London Market Insurance
A UK registered Insurance Company benefits from Dellegance
This Insurer Case Study demonstrates the benefits of Dellegance. Dellegance is successfully being used by a UK Insurance company in the London Insurance market who sub-delegates their underwriting authority to a number of internally approved wholesale brokers (Coverholders) via Binding Authority contracts. This generates both internal governance and regulatory compliance issues that must be handled.
A requirement to perform full due diligience including financial review on any new party and re-approval on an ongoing basis via a committee of senior executives.
All contracts require a qualitative review by a specialist team prior to signature by the business. Key risks need to be identified around licensing, sanctions, consumer regulatory compliance dependent on the business class.
Based on the Companies risk framework, Parties and their Contracts will require an audit by an external auditor to ensure contract terms are being complied with and to identify regulatory sub-delegation issues. Recommendations from them need full management with high visibility to management.
To comply with board and regulatory requirements, senior managment need monthly advices to confirm all processes are occuring as expected and significant risk and ommissions with any Party or contract are highlight for board response.
The Solution was Dellegance
Dellegance is very well suited to the ongoing approval of Parties and their Services – Using Templated Reviews carefully aimed at specific Party Services, Jurisdictions, and Business Type, The company was able to produce scripted, risk scored and validated reviews that were automatically and electronically sent to their committee for approval. All steps and responses were recorded & timestamped providing a vital audit trail should the regulator inspect at a later date. Recommendations from the review or the approval were managed by Dellegance as were service levels.
With Contract “Approval” turned on, using Templated Reviews carefully aimed at specific Contract Types, the review team are able to peer review and suggest enhancements to each Contract. The automated approval process emails the business sponsor with recommendations and in addition all contract document are securely kept in Dellegance for future retrieval. Notes and issues can be recorded and diaried for future follow-up
The comprehensive audit management suite in Dellegance allowed for an audit panel to be approved, audit plans to be created annually for each Service type with differing auditor and territories assigned accordingly. Audits were automatically ordered with all appropriate documents linked to the order, saving much time. When audits were received and reviewed, follow up recommendations were classified and managed within Dellegance with the business sponsor and the Part.
Auditors cost and performance were also tracked for later management analysis and reporting.
Using the many dashboards, automated emails and reports, various levels of management maintained full and accurate visibity of all the processes and outcomes from high risk relationships, poor contractural arrangements, unstisifactory audits and ongoing approvals. There was high visibility of incomplete work items, expired approvals or recomendations outstanding from Reviews, Approvals and Audits along with instanct access to historical reviews and documents. Managers set-up weekly automated summaries to ensure all work areas were completed to agreed service levels. High level board reproting was generated showing progess and exeptions.