Delegated Authority (DA) - DA Data Standards and DA SATS
Making the London Market more attractive for coverholders
What is Delegated Authority (DA) - Data Standards and SATS?
- A single set of market-approved reporting DA Data Standards (Risk, Premium and Claim) to be utilised consistently across the entire delegated authority market.
- Central repository to facilitate the collection of data in line with the Data Standards, supported by a centrally manned service for delegated authority data (Submission, Access and Transformation).
- Data Standards are available through the Market Business Glossary (Coverholder Reporting Standards v5.1 and Risk by Class of Business ) which feed into the DA SATS Solution. This will enable automation, straight-through processing and one-touch data capture.
- Watch the DA SATS overview here.
What are the benefits
- Reporting for coverholders is easier with a single set of market-approved risk, premium and claim data requirements and central processing of data.
- Data will be defined once, used consistently and continuously improved.
- Automated submission, collection, validation, processing and distribution of delegated authority data across the market is delivered.
- A technology and service which enables consistency, increases efficiency, eliminates duplication, reduces re-keying and contributes to straight-through processing.
- A “single source of truth” for Delegated Authority Risk, Premium and Claim data.
- Data quality will be improved through validation and enrichment processes.
- Coverholders faced various definitions and multiple requests for data across the London Market.
- Carriers and brokers encountered data gaps and inconsistencies in the data.
- It was difficult to electronically consume data to meet the processing, reporting and analytical needs of carriers and brokers.
- Risk, Premium and Claim standards are agreed with all Lloyd's carriers. This covers all territories and classes and includes tax and regulatory requirements.
- Significant reduction in time and effort spent on transformation, cleansing and processing for delegated authority Risk, Premium and Claim data.
- Availability of standardised data in flexible formats enable stakeholders to meet management and regulatory reporting requirements at the correct granularity.
- The LM TOM teams are meeting with Managing Agents and brokers to answer their questions about adoption and usage and is providing them with training and assistance.
- The DA SATS team is now working with the market on further enhancements to the service for 2019.