The Lloyd’s Market Association (LMA) has launched a new project designed to help redefine the current business and distribution model for delegated authority (DA).
The project, named DARE, is being led by the LMA’s recently-formed DA Committee, in partnership with digital transformation technology consultancy 6point6.
The project will be acknowledging any challenges that are associated with DA whilst building on Lloyd’s previous work with Blueprint Two.
The business model will be designed to drive stakeholder value, support growth, introduce efficiencies and reduce cost.
From January, the LMA and 6point6 will conduct a series of collaborative innovation workshops, employing customer-centred and design-thinking techniques to engage the global DA community.
Central to the project is lmadare.com, where stakeholders and interested parties can engage with the process and follow its progress.
The re-imagined DA model is expected to be complete mid 2021.
DAC chair Nigel Roberts said: “DA is overdue a radical overhaul as part of the market’s vision of becoming the most advanced, data-driven and customer-centric insurance market in the world.
“We must be bold in considering the ideal solution and we are excited to embark on this project that will gather the intelligence required to deliver the best possible solution for our coverholders, brokers, TPAs and customers.
“This will be a huge collective effort and we are inviting as many people as possible to get involved and have their say.”