Do you have any direct relationships with coverholders or do you have a Service Company?
Many Lloyd’s syndicates have established a Service Company or developed close and direct relationships with coverholders who are able to demonstrate a management style and professionalism that sits comfortably alongside the Managing Agent’s own ethos.
These would be some of the benefits of dealing direct:
- Direct working relationship means there are no third party interpretations or possible alternative marketing.
- Underwriting performance will benefit from zero brokerage deductions; any outsourced process fees will be treated as a business expense and will not increase proportionally with income levels.
- Direct settlement will eradicate any third party solvency or bad debt problems. Processing will be done utilising your own broker number:
What do you need to have in place to operate direct relationships?
- A Lloyd’s Central Settlement Number (CSN)
- Access to Lloyd’s Atlas, BAR, Crystal and Lineage
- Xchanging Registration
Why use Helodrium?
- No Conflicts. Our clients are always the managing agent, not the coverholder.
- Independent. We are not owned by any broker or managing agency and have a single focus on these services.
- Approved service provider. We are a Lloyd’s and Xchanging approved service provider.
How does Helodrium help with your Direct Relationships?
- CSN application. If you do not already have a Lloyd’s “broker number” we can make the application on your behalf
- Xchanging registration – Once a CSN is in place we can apply on your behalf for access to Xchanging for signing and accounting.
- Coverholder application -If the coverholder is not Lloyd’s approved we can assist them throughout the application process.
- Atlas relationships – Once Lloyd’s approval has been achieved we can set up the relationships required before the binding authority can be registered.
- Documentation – Helodrium can produce the Binding Authority slip for signing by underwriters and coverholder sign-off, as required before full registration.
- BAR Registration – We will take the binder through the entire process to full registration
- XIS signings – Helodrium will sign FDOs and subsequent monthly premium and claims bordereaux using your CSN and your log-in.
- Subscription – Helodrium can speak to other Managing Agents on your behalf to arrange additional subscription participation if the exposure exceeds your risk appetite.
What are the benefits of outsourcing to Helodrium?
To cover the entire range of the foregoing in-house, it would be necessary to have available a variety of skill sets, not all of which might be readily available in one place within your organisation. Using Helodrium there will be no need to employ or develop in-house skills which then lay redundant during off peak periods, or incur legacy costs if the contracts are terminated. Other benefits include:-
- Credit Control – Bordereaux and settlements will be monitored and chased on a regular basis, with settlements paid direct into your account avoiding clearance delays and possible bad debt through intermediary or TPA accounts.
- Audit – This process will provide a clear and precise audit trail with signings matching bordereaux and settlements. Coverholder audits can also be arranged.
- Reporting and monitoring – Regular reports will be provided showing process performance, income monitoring and settlement plans
- Benchmarking of all declarations – We will soon be in a position to show benchmark performance on individual declarations or certificates
- Bordereaux conversion – We will soon be able to convert bordereaux from different coverholders into a consistent format, thus enhancing and simplifying any bordereaux upload facility you might have.