Providing Policy Administration for a Lloyds Syndicate

The challenge

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 solution

• We pulled together a project development team using existing staff from key areas of the business to create an onboarding strategy
• We worked closely with Faraday’s IT, Underwriting and Compliance teams to set up new processes. Internal and external systems were created to house the client data being transferred
• We secured some experienced staff from Tradewise to work alongside our own project and administration resource and together we planned key functions and delivered product training
• Our initial task was to form an operating team, introducing weekly planners and quality assurance checks, as well as implementing training guides and SLA’s to ensure effective and accurate processing of the day-to-day functions
• Due to the extremely short timeframes, we initially held daily update calls with Faraday, moving to weekly review meetings incorporating all functions
• We produced weekly MI showing a breakdown of all activities and performance against agreed SLA’s
• To help mitigate work volumes we held continuous and effective communications with the Brokers to assist them with any queries or concerns they had

The outcome

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.