London Market insurance operations vocabulary

The screening step that confirms a submission sits inside the class, territory, limit and sanctions boundaries a syndicate is prepared to write.

• Seven Workflow Bottlenecks Slowing Specialty Underwriting
• Submission Triage: What to Automate and What to Judge

The contract setting out what a coverholder may bind: classes, limits, territories, rating basis, exclusions and reporting requirements.

• The Delegated Authority Control Tower, End to End

Periodic risk, premium and claims data returns from a coverholder or administrator. Late, incomplete or inconsistent bordereaux are a persistent source of operational risk.

• The Delegated Authority Control Tower, End to End

The shared central processing and settlement services used across the London Market for premiums, claims and accounting messages, now operated by Velonetic.

• Why Reinsurance Recoveries Become a Working-Capital Problem

Coordinating the people, suppliers, evidence and approvals involved in a claim, while the claims platform remains the financial and legal record.

• Claims Orchestration Without Replacing the Claims Platform

The standard set of data expected at the point of placement so downstream premium, claims and reporting processes can run without rework.

• After Blueprint Two: What Should London Market Firms Modernise Next?
• Submission Triage: What to Automate and What to Judge

An intermediary authorised to bind risks on an insurer's behalf within a defined binding authority, subject to onboarding, reporting and audit obligations.

• The Delegated Authority Control Tower, End to End

Periodic review of a coverholder's underwriting, claims and conduct practice against the binder and market requirements, usually producing findings and a remediation plan.

• The Delegated Authority Control Tower, End to End

Reinsurance placed risk by risk, where the reinsurer accepts or declines each cession individually rather than under a blanket treaty.

• Why Reinsurance Recoveries Become a Working-Capital Problem

A service whose disruption would cause intolerable harm to clients or market integrity. Resilience obligations are framed around these services rather than systems.

• FCA Operational Incident Reporting: What Insurers Should Build Now

The share an insurer writes on a risk. The written line is what the underwriter offers; the signed line is the share confirmed after the placement is signed down.

Money advanced to a coverholder or third-party administrator so they can settle claims within agreed authority, later reconciled against reported activity.

• The Delegated Authority Control Tower, End to End

The firm authorised to manage one or more Lloyd's syndicates, responsible for underwriting, claims handling and the operational controls that sit behind both.

• After Blueprint Two: What Should London Market Firms Modernise Next?

Notifying the regulator about operational incidents and material third-party disruption within defined thresholds and timescales, with a consistent evidence trail.

• FCA Operational Incident Reporting: What Insurers Should Build Now

A firm's ability to keep important business services running through disruption, including identified impact tolerances, mapping and tested scenarios.

• FCA Operational Incident Reporting: What Insurers Should Build Now

The workflow and integration tier that sequences work across underwriting, claims and finance systems, providing SLA tracking and an audit trail.

• Modernising Insurance Operations Without Replacing the Core

Escalation of a risk that falls outside an underwriter's delegated limits or licence, requiring sign-off from a senior underwriter or a technical function.

• Seven Workflow Bottlenecks Slowing Specialty Underwriting

Amounts due back from reinsurers on paid or outstanding claims. Slow identification, collation and collection turns recoveries into a working capital problem.

• Why Reinsurance Recoveries Become a Working-Capital Problem

Reinsurance bought by a reinsurer to cede part of the risk it has assumed, creating a further layer of recovery and reporting.

• Why Reinsurance Recoveries Become a Working-Capital Problem

The document recording the risk, terms and the shares taken by each subscribing insurer on a placement.

Handling a transaction end to end without manual intervention. In specialty insurance it applies to parts of a submission rather than the whole risk.

• Submission Triage: What to Automate and What to Judge

A condition attached to a quote or bound risk that must be satisfied within an agreed period, such as receipt of a survey, valuation or signed warranty.

• Seven Workflow Bottlenecks Slowing Specialty Underwriting

Deciding what happens to an incoming submission: whether it is complete, in appetite, who should price it and how urgently. Part rules, part underwriting judgement.

• Submission Triage: What to Automate and What to Judge

A group of members whose capital supports underwriting at Lloyd's for a given year of account, managed on their behalf by a managing agent.

Where work is coordinated: routing, ownership, hand-offs, approvals and exceptions. It reads from and writes to systems of record without replacing them.

• System of Record versus System of Action in Insurance
• Modernising Insurance Operations Without Replacing the Core

The authoritative source for a data domain, such as the policy, claims or ledger system. Records here are the version other systems defer to.

• System of Record versus System of Action in Insurance

An external firm handling claims on an insurer's behalf under delegated claims authority, subject to service standards and audit.

• The Delegated Authority Control Tower, End to End

Reinsurance covering a defined portfolio of business automatically, on terms agreed in advance for the treaty period.