Delegated Underwriting - Searchlight Insurance Training

Delegated Underwriting

Delegated underwriting is now a major part of the Lloyd’s underwriting and broking market. This participative workshop will provide you with a good foundation knowledge of the procedures and practices of delegated underwriting.

It will help delegates understand why insurers delegate underwriting authority and looks at the advantages and disadvantages of delegated underwriting, the key elements of a binding authority agreement, the legal aspects and the claims handling process.

The workshop is suitable for staff from underwriting, broking and claims disciplines who are looking to gain a greater understanding of delegated underwriting and the different regulations and issues that affect it.

Level: n/a

Duration: 1 day(s) CII CPD Hours: 6
     

By the end of this workshop delegates will be able to:

  • Understand why insurers delegate certain aspects of their underwriting as well as its advantages and disadvantages
  • Develop an understanding of the role and responsibilities of the coverholder and their relationship with underwriters including legal aspects
  • Be familiar with the key elements of a binding authority agreement
  • Ensuring the underwriter/coverholder relationship is beneficial to both parties

 

  • Successful management of conflicts of interest that can arise when binding authority agreements are used
  • Understand the key aspects of the claim handling process when this is delegated to a coverholder
  • Understand how the market is regulated in relation to delegated authorities
  • Why delegate? Advantages and disadvantages
  • Consideration of different types of binding authority agreements
  • What influences the choice of coverholder
  • The role and responsibilities of the cover holder, broker and underwriter
  • Management Information: Keeping underwriters informed
  • Oversight exercised by underwriters in their dealings with coverholders
  • Determining suitable levels of authority that coverholders can utilise
  • How coverholders earn money and the management of any inherent conflicts of interest
  • Conduct Risk considerations encountered when delegating underwriting authority
  • Claims issues and management
  • Best Practice Procedures