Bid Management

ClariNet LS supports sending and receiving cases with both internal (ClariNet Subscriber) and external (ClariNet contact) organisations. The ClariNet functionality aims to allow users to track and progress these transactions across the whole lifecycle of trading policies.

Anatomy of a transaction

Bidding on a policy requires that either a Sent Transaction or a Received Transaction has been initiated by a Client or Event Sender.

Event Sender — Case — Counter Party

Either an Event Sender has to send a case to a Counter party or a Counter party has to receive a case from an Event Sender.

Setting up transactions

Internal Transactions(From ClariNet to ClariNet)

Navigate to Admin → Interaction(Privacy) page. Check all the boxes on the privacy tab to allow any other client to send cases to you. In order to send cases to a particular Clarinet Subscriber, you need to go to the Admin → Interaction(Access) page and request permission by sending a request to client. On the Interaction(Access) page you need to enter the required Clarinet Subscriber name and email address and tick the relevant checkboxes and hit save. The Counterparty will receive your request and should grant permission in order for you to send cases. More detailed information about this page can be found here: Interactions.

External Transactions (From a Contact/Company)

Create a new contact on the contacts page and ensure the role is set. You will be able to input a received transaction from new contact, provided the required role is selected.

Transactions

Below are the list of operations you can perform on a transactions page.

On the Case, Transactions page:

Send a case from Client A to Client B (ClariNet to ClariNet).
Send a case to a contact company (external).
Add a received transaction from a contact company (external).
Add market information.
Progress the transaction.
- Starting a bid: Open for bidding (status for Received transaction), Submitted (status for Sent transaction)
- Place a Bid.
- Query.
- Counter-offer.
- Decline.
- Withdraw from Bidding.
- Accept a Bid & begin closing.
Email the case or add extra documents to the submission.
Delete a transaction.
Add a Custom Bid Status: You can add a custom bid status on Admin →Interaction (Bidding and Closing tab) page. More detailed information about this page can be found here Interactions.

Sending a Transaction:

Start by clicking on the “+” Sent Transactions button to display the Submit Case dialog and selecting the company you need to send the transaction to followed by the NEXT button.

You can then choose the list of information you would like to be sent along with the transaction.

Options And Documents

Underwriter Reports
Premium Schedules

Finally finish the submission by clicking on Confirm and Close button.

Transaction just sent will be listed under Sent Transactions as shown below.

Customize Transaction Lists

Hide and show columns relevant to you only(remembered per user).

Each user can choose which columns to display and specify their order.

To customize the columns that appear in your list:

Hover over a column heading on the Sent Transaction list. Click on the three horizontal lines on the right hand side of the column to open the column menu. Click on the square dots icon in the top right of the menu pop up to show the full list of available columns and alter the column section based on what you would like to see by checking or unchecking the columns.

Sort and resize the columns

You can simply drag and drop the required column on to the filtering column with RESET FILTER and RESET ALL SETTINGS button. This will sort your list based on the column. For ex: You can group your list by Counter Party or Origination or Trade Name or by Custom Bid status.

Once the required columns are shown on the list, you can further customize it by dragging it out of Grid to remove it or resizing it by hovering at the right edge of the column header until the cursor changes to a sizer icon. Then left click and hold to adjust the size of the column. From the context menu, you can reset the widths of all the columns to the default or auto size the column and it will adjust it to fit the current content displayed. The settings you choose will automatically be remembered for you, for each transaction (either sent or received list) individually.

Change the order of the columns.

To change the order of the columns, left click and hold on a column header that you want to move and drag it to a new position in the list. This will be automatically remembered for you.

Pin your columns

You can choose to pin a column to the left or right hand side of the transaction list. This means that it is always shown regardless of the widths of the other columns.

This Grid allows few other extra options as listed below

Quick filtering Tabs

A quick filter bar on the top showing the most common filters such as “SUBMITTED”,”ALL”,”NOT SUBMITTED”,”BID”,”BID ACCEPTED” and ”HIGHEST OFFER” will allow you to filter the list further.

Export Option

Built in export

To get this option, right click on a cell within the transaction list.

You can use EDIT button to input details such as Counter party Contact, Origination, Trade Name and Custom Bid Status for sent transaction. Editable text box will be visible when you click on these fields.

Once the transaction is submitted, Counter Party needs to progress the transaction by placing a BID or asking a Query or by declining the transaction. This can be done by clicking on “Record an action made by you” button under Go column which will open a new tab “Received-Event Sender”.

In case the Counter Party opts for a question, event sender has to respond with a reply. And if counter party declines the transaction, event sender can submit the case again to the same counter party.

Counter party can place a BID along with payment and Bid information. Bid expiry date can also be set for a transaction. Place Bid button will be enabled when you enter the payment information.

Transaction page for Counter Party will be as shown below when opted to place a Bid.

You can see the Bid amount (Gross Price) highlighted in green and a small magnifier icon under conditions which will list bid conditions in a dialog box.

Bid history tab will provide you with list of all sent transactions with clear visibility of Payment Information and Bid conditions. You can expand or collapse details with the help of > and V buttons. You can perform filtering and sorting on this grid as in Transaction List screen grid.

Event Sender can choose to Counter Offer, Accept Build, or Decline Bid by clicking on the “Record an action made by you” button under the Go column.

In case the Event Sender opts for a counteroffer, the counterparty has to respond with a new Bid amount. And if the Event Sender declines the bid, the Counter Party will be notified of the same. However, the Counter Party can place a new Bid once again.

In case the Event Sender opts to Accept Build, the Counter Party will be notified of the same, and the “Begin Closing Process” button will be enabled to proceed with the closing procedure.

Go Column

Each transaction contains a Go column at the right-hand side of the table. You can interact with the transactions in a transaction list using the icons shown in the column.

View and Edit Transaction Summary
Record an action made by the sender
Record an action made by the counterparty in case of a received transaction.
Email the case or add extra documents to the submission.
Withdraw from Bidding.
Permanently delete the transaction. You cannot delete a ClariNet transaction.
Begin the closing process.

The email icon to the right of GO allows you to email the case again or add extra documents to multiple counterparties simultaneously. For example: X, Y, and Z have been sent the same case. A new LE report that needs to be sent to all three counterparties has been added to the case. You can use this bulk email icon to send new reports to all instead of sending them one by one by clicking on the email icon attached to the counterparty row.