Just do it, once
Ian Fantozzi, COO of Beazley and market sponsor of the Delegated Authority solution of LM TOM, urges the market to get on board with DA SATS and reap the rewards of a more efficient process.
Coverholder-led business represents a significant and growing proportion of London’s income, and is often an area where the market innovates. This makes it a vital part of the future development of the London Market and, therefore, a core focus for the LM TOM.
Tackling every stage
The Data, Submission, Access and Transformation Service (DA SATS) went live in September 2018 and provides a central service to standardise and centralise the collection, validation, processing and supply of delegated authority data across the market, enabling a quick and convenient submission of risk, premium and claims data. Once coverholders upload data into DA SATS we will do away with emailing potentially unsecure spreadsheets and make it much easier to share data across brokers, leaders and followers. All of this will reduce cost, help protect our customers' data and increase efficiency by eliminating effort and duplication.
All Lloyd’s managing agents, 95 brokers and 90 coverholders are now signed up. Users have processed nearly 2,000 completed contracts, exceeding the target for Q4 2018 – and we’re now moving from sign up into usage. While the initial focus was on being prepared for Brexit, other business is now going through the system, with great interest from US coverholders. They are particularly interested in our investment in electronic message data feeds as an alternative to spreadsheet bordereaux.
The final part in the DA space is the compliance process, and we are currently building a new solution – Chorus, a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts which can be automatically fed into other systems such as DA SATS. Due for release in Q3 this year, this is the next stage of our strategy to automate and simplify our processes for coverholders.
Getting on board
The overarching ambition for the London Market is to remove duplication at every stage – replacing separate tools with one integrated platform that eliminates manual processes, allowing data to flow seamlessly so that it can be made available in other parts of the value chain. But the result – e-placement, structured data capture and the work in the delegated authority space, should not be seen in silos. We do recognise that some firms use alternative reporting platforms and we are working with those firms to ensure we can utilise DA SATS to ensure a seamless flow of data.
If the market coalesces around this solution, everyone will benefit from economies of scale and a simplicity of process – benefits that will be lost if individual companies try to go it alone. It is vital to remember that this is ALL about making life easier for our ultimate clients, so if businesses continue to ask for their own data through other channels – to then rekey into DA SATS, we will not reap the benefits of your investment so far. And indeed, the real prize is moving away from uploading bordereau and moving to real-time data, so that everyone knows what and who is on risk at any moment in time.