Agencies / Underwriting Agents

Team RealXS also offers Underwriting Agents like Lloyd's Correspondents the option to design insurance products, quickly and efficiently. Both old and new - innovative - insurance products can be installed without the help of it-specialists.

Authorised Agents
We are familiar with the phenomenon of Authorised Agents in the Netherlands.
Outside the Netherlands, the difference between a Placing Broker and an Authorised Agent is not always understood.


A Retrospective
Brokers who specialised in industrial processes were often sought by insurers who were less knowledgeable about such matters. Such insurers then provided this intermediary with power of attorney to act on their behalf. The intermediary then became a Underwriting Agent. In the old days Authorised Agents used to have dozens and sometimes even hundreds of insurers represented by them for insuring industrial risks. Thus, Underwriting Agents are originally intermediaries who offer themselves to insurers for value-added services.

Team RealXS offers Underwriting Agents the option to design insurance products, quickly and efficiently. Both old and new - innovative - insurance products can be installed and marketed without the help of it-specialists.

Sub-agents
These products can then be administratively maintained, continued and offered directly or via sub-agents via a website.

Underwriters
Underwriting Agents operating in the Co-assurance market are also called Underwriters.

Pool distribution "under its own logo"
The Underwriting Agent is obliged when entering into and continuing an insurance contract to clearly describe in the policy which insurers cover the risk. As soon as the composition of the list of insurers changes (in name or percentage), he is obliged to inform the client. The latter is deemed to tacitly agree to this, but the client can also refuse.

Fixed pool allocation 
For some insurance products, it is possible to apply a fixed pool allocation.
See page : "Fixed Pool Distribution"

New opportunities for the intermediary
The shortage of well-trained applicants is glaring. Even in the insurance industry. Outsourcing is an option that should be seriously considered again, because:
Thanks to
- the robot-Underwriting;
- automated-bid-processing;
- integrated financial-administration;
- tailor made IPID;
- policy formatting;
and digital-signing by the Underwriting Agent,
unprecedented new opportunities for an efficiënt approach, in which the intermediary can play a greater role arise.