Technology FASTER DATA TRANSFER
Frank Fortunato, CEO of CATEX explains how CATEX’s
T
echnology is about to transform the way Canadian coverholders deal with Lloyd’s. The potential labor saving across Canadian cover holders has been estimated by some industry experts to be over 25,000 hours a year
CATEX Data Vera application. Currently approximately 70 percent of the 352 Lloyd’s coverholders in Canada manually enter more than 100 This process is time-consuming and one which, obviously, could lead to errors. By automating this data upload Lloyd’s, and the brokers bringing business to it, will bring competitive advantages to an important North American market.
As near as we can tell, Canadian coverholder business placed into
Lloyd’s represents about 10 percent of the overall delegated authority written through Lloyd’s. There are no fewer than 352 Lloyd’s coverholders authorised to write in Canada. That 10 percent number is no small amount considering the often cited estimate that binder business comprises nearly 30 percent of the Lloyd’s premium total.
Other binder business is written in Canada by other insurers but the majority of Lloyd’s business is sent through a Lloyd’s entity called Lineage. Settlement of premiums, paid claims, claim advances,
42 | INTELLIGENT INSURER | Spring 2015
automatic settlement of brokerage and submission of required regulatory information to Canadian authorities are all part of the Lineage remit.
If the binder business comes from Canada and is going to Lloyd’s it generally will pass through Lineage. Think of Lineage as a box in the centre of a diagram. To the left of the box are the 352 Lloyd’s Canadian coverholders sending information to Lineage. Once inside the box Lineage works its magic and its information is ready for export. To the right of Lineage is information coming out of Lineage to London brokers and markets.
PILOT PROGRAMME choice. A large part of this data transfer, approximately 70 percent, is
Lineage decided to begin however with the second part of the data transfer process. The transfer of information from Lineage directly to delegated authority or bordereau management systems, operated by Lloyd’s brokers and markets, was where Lineage believed a “pilot”
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