Charles Taylor InsureTech has launched Authority Hub, a service that “transforms” the way insurers manage and control authorities.
It has been designed to save time and improve efficiency by cutting through the “chain of decision-making” and enables authority to be delegated in seconds while meeting all necessary FCA and PRA regulatory requirements.
With the new product, delegated authority letters are held and managed in one central location which enables insurers to demonstrate adherence to compliance and regulatory obligations.
Tony Russell, Charles Taylor InsureTech’s chief commercial officer, 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 it also exposes insurers to regulatory compliance risks as a result of human error and limited auditing capabilities.”
He added: “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.”