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.

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.