Underwriters

Underwriters spend a great deal of time dealing with queues of brokers outside their box waiting to have claims signed off. The current processes for policies and claims can be slow and cumbersome leading to delays in decision-making and settling claims.

Yellowblox.com, an easy to access and straightforward to use communications system, provides a solution that allows underwriters to improve workflows and dramatically reduce settlement times.

Currently, in the London market, paperwork can get lost, claims are taking too long to process, and regulators are demanding an ever-more transparent audit trail. The bespoke Yellowblox service cuts down on paperwork by automatically generated reports, policies and claims that can be sent and signed-off on-line, 24-hours a day, from a secure hub.

Yellowblox reduces time spent on a contract and so cuts costs and improves your reputation for claims handling. And it leaves you more time build a better and more balanced portfolio.

Yellowblox.com is a simple, secure and independent helping hand for underwriters specially designed by industry experts which leaves a fully auditable electronic footprint from the moment a contract, policy, or claim is set up that is detailed enough to satisfy global regulatory bodies.

Via the email alert function, all concerned parties - brokers, underwriters, lawyers and third parties administrators - are told of updates and can simultaneously view the contract, policy or a claim. Instantly queries can be dealt with and changes made.

Yellowblox - key benefits to underwriters:

• QUICKER SETTLEMENT OF CLAIMS HELPS MANAGE RESERVES

  • No bulky paper trail and a fast service and ability to turn around claims very quickly

  • Claim information will come directly from clients

  • Direct access to client for queries while keeping others informed

  • All the data is stored allowing access to reports for quicker turnaround times for special acceptances, policy referrals and claims

• FULL AUDIT TRAIL

  • You can see exactly where you are on any claim, policy or special acceptance 24 hours a day allowing you to make better decisions when writing new business

  • Paper files are no longer needed - and so cannot get lost.

  • There is a full repository of contract history which creates a comprehensive electronic document trail.

  • No one can input data on your behalf, so Yellowblox enhances regulatory compliance.

• LESS ADMINISTRATION LEADING TO COST SAVINGS

  • Standard and customised bordereau quarterly reports can automatically be generated and e-mailed to all the parties. You no longer have to wait for a broker to bring them round in person

  • With less administration, you can spend more time managing your reserves, measuring risk, and seeking new clients.

• SECURITY

  • Yellowblox.com is a secure site with full firewall protection, so there is no need to worry that any unauthorised party will be able to access your data.

  • Username password authentication and database server are kept on separate servers

• SPEED AND ACCURACY

• The Alert function ensures that every time something happens on a contract, an email alert is issued and everyone is kept informed.

• You can find anything within the system using the search function ensuring you can find information quickly without visually scanning documents.

• The more efficient process helps improve both speed an accuracy which in turn cement broker's relationships with clients and underwriters and helps comply with FSA guidelines

• You can be confident you are seeing the same information everyone else is seeing.

• EASE OF COMMUNICATION

  • Instant internet transfer of information cuts out the need for lengthy queuing for face-to-face meetings to have claims and policies signed off.

  • 24 hour access to the Yellowblox system makes cross-time zone communication much easier. Yellowblox works especially well for brokers with clients in America or the Far East. If a client inputs something into the system, by the next day it can be there awaiting action and processed.

• INDEPENDENCE

  • Yellowblox is an independent company that is not owned by any other player in the insurance or reinsurance industry.

• FLEXIBILITY / CUSTOMISATION

  • Yellowblox can create a bespoke workflow which matches the specific needs of a particular contract, company, or client and matching existing workflows creates minimum interference.

  • Bespoke formsmake it easy to customise the look of data entry or data display.

  • There are a series of standard reports for most contracts which are available at any time to help you evaluate your contract in any way you want to. Yellowblox can also offer customised reports that can be designed in any format offering complete control over your information.

  • Quarterly reports are automatically generated and appear automatically on your desk.