Customers

Coverholders and MGAS

London, the world’s specialist insurance market, is a hothouse for new ideas and concepts.

Underwriters are innovative and delight in niche products. Lloyd’s has extensive capacity and licenses in a great many territories around the world. With a wealth of skills and experience in a concentrated centralised location, London shares risks between multiple participants under common wordings and standards.

All these benefits have come with increasing and challenging regulatory and reporting requirements. Ever-expanding bordereaux data capture, performance indicators, complaint management and reporting requirements demand significant effort and expense. Combined with an outdated and manual escalation and payment process, these burdens may begin to outweigh the benefits of placing business in London.

It is time to reinvent the process. It is time for a new Advantage.

 

Advent Insurance Management has reinvented the entire delegated authority process to redress the balance through a simpler, fully integrated, end-to-end solution that effortlessly meets all stakeholders’ requirements.

Advantage, a single-data-entry solution, providing automatic claims and policy validation against the right section, binder and year of account. It is fully compliant with all Lloyd’s and London Market reporting requirements, including Lloyd’s Version 5 Bordereaux, Solvency II, performance reporting and complaint management. Reports can be run by all stakeholders anytime, anywhere.

Where services are outsourced, Advent Insurance Management provides a truly global service through operations across North America, the UK, continental Europe and Australia. Where policies and claims are managed directly by you, we can provide the Advantage platform for a fraction of the cost of licensing larger systems or adapting your own software.

Advantage allows coverholders and MGAs to enjoy the best of both worlds: all the benefits of working with Lloyd’s and London, without the onerous complexities and reporting demands.

London Brokers

Brokers in London and around the world face unprecedented cost pressures.

Premium rates and therefore commissions, flat or declining, even as the costs of reporting and processing increase. Meanwhile differentiation through service offerings in our highly competitive market requires investment in people and analytical systems. The squeeze is real and felt by all. Fresh thinking is needed.

It is time to reinvent the process. It is time for a new Advantage.

Advent Insurance Management has reinvented the entire delegated authority process through a simpler, fully integrated, end-to-end solution that effortlessly meets all stakeholders’ requirements. The Advantage platform and supporting services provide relief to London’s pressurised wholesale brokers by easing the demands of service delivery and reporting, to yield increased margins and bestow a huge competitive edge.

Our global service provides end-to-end delivery to customers, carriers and coverholders. This flexible offering covers the full spectrum from policy and claims validation and management to loss-fund administration. It reduces process and service time, allowing brokers’ to dedicate cash and management resources to business development and value-added services.

Like wholesalers, producing brokers and coverholders are under extreme pressure to cut costs and provide markets with increasingly complex data and reporting. Straight-through processing with Advantage makes risk, policy and claims management almost effortless. Never again does claims data need to be rekeyed or validated in London.

With buy-in from insurers, even claims can be settled in days, rather than weeks or months. Wholesalers offering these immeasurable benefits to their clients will leave competitors in the dust.

Advantage allows brokers to cut frictional process and reporting costs while providing tangible financial benefits to their customers or carriers.

Insurers and Managing Agents

Delegated authority is an important area of targeted growth for insurers.

 

But with claims and compliance costs rising as premium rates stagnate or fall, focus on insurer processing and administration costs is unprecedented. Reigning in these costs is essential for many books to remain viable. Teams of clerks and technical resource are already employed in mapping, processing, reconciling and reworking bordereaux, so simply adding more resource is not the answer. Equally, passing on reporting obligations to MGAs and Coverholders is counterproductive. It increases acquisition costs and raises the possibility of losing business to local markets with fewer reporting hurdles to leap. Fresh thinking is needed.

It is time to reinvent the process. It is time for a new Advantage.

 

Advent Insurance Management has reinvented the entire delegated authority process through a simpler, fully integrated, end-to-end solution that effortlessly meets all stakeholders’ requirements.

Advantage, a single-data-entry solution, provides automatic risk, premium and claims validation against the right section, binder and year of account. It is fully compliant with all Lloyd’s and London Market reporting requirements, including Lloyd’s Version 5 Bordereaux, Solvency II, performance reporting and complaint management. Reports can be run by all stakeholders anytime, anywhere.

Where policy management and claims are outsourced, Advent Insurance Management provides a truly global claims TPA through operations across North America, the UK, continental Europe and Australia, all under a single contract, service level agreement and IT platform. Where policy and claims administration is managed directly by you or your MGAs and Coverholders, we can provide the Advantage platform for a fraction of the cost of licensing larger systems or adapting your own claims software.

Advantage allows insurers and Managing Agents to cut frictional process and reporting costs without burdening their producers.

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