Benefits
Benefits to the insurance community
Some innovation promises to revolutionise the way we work, some to change the way we behave. Qatarlyst does neither of these things – it simply commits to providing through a pioneering web based system, a transparent, but more cohesive and manageable method of facilitating and processing the unique business processes that characterise the RLC sector of the insurance industry.
Qatarlyst will bring into one system a large community of players in the form of insurers, brokers and reinsurers which can benefit from the information passing through it. This community will become the very heart of Qatarlyst, and will benefit from the real-time information shared on the system, both to manage ongoing risk and to analyse and take decisions on new business.
Qatarlyst has been designed to be flexible, to encompass the unique aspects and needs of each transaction, while providing a robust process management architecture to reduce duplication, confusion and help manage information flow between parties. It will be the only system of its kind established regionally, and with global application to cover placement of risks and ultimately claims agreement from first notification of loss to closing as well as accounting and settlement.
Furthermore, Qatarlyst will encourage the improvement of business procedures, controls and the development of standards to international norms (using ACORD messaging standards), while also providing a faster availability of management information. Coupled with efficient version control, this means that Qatarlyst will enable efficient processing at all levels, support audit controls and help its customers attain greater compliance with contract certainty.
Benefits to you
For brokers, cedants and reinsurers, quite simply, Qatarlyst saves individuals time in the pressurised environment of placing commercial insurance and reinsurance risks. And for their companies, it provides greater efficiency, control and improved management information. And as our planned development includes claims and accounting transactions, these same benefits will extend across these activities. If you are a broker, your clients will notice the benefits too, with a faster speed of response, with the option for rapid settlement thanks to faster agreement of accounting transactions, and a more consistent, cohesive management of their claims throughout.
Qatarlyst offers a winning combination of flexibility and security. All members of the Qatarlyst community have an independently reviewed protected, secure repository for documents, data and agreements that can only be accessed by authorised users via the Internet.
A placing company can send one submission simultaneously to many potential participants, streamlining the process and deriving efficiencies and cost savings from the system. Furthermore, the quoting and counter quoting functionality allows for centralised recording of the process and all associated documents and data, creating a secure audit trail with complete integrity and confidentiality of information assured.
The level of information and documentation in circulation in the average insurance transaction is staggering. By bringing that data into one integrated system, Qatarlyst is able to offer you easy access to truly informative management information and reporting.