New start up broker, SSL Insurance Brokers Limited, has turned to Xchanging Ins-sure Services to help it meet its ambition to eliminate the reliance on paper in its business and to meet customer needs for timely issuance of insuring documentation.
Xchanging Ins-sure Services, a provider of outsourced services to the insurance industry, has been directly responsible for assisting the provisionally accredited Lloyd's broker, SSL Insurance Brokers Ltd, to achieve the company's formation, Lloyd's provisional accreditation and transition to insuring document issuance in record time.
Under the terms of the agreement, Xchanging Ins-sure Services provide preparation of cover notes, endorsements, debit/credit notes and arrange for the signing and settling of premium to the Lloyd's and IUA markets.
Debit and credit notes are released by Xchanging Ins-sure Services, within an agreed number of days of receipt of data from SSL; the documents are released to SSL electronically for them to print off and sign.
This enables SSL to provide their client with insuring documents in a very timely fashion.
Andrew Sturdy, of SSL, said: "Working our way through the regulatory process was tough. Xchanging Ins-sure Services provided wise counsel and quick service which helped us enormously."
SSL is committed to paperless processing and their use of the Intermediary Service provided by Xchanging Ins-sure Services places them in a strong position to take full advantage of electronic placing and processing initiatives as they come on stream.
"Clients are tired of the service levels provided by some Lloyd's brokers," said Sturdy. "Our deal with Xchanging Ins-sure Services will enable us to handle and process business in the most efficient way possible, with the emphasis on speed."
John Benjamin, the managing director of Xchanging Ins-sure Services, said: "We are providing a valuable and forward-looking service which supports the placing activity undertaken by SSL.
"This enables SSL to keep costs to a minimum and concentrate on growing their customer base, whilst the Intermediary Service team take care of the quality and speed of delivery of the processing and insuring documentation."
