Policy Works blog | Commercial lines bliss

Lloyd's Canada Coverholders, which audit ghosts haunt you?

Written by Kathleen Kotchon | Dec 7, 2017 1:15:00 PM

If you haven’t read the book, you’ve probably seen the film. A Christmas Carol is the story of Ebenezer Scrooge, a grouchy, old miser whose dreams are haunted by three different ghosts in and around the Christmas season.

Your Lloyd’s audit is an event chock-full of planning and anticipation; it’s no surprise some of that may slip into your subconsciousness. Have you been having visions of audits past, present and yet to come?

The Ghost of Lloyd’s Audits Past

Are you being haunted by audits past because manual data entry is susceptible to human error? If the same bordereau recommendations come up in your audit repeatedly, automatic batch upload to the Lineage portal can free you from the constraints of audits past.

The Ghost of Lloyd’s Audits Present

Profit and growth are good things but growing pains can haunt you in audits present. For example, someone copied and pasted the Declarations page from an existing contract into a new contract obtained earlier this year. Not only do you have the incorrect contract number, you have the incorrect Unique Market Reference Number (UMR) too.

In our eBook, “Lloyd’s Coverholders, are you guilty of these 5 Misdemeanours?” we discuss issues coverholders encounter at audit time, with incorrect contact numbers and UMRs being one misdemeanour that’s preventable.

The Ghost of Lloyd's Audits to Come

Staff turnover can be unpredictable. Let’s say the person responsible for issuing all your Lloyd’s policies is going on maternity leave. What happens to your Lloyd’s issuance while they’re gone?

You may have hundreds of policies written, are you sure the temporary staff will get all transactions allocated to the correct Year-of-Account (YOA) reporting?  Now, add multiple Lloyd's binding authority agreements into the mix—all with different binding authority dates. Are you still certain temporary staff will get it right?

As a Lloyd's Coverholder, you can expect an audit every few years. Don’t let mistakes made today come back to haunt you in audits yet to come.

In the A Christmas Carol denouement, Scrooge realizes it’s not too late to change. This change not only benefits the protagonist, but every character in the story. If you’d like to learn more about how Policy Works can change your Lloyd’s issuance for the better and benefit every character in your story, contact us for a demo.