Frank Fortunato, CEO of CATEX explains how CATEX’s Data Vera system can benefit Canadian binding business.
Technology is about to transform the way Canadian coverholders deal with Lloyd’s. The potential labor saving across Canadian cover holders has been estimated by some industry experts to be over 25,000 hours a year if they were able to take advantage of the efficiency offered by the CATEX Data Vera application. Currently approximately 70 percent of the 352 Lloyd’s coverholders in Canada manually enter more than 100 data fields into the Lloyd’s Lineage system for every binder processed. This process is time-consuming and one which, obviously, could lead to errors. By automating this data upload Lloyd’s, and the brokers bringing business to it, will bring competitive advantages to an important North American market.
"As near as we can tell, Canadian coverholder business placed into Lloyd’s represents about 10 percent of the overall delegated authority written through Lloyd’s."
As near as we can tell, Canadian coverholder business placed into Lloyd’s represents about 10 percent of the overall delegated authority written through Lloyd’s. There are no fewer than 352 Lloyd’s coverholders authorised to write in Canada. That 10 percent number is no small amount considering the often cited estimate that binder business comprises nearly 30 percent of the Lloyd’s premium total.
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CATEX, Frank Fortunato, Data Vera