Journey overview

Placing risk as a delegated authority

Binding authority placement

  • Two people looking at a contract on a computer
    The parties to the contract build out the binding authority contract
  • A man registering on a computer
    The binding authority contract is signed by the parties of the contract and the coverholder and registered with Velonetic, Lloyd’s and/or the insurer

Risk and premium placement

  • test illustration
    Policyholders and the coverholder agree contracts of insurance

Coverholder reporting

  • Woman looking at reports on two laptop screens
    The coverholder collects and reports details of the contracts (risks) and premiums as part of bordereaux management
  • Bordereaux sent
    Coverholder shares the bordereaux with all parties on the contract in line with the terms agreed in the binding authority contract

Bordereaux processing


  • Two people on computers with an icon of two people shaking hands
    Parties of the contract review the risk contracts and agree the bordereaux

Bordereaux processing

Digital processing and payment

  • A woman doing technical checks on three computers
    Technical checks are completed for accounting purposes
  • Money being sent from one person to another
    Fund transaction is created, and the monies are moved accordingly

Pain points

View the pain points that our new digital solutions are addressing for placing risk as a delegated authority.

Related steps