Pain points

Placing risk as a delegated authority

Inconsistent application of data standards

Data sheets

Binding authority placement

  • Two people looking at a contract on a computer
    The parties to the contract build out the binding authority contract

    Binders are paper-based with inconsistent data capture

  • Two women working together at a desk
    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
    Pain point not applicable to this step

Risk and premium placement

  • test illustration
    Policyholders and the coverholder agree contracts of insurance

    Inconsistent data standards lead to manual mistakes and errors during the agreement of 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

    Information collected by the coverholder may not be consistently applied leading to errors and rework

  • A man on a computer sending a document
    Coverholder shares the bordereaux with all parties on the contract in line with the terms agreed in the binding authority contract

    Lack of consistent data standards often requires data manipulation to reformat the information to be shared with the parties of the 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

    Errors in the data collected can cause an increase in queries downstream and can also delay agreement of the bordereaux

Bordereaux processing

Digital processing and payment

  • A woman doing technical checks on three computers
    Technical checks are completed for accounting purposes
    Pain point not applicable to this step
  • Money being sent from one person to another
    Fund transaction is created, and the monies are moved accordingly

    Errors in the data can cause an increase in queries, which can delay money movement

Pain points

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

Related steps

Next Delays in premium processing and movement of funds