Insurance FAQ

This page will help you get started with Vitesse Insurance.

DCAs / TPAS

Frequently Asked Questions

Establish loss fund

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Making payments

Cheques

Fees

Reconciliation

Access & support

Application of Vitesse

Other

Key Responsibilities

Validate

Only applicable for TPAs who have existing Loss Funds – see ‘Transitioning Existing Loss Funds’ section.

Pay

Make single/batch/API claim payment(s) via the Vitesse platform.
Ensure consistent referencing is maintained to allow for reconciliation to the Bordereau.

Reconcile

Reconcile the Vitesse cashbook position against the Claims Bordereaux.
Ensure Vitesee Fees are included within Claims Bordereaux.

Manage

Oversee balance of Loss Fund and raise Top Up requests for Claims Bordereaux and Cash Calls.
Set balance alerts and request exceptional deposits where required.

Return

Submit Final Claims Bordereaux to Broker to replenish Loss Fund to liquidity amount.
Return Loss Fund to Underwriters via Broker.

Brokers

Frequently Asked Questions

Funding

Settlement process

Repatriation of loss funds

Other

Key Responsibilities

Establish

Set up new UCR to establish Vitesse Loss Fund.

Transfer

Receive funds following Underwriters approval and transfer to Vitesse using unique ID provided.

Monitor

Read-only access to Vitesse platform to oversee accounts and ensure funds are sufficient and optimised.

Top Up

Receive and process Claims Bordereaux and any cash calls requests following Underwriters approval.

Repatriate

Instigate return of Loss Funds to Underwriters once claims activities reduces or stops.

Managing Agents / Insurers

Frequently Asked Questions

Creating accounts

Onboarding of delegated authorities

Repatriation of loss funds

Other

Key Responsibilities

Provide complete application form per account (generally 1 account signifies a Loss Fund).

Inform relevant Third-Party about the use of Vitesse supporting our initial contact for onboarding.

Ensure there are designated internal personnel for Vitesse to contact for any issues/blockages.

Work with Vitesse to create a process whereby all renewals and new business are placed into Vitesse.

Initiate rolling progress meeting.

Provide list of internal personnel that will require access to all Loss Funds within Vitesse.

Legacy Funds

The high level overview of the process of how funds are transferred to Vitesse.

1. Validate

Vitesse check the loss fund and TPA bank account position ahead of transition sign off.

2. Transfer

Agreement between MA and TPA to clear the legacy TPA held bank account by paying the balance via e-transfer into bank details provided by Vitesse.

3. Settlement

Claim settlement date determined by MA. Corresponding BDX submitted to Broker or MA for collection and reimbursement.

4. Payments

Broker would typically pay all reimbursements to the TPA; they are instead instructed to reimburse previous months BDX into the Vitesse programme, completing the transition.

DCAs / TPAS

Brokers

Managing Agents / Insurers

Legacy Funds

1. Validate

2. Transfer

3. Settlement

4. Payments

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