This will bring an end to the paper chase and will deliver real business control for insurance companies, intermediaries and producers involved in the Binding Authority chain
London 5th June 2006 – Eurobase Insurance Solutions today launches Scheme Manager – a complete solution for managing delegated authorities, automating the entire process of binder management, insurance product distribution and bordereaux processing. Scheme Manager is the first off-the-shelf electronic solution to be offered to the Delegated Underwriting Authority (DUA) global market – one which traditionally relies largely on inefficient and time-consuming paper based procedures.
Scheme Manager fills a vital need for the DUA insurance sector. One of the most common forms of insurance processing, it is can also be one of the least efficient. There is a constant paper chase as bordereaux, statements and settlements are communicated up and down the distribution chain from coverholder through intermediary to the insurer. This means there is always a delay between when policies are bound or claims are reported to when the insurer is advised. Consequently, the parties rarely have an up-to-date position of their exposures and losses that are sitting in the pipeline. To reduce the impact of these delays, administration costs frequently rise and in particular intermediaries can feel the additional burden on their operating margins.
Eurobase’s solution will bring benefits to all within the DUA process. Insurers will take advantage of improved credit control and tighter supervision of underwriting rules and rates. Intermediaries will gain from administrative savings, enhanced cash flow and improved service both to insurers and producers. New products can be quickly defined and distributed to coverholders, permitting faster speed to market. Comprehensive analysis of binder profitability together with improved controls over binder performance also places intermediaries in a better position to negotiate better renewal terms with insurers. In addition, Scheme Manager demonstrates the accurate management of client money accounts to regulators, such as the Financial Services Authority (FSA). Finally, producers benefit from the opportunity to enhance client service and retention and lower claims handling costs. All parties will have the opportunity to strengthen their business partnerships as a result of the clearer, faster and more accurate communication of business records.
Richard West, Sales Director of Eurobase Insurance Solutions, comments: ”There is an urgent need for the vast bulk of paperwork to be eliminated from the process. Elsewhere in the financial services industry companies benefit from a real-time risk position, a high degree of business intelligence, predictive analysis and the massive economies of scale which can be gained through automation. We believe now is the time for the DUA sector to catch up and start reaping the benefits of technology too. Scheme Manager is the solution that at last enables insurers, intermediaries and producers to do this and easily meet the ever-increasing need to comply with regulations from the FSA and its equivalents worldwide.”
Scheme Manager is available now and is designed to work with the existing Eurobase Synergy technical platform for general insurance companies writing commercial or retail business, either directly or via a network of agents and brokers.