A key difference in our business model is that the underwriting agent has much of the responsibility and authority normally assumed by the insurer. We outsource all the normal non-core insurance activities and functions to them.
In close cooperation with us, they have the freedom to make decisions, create new products or develop new markets and, where such opportunities fall within the agreed business plan and underwriting authority, there should be no need to refer decisions to us. They may even distribute through other brokers or intermediaries or use the services of third party administrators if they do not have a particular resource, for example claims handling, in-house. However, we also adhere to strict procedures and controls to constantly ensure that the agencies carry out their obligations in an orderly manner, diligently and in compliance with legal and regulatory requirements.