Charles Taylor InsureTech has launched Authority Hub, a new solution that transforms the way insurers manage and control authorities. Developed with leading global insurers in mind, Authority Hub has been designed to save insurers time as well as improve efficiency and accuracy.
Cascading authority from the board down to the product underwriter or claims handler, not only requires a chain of decision-making at each level but also a trail of paperwork to demonstrate official authorisation in a compliant manner. Authority Hub cuts through all this and enables authority to be delegated in seconds while meeting all necessary FCA and PRA regulatory requirements.
Delegated authority letters are held and managed in one central location, accessible across an entire business globally through secure access controls, enabling insurers to demonstrate adherence to compliance and regulatory obligations.
This new product dramatically manages, simplifies and speeds up the process for the delegation of authority, whilst creating secure digital records that improve operations by providing real-time reporting on the authority status of a team or individual. Additionally, providing governance, process management and reporting capabilities to meet the increasing number of regulatory requirements.
With contributions from Global Insurers during the development stages, ahead of its launch to the market, Authority Hub will reduce errors and increase visibility across an entire business globally and free up highly skilled staff to focus on their roles.
Tony Russell, Chief Commercial Officer, Charles Taylor InsureTech, said, “Currently, many insurers are expending significant amounts of time and expense on the administrative effort associated with managing letters and spreadsheets to delegate authority for claims payments and underwriting decisions. Not only does the current model impact operational effectiveness but is also exposes insurers to regulatory compliance risks as a result of human error and limited auditing capabilities.
It has been fantastic to develop this product in collaboration with Global insurers who are leaders in their field but struggle with the administration and management associated with ensuring regulatory compliance. With these market inputs we have been able to create a quality solution that is designed with and for the insurance market focused on delivering tangible results and intuitive digital experiences. We are excited to be bringing Authority Hub to the market and look forward to helping the market utilise its full capabilities to both improve the business that is done; and improve how business is done.”
Published 21 October 2020