Specialist Underwriting Agency, Tradewise Insurance Services Ltd, entered Liquidation leaving policyholders vulnerable. This resulted in an immediate need for policy administration support services to administer policies and handle the potential surge of complaints
As a Syndicate at Lloyds and a subsidiary of Berkshire Hathaway International Insurance Limited, Faraday approached Davies to provide an ‘end to end’ support service for a large Motor Trade Scheme entering a run-off phase, for which they were capacity providers.
This brought about many challenges, as a niche Commercial Insurance product we required specialist systems and a team knowledgeable in this field to Underwrite and Administer policy changes, as well as specialist functions relating to claims handling, compliance, complaints and Fraud.
The transfer of large volumes of client data from the Underwriting Agency to our internal and external systems to service this acquisition needed to be carried out within an extremely restricted timeframe.
Due to the nature of the product a key requirement was for a seamless transition from Tradewise to Davies ensuring minimal disruption to brokers and policyholders. Keeping complaints to a minimum and ensuring the customers were being treated fairly.
The overall outcome has been hugely successful, and the praise and feedback received from both Faraday and the Brokers is testament to this.
The first few weeks of the handover proved to be extremely challenging, handling high call volumes including calls from brokers concerned about their clients and policyholders, as to regarding the validity of their policies moving forward. However, highly experienced administration onboarding team along with the robust infrastructure that we put in place resulted in targeted SLA’s being exceeded.