As we know…
Lloyd’s of London insurers are legally obligated to submit a comprehensive list of their EL policies to the ELTO within specified timeframes and in a standardized format. The process involves many voluntary and mandatory disclosures pertaining to new policies, renewals, claims and more. Failure to comply with these regulations can lead to severe sanctions and financial penalties imposed by the Financial Conduct Authority (FCA).
The majority of the EL insurance providers face a three-fold challenge…
Figure 1: Challenges in ELTO submission
Manual processes to check, validate and upload data to the ELTO server pose a significant challenge to insurance providers. These processes are time-consuming and resource-intensive. Moreover, data inputs acquired from multiple third-party sources often come in varying formats, necessitating the standardization and validation of data according to pre-defined ELTO rules. This iterative process is prone to human error and delays. Furthermore, managing rejected cases requires manual tracking and follow-ups with brokers, underwriters and third parties, increasing operational costs.
EL insurers can overcome these challenges by…
Leveraging WNS’ RegTech app to automate the end-to-end ELTO submission process.
Figure 2: Salient features of WNS' app
The RegTech app addresses the key challenges / pain points of insurance carriers by facilitating:
- Data Integration: The application accepts data files in multiple semi-structured formats (.csv, .xlsx, .txt and .json) from various databases, ensuring flexibility and compatibility
- Automated Data Validation: Upon file upload, the app automatically executes data validation processes, identifying missing data, errors and other anomalies that require further resolution or human intervention
- Standardized Output Generation: The app auto-generates a standardized .txt output file that adheres to ELTO requirements and submits it to the ELTO server
- Rejected Case Management: In case of rejected files, the app ingests the files, raises support tickets and assigns them to underwriters or third parties for effective exceptions management at source. Once validation errors are rectified, an output file is generated and re-submitted to the ELTO server in consecutive cycles
Figure 3: Overview of the Automated ELTO Submission Process Flow
This RegTech intervention ensures…
- Increased Efficiency: The app reduces processing time by 85 percent by automating manual and repetitive tasks and ensuring high-quality output files with minimal errors
- Compliance and Auditability: The Web app maintains a comprehensive log of changes, ensuring compliance with external auditing requirements
- Insightful Reporting: The application dashboard provides statistics on uploaded input records, rejected records and reasons for rejection, enabling informed decision-making
Extending beyond this ELTO submission use case…
The RegTech app’s versatility allows enterprises to put it through upgrade cycles, integrating tracking tools, new ELTO business validation rules and other financial reporting modules. This ensures a future-proof application capable of fulfilling multiple financial tracking and reporting requirements.
To know more about the benefits of implementing this regulatory enablement and tracking system for your enterprise, click here.
About WNS Triange:
WNS Triange powers business growth and innovation for 200+ global companies with Artificial Intelligence (AI), Analytics, Data and Research. Driven by a specialized team of over 6000 analysts, data scientists and domain experts, WNS Triange helps translate data into actionable insights for impactful decision-making. Built on the pillars of consulting (Triange Consult), future-ready platforms (Triange Nxt), and domain and technology (Triange CoE), WNS Triange seamlessly blends strategy, industry-specific nuances, AI and Machine Learning (ML) operations, and intelligent cloud platforms.
Driving a futuristic edge are WNS Triange’s modular cloud-based platforms and solutions leveraging advanced AI and ML to provide end-to-end integration and processing of data to actionable insights. WNS Triange leverages the combined strength of WNS’ domain expertise, co-creation labs, strategic partnerships and outcome-based engagement models.