A little-known secret could rid you of Lloyd’s of London reporting compliance headaches forever. TPAs who handle Lloyd’s claims know that meeting the Lloyd’s of London reporting requirements can eat up your time. However, some TPAs know that the right software makes all the difference. In fact, the VCA Software claims system offers a Lloyd’s reporting module that enables you to run a bordereau report in seconds!
Lloyd’s Bordereau Reporting is Complex
Lloyd’s of London says it grants coverholders authority to write risks on behalf of its syndicates through binding authority and coverholder appointment agreements. However, under these agreements, coverholders and third-party administrators must periodically report risk, premium, and claims information.
Although these reporting requirements help Lloyd’s of London maintain smooth operations across multiple countries, they create a burden for the TPAs who need to gather all the necessary information and make the required calculations. These reports ask for a lot of information, and TPAs who only work with Lloyd’s claims occasionally may find the terms confusing. The reports may also involve complex calculations, especially when there is shared responsibility.
VCA Offers a Streamlined Solution
To help claims professionals and TPAs meet their Lloyd’s of London reporting requirements, VCA introduced the first Lloyd’s Bordereau compliant software. The VCA module is a cloud-based, headache-free way to comply with complex reporting requirements.
With the VCA module, you can:
- Collect, manage, and report on the information Lloyd’s requires.
- Meet audit requirements.
- Perform analytics.
- Allow for the Lloyd’s of London claim participant hierarchy.
- Generate all the standard reports Lloyd’s requires.
Navigate Lloyd’s with Confidence
Lloyd’s of London is a major market, boasting more than 200 lines of business, 380 brokers, 3,434 coverholders, 77 syndicates, and £46.7 billion in gross written premiums.
Lloyd’s is also known as a good market for hard-to-place risks – which is essential in today’s environment of geopolitical instability, mounting cyber risks, and rising natural disaster losses. According to The Insurer, Lloyd’s could reach double-digit growth in 2023.
TPAs shouldn’t shy away from Lloyd’s. By adding the Lloyd’s module to your VCA Software claims system, you can navigate Lloyd’s reporting with confidence.
Simplify Lloyd’s Reporting with VCA
Lloyd’s reporting can be confusing, but the VCA system is easy to use. Instead of worrying about what information to provide or whether you’re performing complex calculations correctly, let VCA guide you through the process. The input fields will show exactly what inputs are needed and perform the calculations for you automatically.
Here’s how it works:
- Set up your contracts. Before you start dealing with individual claims, you need to set up your Unique Market Reference (UMR) contracts. Fill out the fields to provide all the relevant information, such as the agreement number, high level class of business, and risk codes. A lot of the data the reports require comes from the contracts. Setting this up will take some work initially, but it will streamline your reporting going forward because all the related fields will be populated automatically. Save the information and it will be linked to the relevant claims.
- Enter your claims. When you identify a claim as a Lloyd’s claim, the system will show the fields related to Lloyd’s, such as the management agent, Lloyd’s broker, and coverholder. The system also shows shared risk. The Lloyd’s market details from the UMRs you’ve added will populate automatically.
- Run your reports. When you need a report, click the Admin icon and choose Administrative Reports. When the Lloyd’s module is turned on, the Lloyd’s standard reports appear alongside all the other reports in the VCA system. These reports include the Lloyd’s Standard Bordereau, the Lloyd’s Standard Bordereau with Certificate Allocation, Lloyd’s Management Information (MI) Report, and Lloyd’s Solvency Report. To make sure you set up the reports correctly for your processes, you’ll need to map the field terms you use to the Lloyd’s Reserve Classifications. This is a one-time action – once you’ve done it, the VCA system will run your reports. Select the managing agent, the UMR, and the reporting period dates (as well as advanced filtering, if needed) and hit “Run Report.” The system will work its magic to create the report.
Save Hours of Your Time Every Month
If you’re currently handling Lloyd’s reporting requirements without a dedicated module, consider how much time you could save by switching to the VCA system. For instance, how much time could you save by not having to:
- Input contract information for every claim? With VCA, you only need to fill out this information once. After that, the information is populated automatically.
- Do calculations manually? Lloyd’s sometimes requires calculations you may not be used to performing. The VCA system handles these calculations for you.
- Match your in-house terms to those Lloyd’s uses? Lloyd’s sometimes requires specific reserve settings that may not match the terms you use. The VCA system lets you map this information once, meaning you never have to worry about it again.
- Run reports by hand each time? Once you’ve set up your module with your contact information and mapping, you can run reports with just a few clicks of your mouse.
- Second-guess yourself? Lloyd’s compliance is complex. Many TPAs need to spend time verifying their reports and looking up Lloyd’s-specific terms. With the VCA module, providing the right information is simple.
Every hour you save is an hour you can spend on other activities to increase your revenue. Once you add up all the time you’ll save in a month, it’s easy to see that the VCA module is a good investment. When you consider all the headaches you’ll prevent, you’ll wonder why you didn’t start using the VCA module earlier.