Flood Re, the joint insurance industry/Government sponsored scheme has started its ‘on-boarding’ process that will ensure those companies wanting to participate in the scheme are ready to use it by April 2016.
Insurers, brokers and software houses are invited to register and begin testing their systems and processes with Flood Re to ensure they are ready.
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, at which point it can accept its first policy.
The three step process involves:
- Registration – which sees participants providing company information, indicating their preferred test dates, in addition to completing relevant data sharing protocol, test plans and readiness assessments
- Testing – which includes the completion of all test steps and their 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
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