are the leading software vendor in the Delegated Authority arena providing a quality, multidimensional and superior software system to our numerous clients to manage and report delegated business in the insurance industry. The ideas set out represent our articulation of current business opportunities. Each idea links to solutions that directly address how each opportunity can be exploited to deliver tangible results for your business.
Delegated Authority in the Lloyd’s market is constantly changing. Over the past few years, Lloyd’s have imposed more regulations with regards to Conduct Risk and Solvency II. To satisfy these new regulations, our clients are required to deliver reporting to prove they are managing their high conduct binders and to demonstrate that they are meeting Solvency Pillar 2 Governance & Supervision requirements.
To enable our clients to fulfil these guidelines, we have had to fully understand these requirements and proactively add enhancements to BDX by way of adding reporting capability and also enrich the quantity of data capture from bordereau and other sources. BDX has been moulded to our client’s requirements over half a decade meaning the software has gone from a bordereau processing system to a complete Delegated Authority management application.
Find out all about BDX here.
Our Software
At Watertrace, we provide a software to implement a governance framework for Delegated underwriting on a global basis.
We provide a broad range of software and consultancy services such as:
• Process
• Systems and Data
• People and Organisation
• Strategy
Our suite of mature software supports the full delegated authority life-cycle. Surrounding this we have key workflows managing the delegated lifecycle which feed and maintain the data:
• Product Governance Workflow – Validating and controlling new target markets and products into service.
• Onboarding Workflow – Managing the creation of a new Delegated Authority.
• Facility Management Workflow – Tracking the lifecycle of a facility, from pre-inception to bind.
• Bordereau Management Workflow – Tracking the collection and processing of bordereau data into a standard format.
• Audit Workflow – Empowering the audit teams to monitor and review
• Renewals Workflow – Tracking
There is a spectrum of sophistication amongst delegated authorities and our modular approach aims to meet the needs of these without the need for the DA to change its operating model or systems:
• Each delegated authority provides bordereaux in their own bespoke formats; our software is able to map, process and standardise these and, as a result of the deep experience, our machine learning algorithm is far advanced in mapping data to V5 and beyond;
• The software is able to integrate through a web service capability for those delegated authorities that are able to do so, to provide batch STP; and
• Then there are those delegated authorities whose systems are simple and our clients offer them our complete underwriting workbench (DeX) through our workflow based Risk Pricing Matrix (RPM) to enable real-time STP.
