Electronic Cover Notes
The requirement to produce a cover note for motor insurance forms part of other processes (e.g. new business, mid term adjustments) detailed in the personal lines business process model.
The data standards for electronic cover notes provide a mechanism for a broker to request a cover note for a motor insurance risk and the insurer to determine, based on the information they receive, whether to supply a cover note. These messages mean that insurers do not need to issue brokers with manual cover note books with the benefits that:
- Insurers can choose whether they wish to issue a cover note for a risk
- Auditing of manual cover notes is no longer needed
- The risks of theft or misuse of a manual cover note book are removed
There are separate data standards covering the classes of motor insurance being written that insurers will issue cover notes for:
- ECN agriculture
- ECN commercial vehicle
- ECN motorcycle
- ECN motor fleet
- ECN motor trade
- ECN private car
- ECN special type
- ECN taxi
A data standard also exists that details the supporting information that must be provided to insurers e.g. for audit trails.
Insurers wishing to review or use the standards can download them below. Brokers that wish to use this facility should contact their insurer to check whether that insurer provides this facility.
For anyone interested in implementing electronic covernotes, Logica have developed an application to support this facility. For more details please call Logica on 0845 456 1956.