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 with further standards for Risk by Class of Business introduced from 2017) eventually feeding in to the DA SATS Solution. This will enable automation, straight-through processing and one-touch data capture.
- Watch the DA SATS overview here.
- 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.
- An introduction of a technology and service which will enable consistency, increase efficiency, eliminate duplication, reduce re-keying and contribute to straight-through processing.
- A “single source of truth” for Delegated Authority Risk, Premium and Claim data for the market will be available.
- Data quality will be improved through validation and enrichment processes
- Coverholders face various definitions and multiple requests for data across the London Market.
- Carriers and brokers encounter data gaps and inconsistencies in the data.
- It is difficult to electronically consume data to meet processing, reporting and analytical needs for carriers and brokers.
- 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 appropriate granularity.
What are the key dates in 2018?
|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
- Data standards are being developed in order of binder volume. To date, 27 standards have been agreed with the relevant underwriting committee.
- Ensure that standards are approved and market adoption is underway.