Enhanced regulatory compliance (ISMIS)
A client since 2001, Prestige Underwriting Services started out operating in the niche non-standard household market through a selective number of brokers and intermediaries. Now they provide a broad spectrum of personal and commercial lines exclusively to a network of over 500 brokers, competing with direct underwriters and other large insurers.
Prestige Underwriting Services support their innovative motor insurance business in the UK and Ireland. Covernet have supported them since their inception.
Our platform provides their underwriting team in Basildon with complete sales and administrative control over products including Commercial Vehicle, Fleet, High Performance and Motor Trade. We also support their regulatory reporting needs with integrations to the MID, NCD, MyLicence and MIBI.
A Smart Partnership
It enables us to set parameters for risk control that would have previously been manual processes. Covernet’s system gives us the opportunity to dictate bespoke rules which can be embedded in the system.
One of our biggest risks is operating outside of the delegated authority granted by an insurer as this could lead to the withdrawal of the agency.
So the Covernet claims functions allow us to set up user profiles to manage authority limits in line with the insurer’s 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.
Plus, managing delegated authority for both claims and underwriting creates an inherent conflict of interest. So, to ensure our customers are treated fairly, we can restrict data visibility by using an individual user profile. This means Underwriters can only see the claims data which is necessary for them to carry out their underwriting function, in other terms - robust Chinese walls.
Covernet also enables us to react quickly to regulatory changes too. For example, we can make a high priority change to documents within a short timeframe, avoiding any regulatory breaches or extended lead in times in comparison with other software houses.
With Covernet, we can also develop our own Management Information for specific purposes such as regular MI reports or Ad-hoc MI to manage new risks.
"Covernet gives us a great degree of assurance in Compliance when it comes to managing risk, evidencing robust controls and audit functions. Covernet also gives us the freedom to develop our own bespoke systems which run parallel to Covernet, such as the Complaints Register. By giving the Covernet team a set of rules regarding the management of consumer complaints, they developed a system which is date validated, reducing the risk of us breaching any of the FCA complaint handling rules."
Tori Wylde, Director, Prestige Underwriting Services Limited