On-boarding process ensures that industry participants have information and access required to go live
Insurers, brokers and software houses have been invited to register and begin testing their systems and processes with Flood Re to ensure they are ready for April 2016 when the scheme goes live.
The on-boarding process will ensure that industry participants have the information and access required to test and go live with the government scheme, aimed at homes at high risk of flooding.
Organisations taking part have to complete and return administrative and legal documents.
They will be able to access the property data and/or transfer the cover to Flood Re from April 2016.
Originally expected to be implemented this summer, testing the complex model has delayed the scheme until 2016.
The three step process involves:
- Registration – Under which participants provide company information, indicate preferred test dates, as well as completing the relevant data sharing protocol, test plans and readiness assessments.
- Testing – which includes the completion of all test steps, with results delivered in a test report.
- Authorisation – having passed the first two stages, participants need an appropriately authorised individual to sign and return the relevant legal documents.
Flood Re chief executive Brendan McCafferty said: “Flood Re is one of the most significant innovations the home insurance market has ever seen. It has the potential to offer significant advantages to those industry participants who are ready for its launch in April 2016, and will help customers in areas at risk of flooding to access the competitive insurance market.
“We have been working closely with insurers, brokers, MGAs and the Lloyd’s market for a number of months and getting the on-boarding process right will be critical to the success of the scheme.”
AXA Commercial Lines and Personal Intermediary chief executive Amanda Blanc added: “While it sounds dull, the fact remains that Flood Re is only capable of going live when all testing, registration and authorisation has been successfully completed.
“AXA is 100% behind Flood Re and would encourage all insurers, brokers and software houses to engage now so that this innovative scheme can be ready for successful launch in April 2016.”
Companies wishing to take part in Flood Re scheme will need to be part of the on-boarding process. The first step is to download the registration form from the Flood Re website at www.floodre.co.uk/on-boarding.