Overview of Davies Group
Providing operations management, consulting and digital solutions to organisations in highly regulated markets, including insurance, financial services, public sector, communications and regulatory bodies.
Our key solutions include Claims solutions UK&I, Consulting and Technology, Davies North America, Insurance Services and Legal Solutions.
Our global team of more than 7,000 professionals operate across 10 countries including the UK, Bermuda, and the US with headquarters in the City of London. Beyond our core team, we operate a network of specialist consultants that are deployed within clients’ own operations to execute regulatory and transformation projects.
Our insurance services offering extends to all core insurance market players; MGAs, brokers, insurers, reinsurers, Lloyd’s syndicates and international captive owners.
Market Services
We are recognised as one of the leading specialist providers of services to (Re)insurers, MGAs, brokers, and intermediaries, providing insurance operations and consulting solutions for start-up, live and legacy partners. We can truly offer a cradle to grave services for clients in every stage of their business cycle.
Binding Authority Management
Ours is a truly market leading Binding Authority Management service designed to improve Coverholder management, performance and support our clients internal and regulatory reporting requirements.
We process more than 3,000 new binding authorities annually, capturing key data obtained from over 100,000 bordereaux.
Having built a team of experienced insurance technicians and a proven track record in on-boarding new clients onto their chosen software platforms, we have delivered tangible improvements in timely receipt of bordereaux from brokers, Coverholder’s, TPA’s and market associations to enhance data quality to further improve the delivery of key information to clients.
Through this service we can:
• Collect, map, and reconcile written, premium, claims and exposure bordereaux
• Significantly enhances internal controls and supports external regulatory requirements
• Enhanced data quality and integrity through data enrichment process
• Ability to measure Coverholder performance against market standards with data deficiencies tracked and addressed
• Improve bordereaux provision and quality
• Provide a fully interactive digital dashboard to enable underwriters to review portfolio performance
• Produce structured data extracts to supplement own data warehouses
Premium Credit Control
We have over 20 years of experience in delivering a cost effective premium credit control solution to the Lloyd’s, Company, Legacy (including discontinued lines), Direct Settlement and MGA markets.
The service focuses on improving payment performance through targeted credit control, enhanced data quality through management of EPIs and management reporting. This is delivered by building extensive working relationships with brokers to understand the factors effecting settlement.
We are the LMA’s preferred credit control service provider to the Lloyd’s Market, a position built on a track record of consistently delivering excellence for our clients.
Our service solution is flexible to meet our client’s requirements and can be delivered through our own bespoke system or using third-party client systems.
Premium Shared Credit Control:
We and our clients are members of the Services Oversight Board which governs the service and is responsible for ensuring key deliverables are achieved and includes our annual service strategy which measures performance against agreed targets in line with our service KPIs. This provides operational information to increase knowledge and awareness to stimulate actions leading to improved payment performance.
Legacy Premium Credit Control:
We identify uncollected balances and stimulate premium payment on both legacy years of account and discontinued lines of business utilising our extensive market knowledge, long-term broker relationships and bespoke system.
Direct Settlement:
Our extensive knowledge of credit control and bordereaux management enables us to provide a complete solution for all administrative in-house processes across the full lifecycle.
This service offering is bespoke to our client’s requirements and includes cash management through bank account reconciliation, cash allocation, credit control and bordereaux production.
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For more information on Premium Credit Control services please contact:
Simon Hatton, Head of Bureau Credit Control, Simon.Hatton@davies-group.com
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Loss Fund Management
We are recognised experts in the realisation of overstated and redundant funds and implement our strategic and forensic processes to deliver a comprehensive analysis of loss funds for clients. This loss fund expertise has over the last 6 years returned over £300m of funds which would include
“closed years” to the market which may provide insurers with the identification of: Written-off, Lost or Forgotten.
The main objective of our loss fund service is to ensure all funds held in trust are true and accurate with all participating parties, from syndicates and carriers to brokers and TPAs.
We do this by:
• Identifying unknown loss funds
• Reconciling loss funds against stated loss reserves
• Extracting surplus funds
• Utilising our extensive network of broker and TPA contacts
• Implementing controls and procedures to support ongoing management including static reviews.
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For more information on Loss Fund Management services please contact:
Craig Armstrong, Delegated Authority Services Group Manager, Craig.Armstrong@davies-group.com
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Reinsurance Services
In the constantly changing world of reinsurance, Davies supply professional reinsurance support to complement client businesses. We have successfully assisted over 15 carriers in the UK and overseas market to deliver their reinsurance TOM, supporting them through their reinsurance software transition. Our services include ceded reinsurance resource and project delivery of system implementation or migration.
BAU Resourcing:
The success of deploying in-sourced project resource depends upon a deep working knowledge and the ability to adapt and integrate. We have built a strong reputation built on the abilities of our experienced personnel to support ceded reinsurance teams in key areas such as:
• Outwards reinsurance processing
• Technical accounting activity and LORS
• Peer review
System Implementation:
We offer a dedicated service to risk carriers who wish to delegate the implementation,
migration or strengthening of reinsurance software. This delegated approach reduces the impact a project will have on the client’s own resource, by allowing the continuation of daily BAU roles.
Our services include:
• Reinsurance software implementation including:
‒ User acceptance testing (UAT)
‒ Data migrations and reconciliation
‒ Contract load
• Portfolio migration from one platform to another
• Reinsurance system functionality review
Financial Reviews
For over 20 years we have been helping clients risk assess, engage, and retain coverholders and brokers through initial and ongoing reviews of their financial and operational information.
Through our coverholder and broker reviews, bespoke internal system and high level data management the consistent delivery of a professional and high quality service sets us apart from our peers.
Our service can:
• Track performance over time to identify material changes or key performance trends to help provide early risk warnings
• Facilitate compliance with regulatory requirements and credit risk management
• Provide meaningful performance comparisons based upon quantifiable financial and operational targets
• Produce independent and objective assessments of coverholders and brokers using an agreed criteria
• Support new coverholder or broker application approvals and periodic renewal processes