Software and services group, Eurobase Insurance Solutions, has launched a delegated authority product aimed at "tightening up" the underwriting process.
Scheme Manager will provide insurers and intermediaries with greater control in managing the underwriting arrangement it has with coverholders, according to the company.
Eurobase said that, for the first time, external parties such as underwriters and claim handlers will have direct, up-to-date access to the position of exposures and losses.
The company said it would allow insurers to automate the entire process of binder management, insurance product distribution and bordereaux processing.
Richard West, business development director, at Eurobase, said: "Delegated underwriting is one of the most common forms of insurance processing, providing access to profitable and niche markets. Yet it can introduce more processing inefficiencies than virtually any other approach."
He added that benefits included certainty of compliance, improved cash flow, better credit control and the provision of a clear view of whether rules and rates are being complied with.
The number of binders registered in the Lloyd's market in June 2006 was 4,900.
