Harmonize data from Program, Fronting, MGA, Coverholder and Ceding Companies
Delegated Authority and Program Business are rapidly growing sectors of the global insurance market, providing policyholders with tailored products and more access to capacity via the extensive reach and domain expertise of Managing Agents and Coverholders. However, the complexities in the data provided by each distribution partner make it difficult to calculate net positions, close the books each month and provide consistent information to the organisation.
Meet the complex requirements of essential financial systems
Comprehensive data quality and compliance validation tools
Maintain flexibility to support and onboard new programs
Automate regulatory reporting, including ASR 249, 250 & 252
Challenges
- Complex data formats prevent views of consolidated portfolios and net positions
- Manual data preparation creates information lags increasing expense ratios
- Cost to maintain and onboard programs limits ability to grow into new markets
- Converting MGA data into carrier terminology is complicated and prone to errors, reducing accuracy
- Current processes delay the adoption of new risk standards and regulatory requirements
