Charles Taylor InsureTech is delighted to announce that Authority Hub, a digital solution improving insurers’ governance, visibility and control of authority agreements, has now gone live.
Insurers are under increasing pressure to comply with new and evolving legislation. One of the most important obligations for insurers is to ensure all employees are issued with and accept an appropriate, accurate and consistent authority agreement (authority) outlining their financial, operational and commercial responsibilities to the business. Breaches of these authorities can result in business being written in excess of an insurance company’s risk tolerance, threatening solvency levels. Penalties issued for breaches of this nature can run into the millions.
Authorities must be distributed and validated throughout the organisational hierarchy, and insurers must evidence that these documents have been signed, accepted and understood by all employees. Historically, this process has been managed manually, raising the risk of inconsistencies, errors, breaches and fines, limiting insurers’ visibility over their exposures and making it difficult to provide reliable evidence to regulators when called upon.
Authority Hub digitises the authority management process, enabling insurers to create, submit, review and agree authorities reliably, consistently and accurately, while maintaining real-time visibility across their business, through a single web-based management platform.
This intelligent solution, now being implemented by insurers, automates many processes and simplifies workflows, saving time and money while reducing the errors and breaches. Authority Hub’s automation and logic-based rules enable insurers to rapidly define, compile and delegate authority limits and manage sophisticated delegating hierarchies. Authority letters can be generated automatically from a central source of clauses and updated in bulk, ensuring authorities are always consistent and up to date.
Tailored dashboards for delegators, administrators and authority holders ensure all parties share a common understanding of their obligations. The platform also integrates with HR systems and enables collaboration and sharing, bringing new levels of accessibility to authority management. Compliance and evidencing authority issuance and acceptance is made easy through Authority Hub’s full reporting, process management and audit history.
“Complying with ever-evolving regulations remains one of the biggest challenges for insurers. Authority Hub not only helps insurers avoid potentially costly fines for conduct breaches but also transforms their business by bringing improved visibility for better decision making and reducing the time, cost and risks involved in managing authorities,” commented Joanne Butler, Head of Product Marketing and Pre-Sales at Charles Taylor.
“Relying on spreadsheets, Word documents and inefficient manual processes leaves insurers vulnerable and unable to maximise business opportunities. Authority Hub provides a single source of truth that brings both peace of mind for all parties while also enabling the insurer to efficiently redeploy capacity not currently being used.”