Supporting Insurer | Version 1.04 | January 2020

Modified on Thu, 16 Oct at 4:25 PM

Supporting Insurer

When writing policies through an Underwriting Agency or Wholesale Broker, it is required to disclose the securing underwriter or the supporting insurer.

To cater for this, INSIGHT has the following Insurer profile Insurer Types:

UW Agency or Wholesale Broker - used to record the Underwriting Agency where they are remitted Net premiums and underwriter fees.
Underwriter - used to record the securing entity or the supporting insurer in conjunction with an Underwritng Agency.

Separate Insurer profiles need to created for an Insurer and an Underwriter. You cannot have one Insurer profile for both types.

Click here to skip to the following content:

Setup & Configuration

Create the Underwriting Agency profile

Create the Underwriter profile

Transaction Processing

Documentation

To view the following videos in a larger format, please expand the controls and select the Full Screen button.

Setup & Configuration

Create the Underwriting Agency profile

Click the Details button to view step by step instructions.

1. Select Add, then Add Insurer.

2. Complete the Profile page, then proceed to the Classification page.

3. In the Insurer Type field, choose UW Agency.

4. Complete the rest of the wizard and select Save.

The same steps can be used to create a Wholesale Broker profile - for Step 3, choose Wholesale Broker instead.

Create the Underwriter profile

Click the Details button to view step by step instructions.

1. Select Add, then Add Insurer.

2. Complete the Profile page, then proceed to the Classification page.

3. In the Insurer Type field, choose Underwriter.

4. Complete the rest of the wizard and select Save.

Because this record only exists to record the supporting insurer:

The APRA Type field can be set as Not Applicable
There is no need to add classes of risk to it - transactions will use the class of risk mapped to what is chosen in the Insurer field.

Transaction Processing

Once you have setup the Underwriting Agency/Wholesale Broker and the Underwriter, you are ready to start processing policies with a Supporting Insurer.

Click the Details button to view step by step instructions.

1. View the client profile you wish to create a policy for and in the Policy Transactions tab, select Add New Business.

2. Complete the Policy Summary page - the Underwritten By field will appear when you choose an option from the Insurer field that has the Insurer Type of UW Agency or Wholesale Broker.

3. Complete the rest of the wizard.

Documentation

INSIGHT Document templates are configured to automatically include both the Underwriting Agency and the Supporting Insurer as per the examples below. Please contact INSIGHT Support if your current document templates need amending to include either the Underwriting Agency or the Supporting Insurer.

Click the Details button for sample documents.

Invoice Sample

Closing Sample

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