The Lloyd’s Market Association (LMA) has revealed its new model and vision for Delegated Authority business, a project that’s been in the making for the past six-months.
The key components of the new model will enable the transparency of distribution activities at costs in a way that benefits the market, distribution partners and policyholders.
The model is the result of the LMA’s Project DARE, in partnership with consultancy 6point6, which sought unprecedented levels of engagement with global distribution partners.
The outcomes and opportunities generated by the DARE project will be taken forward as part of an ongoing stream of engagement with the Future at Lloyd’s Programme, LIIBA and the MGAA, which will enable market supported practices and solutions to be designed and developed as part of ongoing market reform, under the oversight and support of the LMA Board.
LMA Delegated Authority Committee chair Nigel Roberts said: “It is with great pleasure that we announce the DA model and vision as part of DARE.
“This new model is the culmination of a concerted market-wide effort and is capable of not only arresting but reversing the declining revenues London derives from DA partnerships.
“It is a solution from the market for the market, and we would urge support for its implementation to enable all stakeholders to benefit from its powerful abilities to drive growth, increase efficiencies and deliver cost savings.”
