Flood Re has now started the “on-boarding” process which ensures industry participants have the information and access required to test and, ultimately, go live with Flood Re.
This is the latest in a series of recent developments, which means the organisation is one step closer to ensuring that approximately 350,000 homes in the most flood prone areas will be able to access more affordable flood insurance cover.
The on-boarding process requires industry participants to complete and return a number of administrative and legal documents.
Through the three step process of registration, testing and authorisation participants will ultimately be able to access the property data and or cede policies to Flood Re from April 2016. The three step process involves:
• Registration – which sees participants providing company information, indicating their preferred test dates, as well as completing the relevant data sharing protocol, test plans and readiness assessments.
• Testing – which includes the completion of all test steps, with results delivered in a test report.
• Authorisation – having passed the first two stages participants need an appropriately authorised individual to sign and return the relevant legal documents.
The Flood Re is subject to regulatory approval.
Brendan McCafferty, Chief Executive of Flood Re, commented:
“Flood Re is one of the most significant innovations the home insurance market has ever seen. It has the potential to offer significant advantages to those industry participants who are ready for its launch in April 2016, and will help customers in areas at risk of flooding to access the competitive insurance market.
“We have been working closely with insurers, brokers, MGAs and the Lloyd’s market for a number of months and getting the on-boarding process right will be critical to the success of the scheme.”
Amanda Blanc, Chief Executive Officer of AXA Commercial Lines and Personal Intermediary, commented:
“The process of on-boarding will be fundamental for any organisation looking to engage with Flood Re. While it sounds dull, the fact remains that Flood Re is only capable of going live when all testing, registration and authorisation has been successfully completed. AXA is 100% behind Flood Re and would encourage all insurers, brokers and software houses to engage now so that this innovative scheme can be ready for successful launch in April 2016.”
Companies wishing to take part in Flood Re scheme will need to be part of the on-boarding process. The first step is to download the registration form from the Flood Re website at www.floodre.co.uk/on-boarding
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