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Learn about the benefits of LIBRA
Previously DA Portal
Everyone within insurance play's a critical role. We built the DA Portal to enable each member of the claim value chain to focus on what they do best and on what they enjoy. The DA Portal streamlines processes and eliminates administrative deluge. LIBRA offers three main features: Claims management, a global loss fund solution and electronic bordereaux processing. LIBRA was built for Managing Agents within Lloyd's and Carriers both locally and internationally. We at Ecliptic handle the regulatory requirements, providing the freedom for Coverholders to focus on creating/selling policies, TPAs to handle the claim, brokers to focus on the customer and MAs/Carriers to develop insurance.
Built for Managing Agents & Carriers
We built LIBRA based on Managing Agents and Carriers experiences. We aim to remove complexities and unnecessary time-sapping processes to allow for greater performance. We aren't redesigning the wheel just perfecting it.
One solution for all stakeholders
LIBRA brings together all parties to the binding authority contract onto a single platform and service solution. Online access to live claims data and reporting is provided to Coverholders, TPAs, Brokers and Insurers with alerts and triggers prompting collaborative action and providing updates as required. Data is entered once and processed straight through to London, removing all the headaches of reporting, compliance and loss fund management, leaving each stakeholder to focus on what they do best. A full audit trail of activity is maintained on each claim.
Instant claims validation upon entry
With the binder contract built directly into our portal, claims can be quickly entered by TPAs and Coverholders with claims handling authority and instantly validated against binder rules and any additional insurer or market requirements. Once validated, the claim is automatically allocated to the correct binder section, year of account and risk code. This removes the requirement for Brokers and Insurers to validate any bordereau at month end. All Lloyd's reporting and compliance requirements have been built in, providing the Market with everything it needs.
Centralised Loss Funds
LIBRA also allows all loss funds to be set up centrally in multiple currencies and under the direct control of Insurers with on-line access to funding levels. Loss funds are directly linked to binder sections in LIBRA enabling simple reconciliation and faster top-ups. All of your loss funds are now held in a single account & substructure, not disparate funds.
Bordereaux available at any time
Because all claims are validated upon entry and linked directly to loss funds, Ecliptic can process bordereaux through ECF immediately after month-end on behalf of all parties. Additionally, bordereaux is available to run at any time any day. It is quick and easy to produce. Manual error is eliminated and you can trust the data is clean and reliable.
Regulation & Compliance
Already mapped to DA STATS so reporting, loss runs, bordereaux and more can be achieved with a much wider data set.
Solvency II is available making compliance with Lloyd's regulatory requirements easy.
Full financial history is available. LIBRA provides analytical data for claims management underwriters and actuaries.
Single source of DA claims data.
Significantly improved compliance and reporting.
Supports Market modernisation vision & initiatives.