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Achieving Contract Certainty The purpose of these slides is to highlight the differences in processes required to implement and support Contract Certainty.

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Presentation on theme: "Achieving Contract Certainty The purpose of these slides is to highlight the differences in processes required to implement and support Contract Certainty."— Presentation transcript:

1 Achieving Contract Certainty The purpose of these slides is to highlight the differences in processes required to implement and support Contract Certainty. The focus is on the changes, they do not attempt to fully document existing processes. They represent the typical standard process likely to be followed by most market organisations. There will be more Detailed Guidance published towards the end of Each block of red text following highlights a key process change that will help achievement of the contract certainty requirements.

2 6. Contract check by XIS (Stage 2) 7. Broker sends Evidence of Cover to client 3. Place Firm Order8. XIS Lloyds Policy signing (if required) 5. XIS Stage 1, Accounting and closing 1. Quote 4. Determine signed lines Achieving Contract Certainty, Current : Lloyds Process: does not always take place Process: always takes place 2. Broker & insurer check slip

3 Achieving Contract Certainty, Proposed Process : Lloyds 6. Contract check by XIS (Stage 2) 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip 3. Place Firm Order ** CC achieved and recorded ** Single broker submission to XIS 8. XIS Lloyds Policy signing (if required) - Checking 100% - QA Tool-based 5. XIS Stage 1, Accounting and closing using CC checklist & Lloyds compliant submission Timing now within 30 days of inception with all terms & the full wording** Process: does not always take place Process: always takes place Red text/line indicates change from current process 1. Quote 4. Determine signed lines by inception No post inception overplacing Signed lines to underwriters within 30 days Early Check using QA Tool & CC Checklist ** As per CC checklist

4 6. Contract check by XIS (Stage 2) 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip 3. Place Firm Order 8. XIS Lloyds Policy signing (if required) 5. XIS Stage 1, Accounting and closing Process: does not always take place Process: always takes place 1. Quote 4. Determine signed lines Achieving Contract Certainty Current : Bureau Company Bureau

5 6. Contract check by XIS (Stage 2) 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip 3. Place Firm Order ** CC achieved and recorded ** Single broker submission to XIS 8. XIS Lloyds Policy signing (if required) - Checking 5. XIS Stage 1, Accounting and closing using CC checklist compliant submission Process: does not always take place Process: always takes place Red text/line indicates change from current process 1. Quote 4. Determine sign lines by inception No post inception overplacing Signed lines to underwriters within 30 days Achieving Contract Certainty, Proposed Process : Bureau Company X% Bureau * Companys internal checking procedures Early Check using internal * & CC Checklist -Company Bureau checks Timing now within 30 days of inception with all terms & the full wording** ** As per CC checklist

6 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip 3. Place Firm Order 8. Company Policy production (if required) Process: does not always take place Process: always takes place 1. Quote 4. Determine signed lines Achieving Contract Certainty Current : non Bureau Company 5. Accounting and closing

7 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip 3. Place Firm Order ** CC achieved and recorded ** 8. Company Policy production (if required) using CC checklist compliant submission Process: does not always take place Process: always takes place Red text/line indicates change from current process 1. Quote 4. Determine sign lines by inception No post inception overplacing Early Check using Checklist & internal procedures Achieving Contract Certainty, Proposed Process : non Bureau Company 5. Accounting and closing Signed lines to underwriters within 30 days Timing now within 30 days of inception with all terms & the full wording** ** As per CC checklist


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