In the first of a new series of in depth looks into Cover.Net systems, Tori Wylde, Prestige Underwriting's Compliance Officer, talks to us about her interactions with Cover.Net software.
"From our perspective Cover.Net offers us a great degree of assurance in Compliance when it comes to managing risk, evidencing robust controls and audit functions.
Cover.Net allows us to set parameters for risk control that would have previously been manual processes, it gives us the opportunity to dictate bespoke rules which can be embedded in the system.
As an underwriting agent, one of our biggest risks within Prestige is operating outside of the delegated authority granted by an insurer as this could lead to the withdrawal of the agency. For example - the Cover.Net Claims functions allows us to set up user profiles to manage authority limits in line with the Insurers Claims delegated authority, this control prevents any user from acting outside of their authority limit.
The system is used on various levels as a fraud prevention tool, for example we have the ability to implement controls regarding claims payments whereby a claims payment is managed in 3 stages which means the same person cannot request a claims payment and authorise the payment – the system controls prevent this.
As an Underwriting agency we manage delegated authority for both claims and underwriting, there is an inherent conflict of interest between Claims and underwriting and to ensure our customers our treated fairly we can restrict the data visible using an individual user profile which mean Underwriters would only see the claims data which is necessary for them to carry out their underwriting function, in other terms - Robust Chinese walls.
From a Data security point of view, we have the ability to restrict visibility of data for our own staff and insurers which means if an insurer comes to audit our business we can give them access to the system while restricting the visibility of the data to that particular insurer keeping us in compliance with data protection laws. Similarly we can use the same controls for staff so they only have access to the data necessary for their job role.
Cover.Net allows us to react quickly to regulatory changes, for example, if we need to make a high priority change to documents produced by the system it can be implemented within a short period of time therefore avoiding any regulatory breaches or extended lead in times in comparison with other software houses.
Cover.Net gives us the ability to develop our own management information for specific purposes whether it be regular MI reports used to manage the business or adhoc MI used to manage new risks.
Cover.Net have also given us the platform to develop our own bespoke systems which run parallel to Cover.Net such as the Complaints Register. We were able to give Cover.Net a set of rules regarding the management of consumer complaints, a system was developed which is date validated reducing the risk of us breaching any of the FCA complaint handling rules."