News & Views
How Binding Authorities with delegated underwriting can boost your business...
Binding Authorities are a critical part of the Lloyd’s and London market, with around a third of Lloyd’s business coming from coverholders to the Lloyd’s market.
This can bring many options and opportunities for your business, whether you are a new or existing MGA, or an insurance intermediary looking to better manage existing business or consolidate volume books of business spread across different insurers. LONMAR GLOBAL RISKS, with our specialist Binding Authority solution,
LONBINDER, is ranked in the top 3 Binding Authority brokers at Lloyd’s. You can use our expertise to boost your business, how?
Existing Binding Authority
It’s a great start if you already have an existing Binding Authority, as we are currently in a very competitive market; there are many opportunities to explore your options and gain better commercial terms with wider coverage for your customers, thus bringing more income to your business.
New to Binding Authorities
If you already have a portfolio of homogenous business, or want to build one, particularly if it is high volume low premium business, you are perfectly placed to set up a Binding Authority. By setting up a Binding Authority with delegated authority; with processes in place for policy issuance, premium payment and efficient claims handling you can not only increase your earnings, you can also reduce your costs.
What next?
Contact LONMAR, and we will help you to explore your options, including:
1 Advice on strategy
2. Business planning and development
3. Portfolio analysis
4. Finding suitable rated insurer security
5. Negotiation/provision of delegated binding authority arrangements
6. Support with the Lloyd’s Coverholder application process
7. Enhanced commission structures including profit based incentives