PRO Insurance Solutions

Broker Collection Services

PRO offers a solution to the issues associated with declining broker service levels by partially or entirely replacing your current non-performing claims brokers. The service we offer is based on more than 15 years of cash collection expertise and a clear understanding of the issues our clients face.

PRO is an accredited Lloyd’s Run-Off Broker, a status that allows us to broker business in the Lloyd’s and worldwide company markets and use the London Market networks for both settlement and accounting functions. Our Broker number is PSO 1178.

Our focus is on clearing funds quickly, in line with FSA regulation, we will clear all funds into clients’ trust accounts within one working day of receipt.

The benefits

We seek to maximise and accelerate the recovery of reinsurance assets and/or the securing of liquidated debt. Our broker collection service provides several key advantages:

• Accelerated presentations
• Improved query management and resolution
• Improved cashflow
• Meaningful and timely management reporting

How we work

We will start by working with you to analyse the issues of your under-performing brokers and develop a strategy that will solve the problem. Our first objective is always to understand the current claim issues, balances due and identify the reasons for bottlenecks.

Each solution is tailored to the situation, but these are some common scenarios:

• Actively managing those brokers who in the normal course of events have proved to be reliable
• Replacement of the broker for specific collections
• Replacement of the broker for the entire reinsurance programe.

These are the core elements of our service:

• Claims Advising – processing and the production of collections with necessary attachments
• Claims Broking – presentation of collections to reinsurers, logging of agreements or queries and resolution of reinsurer queries
• Credit Control - accelerating the rate of collection of reinsurance recoveries from reinsurers, identifying any potential recalcitrant reinsurers, managing any emerging issues as well as acting upon protocols and escalation procedures in cases of slow or non-payment.

To supplement this service, in some cases we can also purchase reinsurance debts, with cash realised as early as day one.

Setting Performance Standards

We always agree performance standards with our clients to ensure the service is focused and measurable. These standards will generally cover the following:

• Advising programme leaders of new billings/advices
• Timing of query response
• Cash collection
• Transfer of client funds
• Reporting on claims tracking, queries, agreement/collections and aged debt analysis.

Fees

PRO is committed to a fully transparent and pragmatic strategy on pricing, based largely on a contingent fee on value of cash collected or claim presentations agreed.

A nominal fee will often be charged for the take-on position from the existing broker.This fee often pays for itself through the client gaining a clearer understanding of its outstanding debt. Debt is often discovered or collected during the take-on phase.

We will then agree an incentivised fee structure which is based upon an agreed collection criteria directly related to the business being handled and the measurables outlined above.

Our team

Our distinctive service is founded on our team’s considerable experience of managing reinsurance portfolios. We offer:

• Experienced claims adjusting personnel with expert knowledge of London Market claims issues and an in-depth understanding of what claim adjusters expect from broker presentations
• Demonstrable success in the collection of reinsurance balances from reinsurers who have written London Market business.

Our track record of delivering recovery services has enabled us to build an extensive network of contacts within both the broking and underwriting fields. Working with all of the major reinsurers, we have dealt with key personnel to collect reinsurance assets. These relationships give us a clear advantage in the agreement of claim presentations.