BDB: empowering its brokers and adding value to business with the LM TOM
Wholesale Lloyd’s broker BDB is a staunch supporter of the LM TOM programme which aims to make London an easier place to do business. Early adopters of Placing Platform Limited (PPL), BDB also uses the LM TOM’s delegated authority (DA) solutions and Central Services Refresh Programme (CSRP), the programme’s post-bind submission channel.
Peter Goff, Director and Head of Compliance at BDB, explains: “BDB sees huge benefits in modernising the London Market. We were an early adopter of PPL in May 2018 and want all our placements to go through the platform, including binders. We’re not replacing our face-to-face relationships, we’re just making placements more efficient and empowering our brokers to make the best use of their time and skills.”
Adoption of DA SATS
BDB is also committed to the work that the LM TOM has undertaken in the DA market. BDB helped to develop the single set of market data standards that are used across the entire DA market and sees adoption of DA SATS (Delegated Authority Submission, Access and Transformation Solution) as the natural next step. “All our binder business is European and we’re working with our managing agents to get all the reporting through DA SATS. We’re hoping to adopt full usage from May, including credit control and reporting,” says Pierluigi Pezone, Coverholder Underwriting Director at BDB.
“Having consistent data stored in just one place and the ability to transfer data between our underwriting systems and DA SATS will be a huge benefit,” he adds.
Adding value to business
Peter Goff believes that the final piece of the DA jigsaw, Chorus, a centralised platform which streamlines and automates the application, approval and compliance of DA business and has the option of DA contract generation will also add value to BDB’s DA business. “We’re looking forward to the benefits of the contract builder function in Chorus which should save time and lead to better data quality,” he notes.
In January BDB went live with CSRP’s post-bind submission PbS channel for premiums. PbS makes post-bind processing in the London Market more efficient and reduces effort around London-specific accounting transactions systems and processes. “We’re already seeing the benefits that PbS brings,” says Luca Puggioni, Divisional Director of Finance, “for example, we don’t have to do LPANs now. Adopting PbS has been a positive experience, however, if the onboarding process could be streamlined more for smaller brokers like BDB I believe more firms would adopt PbS and reap its rewards.”
As consistent supporters of modernisation it’s great to see that BDB is now enjoying the tangible benefits of the London Market’s modernisation programme.