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For delegated authority

Find the breach when the bordereaux land, not months after binding.

Lloyd's puts delegated business at about 45% of the market's premium. You approve, monitor and audit the coverholders who write that business in your name. CoVi Analytics draws every step of that oversight on one process map. A late bordereau, a failed audit or a breach shows on the step where it happened.

Talk to us Follow Halden

Halden is a fictitious Lloyd's managing agent. We run it in CoVi Analytics and publish its reports one at a time.

The problem

The bordereaux arrive late. The audit runs late. The breach surfaces months after binding.

Bordereaux land when the coverholder sends them, and someone checks them by hand. Audits slip when the team is stretched, and nobody counts the backlog. So a coverholder can write outside its territory for months before anyone sees it. The FCA is extending its review of outsourced claims oversight to delegated authority models, with findings due in early 2027.

Today
  • Bordereaux checked by hand, after they arrive late
  • Audits that slip, with no one counting the backlog
  • Breaches found at the audit, months after binding
  • Coverholder complaints reported apart from the coverholder
What you need
  • Bordereaux checked against the binding authority as they land
  • An audit backlog you can see, with owners and dates
  • Breaches on the process map the day they are logged
  • Each coverholder's breaches, audits and complaints in one place
How we solve it

Start with delegated authority oversight on the process map. The red control shows where oversight broke.

Halden's delegated authority view runs from onboarding a coverholder to the renewal decision.

Halden · Delegated authority

Are our coverholders writing within their authority?

ExploreOpen DA oversight to see its process flow, step by step. Then open a step to read how it is documented.

Halden is fictitious. Source: process map, risk appetite KRIs, controls by team, incident log, action log at 30 Sep 2026; 2027 business plan

With bordereaux checked against the binding authority as they land, Ridgeway's out-of-territory risks would have shown in the bordereaux that carried them. Instead, an audit four months late found them.

A late bordereau isn't an admin problem. Two of Halden's coverholders sent theirs six weeks late (INC-033), and its Q3 return to Lloyd's is now at risk.

The exchange

This is a deal between your delegated authority team and your risk team. CoVi Analytics is where it happens.

What your risk team asks of your delegated authority team

  • Log each out-of-authority risk as an incident when the bordereaux show it.
  • Record audit results and scorecards where the oversight work happens.
  • Keep the audit plan current, with an owner and a date for each coverholder.

What your delegated authority team gets back

  • Breaches on the map the day they are logged, not at the next audit.
  • An audit backlog everyone can see, with dates against it.
  • Each coverholder's breaches, audits, wordings and complaints in one place, ready for the DA oversight committee.

How it works.

  1. We bring in your binders and bordereaux.

    Binding authorities, bordereaux, the audit plan and coverholder scorecards.

  2. We put each coverholder on one line.

    Its binders, audits, breaches and complaints sit together on the process map.

  3. Your DA team logs breaches as bordereaux land.

    Audit results go in where the oversight work happens.

How we think differently

How we think differently

  • Oversight is a process, not a file.

    The DA lifecycle is a line on the map, from onboarding to exit. Each step shows its controls and what went wrong there.

  • The bordereaux are the early warning.

    Out-of-authority binding is a KRI against appetite, not a footnote in an audit report.

  • Partners sit on your map.

    Coverholder problems show on the process they affect. The PRA's 2026 priorities letter expects DA oversight to cover how a firm would exit unprofitable arrangements.

Proof

Follow one coverholder across Halden.

Ridgeway Underwriting is a fictitious coverholder writing for Halden. It bound risks outside its territory, kept issuing a superseded wording, and drew an upheld complaint. Each shows on a different report, linked to the same coverholder.

What Halden did: the Head of Delegated Authority owns two actions. ACT-038 remediates the Ridgeway breaches. ACT-036 chases the late binder bordereaux.

Want your coverholders on one map?

Tell us where your DA oversight breaks down. We will show you how it would look on the map, using Halden as the starting point.

Talk to us Take the risk reporting check

Show this to your risk team

Built by Context Visualised, in London since 2016, Lloyd's Lab Cohort 2. Founded by Waleed Sarwar, former interim Head of Risk at Liberty Mutual, Markel and Bupa, who worked on Solvency II policy at the Bank of England.

Sources (3)
  • Lloyd's 2026 Market Oversight Plan. Delegated business is "circa 45% of the market's GWP". Each managing agent gets a DA Oversight Manager running "select delegated lifecycle reviews". assets.lloyds.com
  • PRA, "Insurance Supervision: 2026 priorities", Dear CEO letter, 15 January 2026. DA oversight should include "how they would exit unprofitable arrangements". www.bankofengland.co.uk
  • FCA, "Regulatory Priorities: Insurance", published 24 February 2026. The FCA will "expand our review of firms' oversight of outsourced claims processes, to include different delegated authority models"; findings due "early 2027". www.fca.org.uk