DA SATS goes live with strong market adoption, making London easier to access for coverholders
DA SATS is going live. It provides the market with a single, consistent way of processing and reporting delegated authority (DA) business. More information on DA SATS can be found here.
Market take up of DA SATS has been strong from managing agents and brokers, with over 50 per cent of those that write DA business signing up for the service, including four of the five largest managing agents. Coverholders are now also beginning to sign up for the service. As adoption continues to increase, the DA SATS platform will enable the quick and convenient submission of risk, premium and claims data across the London Market.
Right information at right time
Ian Fantozzi, COO at Beazley and Market Sponsor for the Delegated Authority Solution, commented: “We are delighted to be launching this service to capture the right information at the right time to make underwriting and claims processing as efficient as possible for everyone in the value chain. This will help brokers and underwriters attract coverholders to London and means that coverholders and TPAs will only have to send data once.
“By uploading data directly into a secure central platform, coverholders will no longer need to email unsecured spreadsheets, all of which will reduce cost, help protect our customers’ data and increase efficiency by eliminating effort and duplication.
“We are pleased that so many market participants have already signed up for the service. DA SATS delivers economies of scale and a simplicity of process, these are the benefits of widespread adoption of a single solution.”
Enhanced reporting capabilities
DA SATS delivers enhanced reporting capabilities to the market opening up the opportunity for the more informed use of data to support future business performance. This service has been developed in conjunction with Charles Taylor Insuretech.
In addition, the binder contract data required ahead of bordereau submission can be uploaded into DA SATS through the Structured Data Capture (SDC) service, another LM TOM initiative which transforms market documents (including binding authority contracts) into ACORD-standard Global Placement Messages (GPMs).
The DA SATS team are now beginning work on further enhancements to the service for 2019.
To register for DA SATS click here