September 24, 2018
The London Market Group (LMG)’s delegated authority platform is set to go live this week, with over half of Lloyd's managing agents said to have signed up.
Named the Delegated Authority: Submission, Access and Transformation Solution (DA SATS), the platform provides a central service to standardise the collection, validation, processing and supply of delegated authority data across the market.
DA SATS represents a core part of the London Market Target Operating Model (TOM) which aims to make London an easier place to do business.
The LMG said that data will be flowing through the platform from go-live and this widespread market adoption will enable a quick and convenient submission of risk, premium and claims data in the London market.
“By uploading data directly into a secure central platform, coverholders will no longer need to email unsecured spreadsheets, all of which will reduce cost, help protect our customers’ data and increase efficiency by eliminating effort and duplication,” remarked Beazley COO and market sponsor for the delegated authority solution, Ian Fantozzi.
The LMG highlighted that market take up from brokers and underwriters has been strong and, at launch, half the underwriting and broking businesses that focus on delegated authority business had signed up for the service, with four of the five largest managing agents on board to use the platform.
“We are delighted to be launching this service to capture the right information at the right time to make underwriting and claims processing as efficient as possible for everyone in the value chain. This will help brokers and underwriters to attract coverholders to London and means that coverholders and TPAs will only have to send data once,” said Fantozzi.
“We are pleased that so many market participants have already signed up for the service. DA SATS delivers economies of scale and a simplicity of process, these are the benefits of widespread adoption of a single solution,” he concluded.