Skip to content

Introduction to Delegated Insurance Underwriting

Marlborough Training and Consultancy

Summary

Price
Enquire to get more info on pricing
Finance options

Payment is by invoice on completion of the training.
Study method
Onsite
Duration
1 day
Qualification
No formal qualification
Additional info
  • Tutor is available to students

Overview

Delegated underwriting is an important feature of the Lloyd’s market whereby a Managing Agent of a syndicate delegates its underwriting authority to a third party. This course helps delegates understand why insurers delegate underwriting authority and looks at the advantages and disadvantages of delegated underwriting, the key elements of a binding authority agreement, the legal aspects and the claims handling process. The course is highly participative and involves delegates in numerous exercises to cement their learning. There will also be ample opportunity to present questions and relate delegates’ own experiences of some of the more unusual situations that they have encountered.

The course is delivered for groups of delegates on behalf of employers at client premises or external venues arranged for organisations anywhere in the UK.

Please note that it is not offered as an open course for individual delegate bookings.

Description

Workshop Objectives

To fully understand why insurers delegate certain aspects of their underwriting as well as its advantages and disadvantages

  • to develop an understanding of the role of the coverholder and their relationship with underwriters including legal aspects
  • to be familiar with the key elements of a binding authority agreement
  • ensuring the underwriter/coverholder relationship is beneficial both parties
  • successful management of conflicts of interest that can arise when binding authority agreements are used
  • understanding the key aspects of the claim handling process when this is delegated to a coverholder.

Course Content

  • why delegate? Advantages and disadvantages of doing so.
  • consideration of different types of binding authority agreements.
  • what influences the choice of coverholder.
  • management Information: Keeping underwriters informed
  • oversight exercised by underwriters in their dealings with coverholders
  • determining suitable levels of authority that coverholders can utilise
  • how coverholders earn money and the management of any inherent conflicts of interest
  • how and why claims authority can be delegated
  • Conduct Risk considerations encountered when delegating underwriting authority.

Who is this course for?

This workshop would be suitable for those who work for underwriters who outsource some of their underwriting or are involved in the setting up of binding authority agreement as well as those who are new to working for a Managing General Agent.

Questions and answers

Reviews

Currently there are no reviews for this course. Be the first to leave a review.

Leave a review

Legal information

This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

FAQs

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on Reed Courses, many of which can be completed online.

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body's logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.
View all
Similar subjects: Insurance, Accounting and finance