5 Tips for Using the Lloyd’s Lineage Portal More Efficiently


five tips for using lloyd's lineage more efficiently

Lloyd's Lineage is an online portal used for the reporting and settlement of Canadian binding authority business that also generates reports for regulatory reporting.

Even though the portal is used for many things like accounting and claims settlement, Policy Works focuses on uploading commercial insurance transaction data (batches) generated by brokers and MGAs to the portal. Policy Works has been uploading data to the Lloyd’s Lineage portal for over a decade. Lorin McCaffrey, Director of Product Development at Policy Works, shares a few tips and tricks that will help ensure your batches upload smoothly.

How is a Lineage batch generated?

Any finalized policy transaction created in our P&C Issue, P&C Survey and P&C Issue for Lloyd’s modules qualify for transmission to Lineage if:

  1. The transaction is a policy term transaction, not a marketing transaction or a binder.
  2. The lead insurer or at least one subscribing company has contract details setup in Policy Works to enforce Lloyd’s Lineage rules. 

If these conditions are met, the transaction will be included the next time your Site Administrator or Bordereau Officer creates a batch to be uploaded to Lineage.

When is the best time to upload to Lloyd’s Lineage?

Uploading a batch once a month is the average. With steady monitoring of transaction volume, you may notice some months are busier than others. If it’s busy, consider performing a batch upload to Lineage more often. This allows you to catch and fix errors earlier and in manageable amounts.

What causes a Lineage batch upload to fail?

There are several reasons why a batch upload can fail. It can depend on how your coverholder account is setup at Lloyd's Canada, how your issuance details are setup in Policy Works Administrator, and the way the data was entered into each policy. Before you upload your first batch, it’s important to know:

  • Your coverholder number. Like the name and location of your brokerage, this a mandatory requirement for reporting to Lineage.
  • Your Lloyd’s contract numbers(s) and contract requirements. It is not just familiarity with the declarations page that outline specifics like Unique Market Reference (UMR), contract numbers and wording requirements, but also any contract phraseology that stipulates specific tasks or rules are enforced as part of the contract.

By the end of your first year, you should know how to look up your renewal contract information on the Lineage portal. This ensures your transition to renewal contracts is seamless in the second year of uploading and onwards.

What other tips do you have to ensure batches upload to Lineage without errors?

Some of the errors brokers and MGAs encounter when uploading to Lineage can be traced back to inconsistent processes. If you take time to create accurate templates that include all the requirements from your binding authority agreement and the requirements from local regulators, your reporting will be more accurate. Other things to watch out for prior to uploading include:

  • Coverages on the Schedule of Insurance that are premium-bearing should include an IBC Coverage code. Also, specify location-specific limits for Earthquake, Flood and Sewer extensions instead of policy-wide limits for these extensions.
  • Locations listed individually with a true civic address that includes a postal code. Don’t try to fake-out Lineage by putting address ranges into your policies.

Double-checking the lead contract, subscribing contracts, and commission rates before finalizing any new policy or renewal should also be part of your mandatory workflow and best practices.

One of the biggest benefits of reporting to Lloyd’s Lineage through Policy Works is automation. All reported data is extracted from existing policies and that’s very powerful because there’s no duplication of work or laborious manual data entry. Policy Works lets your data do the work, not the other way around!

Not only does Policy Works have over a decade of experience with Lloyd’s Lineage, we also have a 20-year relationship with Lloyd’s Canada when it comes to policy issuance. If you’re a broker, coverholder or MGA looking to reduce duplication of work and operate more efficiently, contact us for a demo.

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Topics: Workflow, Lloyd's, Best practices