PRO Insurance Solutions

Live

PRO offers a full underwriting administration support package to Lloyd’s syndicates and companies. Our service encompasses pre-risk audit and risk capture, claims management and inspection through to technical, financial and accounting services, contract certainty and regulatory reporting.

Working in partnership with our clients, we are able to utilise remote links to their mainframes and workflow systems to provide a seamless outsourcing solution, or to provide a complete stand-alone platform. Our live underwriting support services cover all of the following business critical areas.

• Understanding the risk pre-underwriting
• Indexing of risks and the analysis, calculation and entry of slip and endorsement data
• Regular chasing for the receipt of wordings and property schedules
• Manipulation of property exposure data for entry into a client’s loss modeling software
• Pre- and post-bind contract certainty checking and reporting
• Technical processing and review/correction of EPI data
• Claims adjusting
• Reinsurance calculation, issuance and asset recovery
• Accounting and regulatory reporting.

The benefits:

• Cost savings – working at competitive fees ensuring that underwriting support is cost effective
• Accuracy and efficiency – customised service contracts which include incentives for both parties in terms of the delivery of an accurate and efficient service. Quality of service is derived from a depth of understanding of the business processes
• Bridges short-term resource requirements – a pool of experienced and qualified staff provides a flexible resource to meet fluctuations in your workflow
• Independent view – services are carried out objectively by a party which is not involved in the underwriting process
• Releases management time – ability to focus on value added business activities.

Understanding the risk

By carrying out a pre-underwriting audit prior to accepting risk, we give reinsurers a clear understanding of the cedant’s book of business and enable them to set a fair and reasonable premium. Pre risk reviews are especially useful when dealing with coverholders and MGAs.

Risk capture and administration support

We understand that accuracy and efficiency, achieved at reasonable cost, are key requirements in the capture of underwriting data.

Our principal services include:

• Indexing of risks using the client’s workflow system
• Analysis, calculation and entry of slip and endorsement data
• Chasing wordings and property schedules where these have not been received.

Property schedule manipulation and Geocoding administration

A key challenge for international insurers is the capture and management of global exposure data relating to insurance risks.

Underwriting data is received in a wide variety of formats. To input this information into loss modeling software and to conduct subsequent geocoding of the risks, we manipulate the data, primarily in relation to property exposures.

This service saves our clients from the time consuming process of manipulating data into the required format and entering the formatted data into the risk modeling software.

Contract Certainty checking and reporting

Contract Certainty is achieved through final agreement of all terms between the insured and insurers before contract inception. Significant efforts have been made to improve levels of Contract Certainty in the London Market over the last few years.

We help insurers to achieve pre- and post-bind Contract Certainty by ensuring that all contract terms are clear and unambiguous. All lead risks plus a proportion of non-lead risks are reviewed, in line with the specific needs of the insurer.

We can also integrate with the client’s operating and workflow systems to enable direct access to the risks. Using any of the market tools, such as Adsensa’s Wordsensa QA, we analyse policies by identifying key words and phrases against a pre-determined check list. We can then conduct reviews against various check lists ranging from the Lloyd’s Quality Assurance Tool question sets to client-specific questionnaires.

The findings are recorded, as required by the client, with a basic ‘pass/fail’ marked on the client’s system. Any failures in respect of lead risks are reported to the underwriter to ensure problems are addressed in a timely way. The information provided is also used to comply with regulatory reporting.

Claims Adjusting

Our specialist team advises a wide variety of leading clients across a broad range of business classes. Our adjusters currently act on behalf of over 60 clients, including UK insurance and reinsurance companies, Lloyd’s syndicates, overseas insurance and reinsurance companies and complex UK pools. These clients have written business in both a lead and following capacity worldwide, with liabilities under management including direct and assumed reinsurance portfolios.

We work closely with our clients to establish specific claim handling strategies and manage claims litigation and arbitration. Whether negotiating large and complex claims or resolving disputes in respect of contested claims, our focus is always on preventing claims leakage.

Technical processing and reporting

There are certain business functions which are essential but time-consuming and not core to the management team. Outsourcing of these functions allows a greater focus upon core business objectives such as underwriting.

Linking to a client’s mainframe and workflow system enables us to provide a range of both premium and claims technical processing services:

• Automated processing from both the Lloyd’s and Company bureaux
• Manual entry of transactions outside of the bureaux.

Our service includes matching and interrogating items against EPI at risk level and the correction of EPI entries where necessary by referral to Underwriters, Brokers and Xchanging. We maintain and monitor a query log to ensure that queries are resolved on a timely basis.

We also produce technical management reporting packs, in the required formats, for submission to Lloyd’s and to Company management boards.

Reinsurance calculation, issuance and asset recovery

Expert reinsurance asset recovery is a critical element of any efficient cash management strategy. Clients call on the skills of our reinsurance recovery team to protect their balance sheet, improve liquidity and optimise their use of capital.

We offer a team of experts who are able to understand the programme and provide a full reinsurance recovery calculation and collection service. We can also carry out reviews or audits of our client’s procedures to ascertain potential efficiencies and additional recoverables.

Accounting and Regulatory reporting

For many organisations, the reporting procedures for accounting and regulatory purposes are a standardised but often lengthy process. We offer a wide range of accounting and regulatory reporting services to help manage that process.

Our principal services for Lloyd’s market clients include:

• Production of QMR, SITUS, LATF, Annual returns and Canadian Dollar packs
• Submission of annual UK, US and Canadian tax returns
• Cash management and reporting on a daily, weekly and monthly basis.

For Company market clients, we produce management information packs and all statutory reports.

How we work

We take a tailored approach to live underwriting support because we know that each client has unique needs.

We develop a bespoke service that will meet our client’s objectives whether they need a full out-sourcing solution or a selection of specific services.

We work in partnership with our clients to develop the most appropriate IT solution and provide a dedicated core team of staff supported by a flexible pool of professionals who can be called upon at busy times such as renewals.

Fees

Our fee structure varies according to the needs of our clients. We have a variety of different pricing structures including competitive hourly rates, variable uplift incentives and fixed budgets.

Our team

We are able to draw on the talents of a large team of qualified professionals to provide support to underwriting entities.

Our people have extensive first-hand experience in underwriting, claims adjusting, accounting, technical and financial reinsurance and have built up an unrivalled knowledge of the many underwriting classes and the issues affecting them in both the Lloyd’s and Company Markets.

We put together a dedicated team to match each client’s needs and we appoint a client manager who is responsible for coordinating our approach and managing the relationship between our client and third party organisations.