Frequently Asked Questions
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Quickly find out whether we have already addressed any questions about LIBRA that may be on your mind. We welcome all inquiries on matters big or small. If there is something that is on your mind that we might not have covered, please get in touch with us today! Ecliptic is here to help you in any and all capacities.
How does DA Portal/LIBRA work?
LIBRA is a web-based claims platform accessible by all stakeholders to the binding authority agreement. Binder agreement & rules, authority levels and Market compliance & reporting are built-in. It validates each claim on entry and allocates it to the correct binder section, year of account and loss fund. Payment requests are drawn directly from the allocated loss fund. Traditional bordereaux production, validation and reconciliation are removed, allowing straight-through processing and speedy top-up of loss funds.
Does it comply with all Lloyd's and London Market requirements?
LIBRA is fully compliant with all Lloyd's and London governance, compliance and reporting requirements. The loss fund process is also approved by the Market. Report formats include V5.2 bordereaux, Coverage Issues, Complaint Management, Solvency II, Financial Movements and Loss Runs. It is also compliant with DA SATS which is currently being rolled out across the Market.
Will I lose control over the process or data?
Don't worry. All stakeholders retain the control they need but without the manual and repetitive effort required. Those with delegated claims authority (TPA, MGA or Coverholder) are still responsible for the data entry and payment requests and can access their data and reporting at all times. Brokers can receive alerts, access their data and reports online to support their clients. Carriers can authorise claims and payment outside authority, raise queries, manage loss funds and access compliance and regulatory reporting.
Do I have to double enter data?
You can either use LIBRA as your claims system to manage the entire claim life-cycle or utilise it simply to validate claims and request payments. Although the later will require some double entry, this is limited to a couple of minutes per claim but the savings in the removal of bordereaux production, loss fund management & reconciliation and production of Market reporting will result in significant savings for your business.
How soon can I get started?
Often within a matter of days. We just need access to the binding authority agreement and the previous month's bordereaux and will set up all parties quickly, provide online training and get started.
Can I really step away from bordereau, compliance and loss funds?
Yes! LIBRA is designed to allow you to focus on the service and technical aspects of each claim, without having to worry or be distracted by what the London Market may need in terms of reporting, compliance and financial management. LIBRA has been designed to address all of this on behalf of all stakeholders and will be continually updated to ensure it keeps in step with changing requirements.
Is it secure?
Yes. LIBRA is housed in a secure data centre hosted environment with all the requisite controls, security, back-ups and protection required by the Lloyd's and London Market. Data is also protected in accordance with Privacy Shield requirements accepted by the EU and other regulators.
Who owns the data?
The rights to data remain as they are now with each party having online access 24*7*365. Advent will not own the data but will have the ability to aggregate anonymised data for the benefit of all participants.
How Can I Request a Demo?
All you need to do is submit the form on our contact page or give us a call and we will be in touch to organise a demo at a time that best suits you.