Open GI is adding a range of enhancements to its regulation software to help brokers tackle the issues of contract certainty and client money.
The company is planning to provide firms with the tools to better administer contract certainty from the autumn, in response to recent concerns expressed by the FSA.
Brokers are expected to be able to record the date terms have been agreed and when evidence of cover was issued to the insured for retail and commercial clients at new business and renewal. The software will also identify the number of policies that have not yet achieved contract certainty, according to Open GI.
The company said enhancements would also allow brokers to differentiate between client money (as defined by the FSA) and insurer risk transfer money.
Simon Hughes, sales & marketing director, Open GI, said: “These latest areas highlighted by the FSA are important for the industry as a whole and we are trying to do as much as we can to help our brokers provide the relevant information from within the system.”
