Delegated Authority
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.
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.
The complete Delegated Authority Management Application
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 bordereaux and other sources.
BDX has been moulded to our client’s requirements over a decade meaning the software has gone from a bordereaux processing system to a complete Delegated Authority management application.
Our Software
At Watertrace, we provide the software to implement a governance framework for Delegated underwriting on a global basis.
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.
Bordereaux Management Workflow
Tracking the collection and processing of bordereaux data into a standard format.
Audit Workflow
Empowering the audit teams to monitor and review coverholders and TPAs.
Renewals Workflow
Tracking and validation of original onboarding data for Renewals.
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 Delegated Authority to change its operating model or systems
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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;
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The software is able to integrate through a web service capability for those delegated authorities that are able to do so, to provide batch straight-through processing (STP); and
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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.