Xchanging launches new platform for delegated underwriting authorities

Xchanging, the business technology and services provider, and Total Objects, its recently acquired specialist insurance and software provider, have launched a new service called BinderCloud 360, targeted at the London Insurance Market, for all stakeholders involved in the processing of delegated underwriting authorities.

The service provides a single repository for all trading partners for the storage of all binder contracts and documents; shared mapping services with experts dedicated to Binder management; and the ability for brokers and carriers to use their own binder management system while taking advantage of the shared components.

Delegated underwriting remains a complicated business channel due to the number of participants in the distribution chain and the increasing need to have better quality information which is adversely impacted by huge variability in the format of data provided through the process, the companies said.

“Focus from regulators is increasing. The Lloyd’s control framework is requiring managing agents to be alive to the new demands and to make sure that they have a more detailed understanding of the business they have written under these arrangements,” said Steve Reid, strategy and products director at Xchanging.