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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.

Before modernisation

  • 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.

After modernisation

  • 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.

What are the key dates in 2018?

Activity Target date
Business data requirements delivered to Data Integration / ACORD in batches to create XML standards which will then be rolled out for use in the market Throughout 2018

Key progress to date

  • DA SATS  went live on 24 September.
  • Market onboarding is underway and progressing well.

2018 and 2019 priorities

  • 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.