Xchanging provides comprehensive policy administration services in a wide range of insurance classes.
With years of in-depth experience gained from supporting the London market, we are experts in mastering complexity and delivering refreshingly simple end-to-end solutions that save our customers both time and money.
By removing this processing burden and establishing a solid platform, we give customers the freedom to focus on tasks that create value for their organizations e.g. management, strategy, underwriting, actuarial activity and pricing.
This is true whether we are serving Lloyd’s syndicates and managing agents, syndicate service companies, London Bureau companies, or international property and casualty insurers.
A complete back office offering applicable to any market, our policy administration services include:
We can save brokers and underwriters from the time-consuming and repetitive tasks associated with screening and recording quotations, placements and endorsements.
Specifically, we help our customers with activities including:
- Clearance: We screen data and documents supplied by brokers to make sure the same risk isn’t being reviewed by other parts of the business. This avoids over-exposure or duplication of activity.
- Quotations: We interpret and record brief risk details (as determined by the customer) in the insurer’s underwriting system from supplied documentation.
- Firm Orders: We interpret and record full risk details in the insurer’s underwriting system from supplied documentation. Where needed, we also enrich data to ensure compliance.
- Endorsements: We interpret and record contract changes in the insurer’s underwriting system from supplied documentation. Where needed, we also enrich data to ensure compliance.
- Declarations: We record periodic declarations attaching to master facilities e.g. binding authorities. We prepare bordereaux for loading onto the insurer’s binder management system. This can include data enrichment if required – either before or after loading.
- Aggregates: We indicate specific risk locations and exposures in the insurer’s exposure management system by reviewing schedules provided. We prepare schedules for loading onto the insurer’s exposure management system. This can include data enrichment if required – either before or after loading.
- NTU/Decline: We update risk records to show when business was Not Taken Up (NTU) or declined, enabling improved decision making.
We can reduce our customers’ administration by handling the routine creation, validation and issuance of evidences of cover and other insurance documentation.
- Standard wordings: We create an insurer’s policy documents using documents supplied and standard wordings. We can also send the final policy to the client or broker electronically or as a printed document if preferred.
- Bespoke wordings: We tailor the policy document precisely to the insurer’s need by using supplied documentation amended with identified wordings and clauses. As with standard wordings we can also send the final policy to the client or broker electronically or as a printed, bound document if preferred.
- Endorsements: We create the insurer’s policy endorsement for agreed changes, including delivery of the endorsement to the client or broker electronically or as a printed document.
- Policy checking: We provide independent validation of the policy prepared by the insurer or insurer’s agent against the supplied contract documentation.
- Bureau signings (creation): We prepare A&S (Accounting & Settlement) compliant premium signings or ECF (Electronic Claims File) compliant claims signings for syndicate service companies in line with London Market rules and regulations. We then present these to Xchanging for processing.
We understand the importance to our customers of healthy cash flow. We also know how time-consuming and labor-intensive chasing payments can be. We can help by verifying payments, monitoring payment status and chasing overdue cash through the following activities:
- Open market credit control: We verify that payment hasn’t been made on the due date. We can then chase the appropriate broker contact and record a positive chase outcome when achieved. We can review activity and follow up as required.
- Notice of cancellations: Where NOC provision applies, we can verify that payment hasn’t been made on the due date. We can then prepare the NOC letter and send it to the broker once it has been signed by the insurer. We can review activity and follow up as required – including cancelling the policy if required.
- Premium payment conditions: We verify that payment hasn’t been received around 5 days before the due date and then chase the appropriate broker contact. We can review again at an agreed number of days after the due date and prepare the documents needed to cancel the policy if payment still hasn’t been received.
- Expected accounts: We monitor due accounts for you – such as binder declarations and final premium adjustments. We can verify that payment hasn’t been made on the due date and then discuss status with the appropriate broker contact. We’ll record a positive chase outcome if that’s achieved, review activity and follow up as required.
- Aged debt review: We can provide an independent review of how much the insurer is owed and help work out the best way to recover the money.
- EPI /closed GAP analysis: We review closed premium amounts after the contract expires where the closed premium does not match the expected premium. We can work with the broker and insurer to identify reasons for the variance. We can modify the EPI where relevant in accordance with agreed tolerances. We identify contracts where the expected premium has not been paid in full, and chase any shortfall If required by the customer.
- Binder (Facility) earning pattern: We monitor incoming binder premium against the expected earning profile and then modify the profile within certain agreed parameters or referral to the insurer if required.
Insurers face growing tax administration, legislative and regulatory burdens. We can ease those burdens with data enrichment services that provide the relevant authorities with risk, claim or payment details in line with tax, regulatory or other compliance or custom.
- Taxation requirements: We carry out a technical review of the source insurance documents to identify the tax regime applicable (insurance premium taxes, stamp duties, levies etc.) and then validate the rates and premium calculations against third party source databases. If required we can then enrich the contract record.
- Regulatory compliance: We carry out a technical review of the source insurance documents to identify the regulatory regime applicable (location of assured, situs of risk, distribution chain etc.) and then validate the information needed to ensure compliance. If required, we can then enrich the contract record.
- Binder declarations: We make sure binder declarations are compliant by carrying out a technical review of individual binder declarations against the terms of the master binding authority.
- Bespoke rules: We carry out any other technical checking based on rules agreed with the insurer.
We have a track record of providing best in class services for the notification and net settlement of approved premium and claim transactions. We will be introducing game-changing technological innovation to remove complexity and make these activities even easier for our customers in the very near future.
Our accounting and settlement service includes:
- Payment Processing; recording and verification of premium or claim payment details to initiate downstream processes.
- Verification of details.
- Initiation of settlement.
- Notification of settlements made to, or received from, authorised parties.
We can reconcile technical accounts and payments received to policies, claims and approved transactions, and manage queries through to resolution.
Our reconciliation activities include:
- Identification of cash: We review the bank account to identify incoming cash receipts and verify the source. We can also record cash batches in the insurer’s underwriting / payment system
- Cash allocation to policy: We identify the specific policy to which the incoming cash relates and update the record to confirm when cash is received.
- Unallocated cash management: we pro-actively manage unallocated cash and offer a rigorous approach for investigating, monitoring and reporting the outstanding position. We can chase up brokers and escalate as required.
- Bureau signings (matching): We review, validate and manually match all incoming messages or handle exceptions, together with the identification of the reasons why.