ICS COVERHOLDER/BINDER AUDIT
If you have existing delegated authority binders are you comfortable that
- The coverholders have the capability to underwrite your risks?
- The operational efficiency of the coverholder is not putting you at risk?
- There are no omissions taking place which could leave your ultimate client without cover?
- Your coverholder is treating the ultimate customer fairly?
An independent, expert and confidential view could help you address these issues before you give too much authority to your broker thereby protecting your ultimate clients and yourselves.
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The ICS Binding Authority Auditing Service gives you feedback on how your authority is or could be used to ensure the coverholders regulations are being abided by enabling you to maximise and prioritize your underwriters time and focus
What we offer:
- In depth discussions with key members of staff with responsibility for running the schemes
- Checking how the procedures actually operate
- An agreed sample of files will be reviewed
- A comprehensive report reflecting how your authority is being handled
- An impartial view on how the coverholder is resourced and how binder regulations are being fulfilled.
- An action centred report which allows your underwriter to prioritize their most important activities
Benefits to Managing Agents/Underwriters
- Knowing you are in control of your binders from a totally impartial perspective
- Allowing your underwriters to focus on writing and retaining business
- Enabling your underwriters to build rapport with their brokers
- Giving your underwriters time to focus on the most troublesome binders
- Ensure your underwriters do not have to travel the UK for no positive purpose
- Allowing your underwriters to focus on the profitability of each scheme
Ensuring FSA compliance
Are the coverholders conflicts of interest managed?
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Is contract certainty in operation?
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Are there adequate systems in force to mitigate the potential risks?
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Is the coverholder observing all of the FSA’s 11 Principles for Business?
For more information, contact Charles Maddocks or any of the ICS Team on 01892 539600