A leading provider of binding authority management, credit control, project services and loss funds

Insurer & Market Services

Insurer & Market Services

Premium Credit Control

Premium Credit Control

Davies Insurer and Market Services Division provide a number of market leading credit control services to the Lloyd’s and Company market. The services utilise in-house systems and are delivered by experienced insurance practitioners.

Lloyd’s Shared Service

Davies has been the LMA’s preferred supplier of credit control services since 2013.

The shared service accelerates cash collections, delivers enhanced management information, improves data integrity and is designed for the open years of account.

Currently in excess of £8.5bn of premium across 54% of Lloyd’s UMR’s is managed.

All clients have membership of the service Oversight Board which governs the service and is responsible for ensuring the following key deliverables are provided:

  • A cost effective outsource solution
  • Enhanced management information
  • Improved premium collection performance
  • Improved data integrity
  • An online reporting dashboard
  • Reduced drain on broker resource through a coordinated market approach

Legacy/Trapped Premium Collection

Davies stimulates the payment of premiums on the legacy years of account where, to date the service has realised in excess of £500m of legacy/trapped premium.

Typically the premium collected does not form part of our client’s debtors as they may not be aware of the premiums owed to them.

The service delivers:

  • Increased profitability from unbudgeted premium collections
  • Positive balance sheet impact from additional cash flow
  • Improved data integrity

Company Credit Control

Davies, through its subsidiary JMD, provides non bureau and bureau credit control and cash reconciliation services to the company.

The service is delivered through a solution utilising our in-house systems, third party systems and an experienced team of insurance practitioners to meet client requirements including:

  • Risk capture
  • Bank account analysis and reconciliation
  • Cash allocation
  • Statement production
  • Credit control
  • Enhanced data integrity through management of EPI’s

Broker & Coverholder Financial Review

Broker & Coverholder Financial Review

Davies carry out reviews of available financial and operational information on brokers and coverholders to help clients to assess risk and make informed decisions on business partners.

The information reviewed can be incorporated into a quarterly scorecard or report which is discussed with clients along with any issues arising during the quarter. Representation on client credit risk committee can also be provided.

Over 250 broker and 900 coverholder financial reviews are undertaken annually.

The key benefits of the service include:

  • Facilitating compliance with regulatory requirements and credit risk management policies and can assist with setting credit thresholds with key trading partners.
  • Supporting both initial new broker and coverholder application approvals and periodic renewal processes.
  • Providing a meaningful comparison of performance which is based upon quantifiable financial and operational targets measured against specific KPIs important to each client.
  • Tracking performance over time and identifies material changes or trends in performance.
  • Delivering in-house time and cost savings.

Binding Authority Management

Binding Authority Management

Davies provides a market leading approach to Delegated Authority Management that facilitates effective bordereaux administration to improve coverholder management, claims monitoring, regulatory reporting and enhanced credit control.

First pioneering the combined system and service solution to the market in 2010 Davies currently manage in excess of 6,000 binding authorities providing enhanced data integrity and management information extracted from over 200,000 risk, premium and claims bordereaux.

The solution delivers benefits to all stakeholders of a fully managed service, economies of scale and enhanced reporting as well as visibility through a centralised service that utilises a tried and tested in-house system and experienced technicians.

The service delivers the following primary benefits:

  • Improved collection performance of risk bound, premium and claims bordereaux
  • Bordereaux mapped to current market standards
  • Reconciliation at declaration level across all bordereaux types
  • Improved bordereaux quality through communication with interested parties, data enrichment and cleansing
  • Access to coverholder online conduct risk portal
  • Undertake regulatory and contractual compliance checks
  • Supports regulatory reporting requirements
  • Comprehensive reporting pack including online dashboard
  • Structured data extract for delivery into third party systems

Loss Fund Services

Loss Fund Services

Davies has recognised through their experiences that loss funds can sit outside of the traditional areas such as TPA’s and brokers, and therefore the process encompasses the investigation of various potential new areas.

Davies Loss Fund Service is a dedicated, professional resource that provides expertise on improving the client’s bottom line. Davies team of dedicated and specialised individuals has devised a strategic and effective forensic process to attain the best results for its clients, which comprises of:

  • Comprehensive analysis of loss funds held in trust
  • Identifying missing loss funds
  • Reconciling historic loss funds
  • Recovering surplus funds
  • Implementing controls and procedures to prevent future mismanagement
  • Verifying outstanding losses attached to loss funds.

The service’s main objective is to provide assistance to both syndicates and carriers, as well as brokers and third – party claims administrators enabling them work more efficiently, effectively and compliantly together.

Service Company & MGA Support

Service Company & MGA Support

Davies provide a bespoke solution which is tailored to meet the differing requirements of our clients.

The service is delivered through a solution utilising our in-house systems, third party systems and an experienced team of insurance practitioners to meet client requirements including:

  • Risk capture
  • Bank account analysis and reconciliation
  • Cash allocation
  • Statement production
  • Credit control
  • Enhanced data integrity through management of EPI’s
  • Written and paid bordereaux production and reconciliation
  • Analysis on risks written vs risks paid
  • Management information

The service can provide live broking services through Davies Intermediary Services Division.

 

Project Services

Project Services

Davies has achieved an unrivalled reputation for project management and delivery in the Lloyd’s, London and International Insurance Markets through our extensive technical knowledge and ability to enhance risk carrier and intermediary processes.

Typically, Davies works with clients during change. This might be:

  • A reinsurance software implementation
  • Strengthening existing systems
  • A portfolio migration from one platform to another
  • A sale or merger process, or
  • In response to Market initiatives
  • Providing flex “tech” resource.

Davies offers a dedicated project management service to risk carriers who wish to delegate implementation, migration or upgrade projects to a third party.

Audit & Inspection

Audit & Inspection