Charles Taylor InsureTech has announced the launch of Authority Hub, which it said has been designed to save insurers time and improve efficiency and accuracy in managing and controlling authorities.
“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 authorization in a compliant manner,” Charles Taylor InsureTech said. “Authority Hub cuts through all this and enables authority to be delegated in seconds while meeting all necessary FCA and PRA regulatory requirements.”
With Authority Hub, delegated authority letters are held and managed in one central location, accessible across an entire business through secure access controls. This enables insurers to demonstrate adherence to compliance and regulatory obligations. The product simplifies and speeds up the process for the delegation of authority while creating secure digital records that provide real-time reporting on the authority status of a team or individual.
“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,” said Tony Russell, chief commercial officer at Charles Taylor InsureTech. “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. 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.”