The London Market Group (LMG) has announced that market uptake for its Delegated Authority: Submission, Access and Transformation Solution (DA SATS) has been high, with 100% of managing agents involved in live delegated authority business now signed up for the platform.
Additionally, 88 brokers in the coverholder market have also signed up, and users have processed nearly 2000 completed contracts using the Solution, exceeding the LMG’s fourth quarter targets for 2018.
The LMG claimed that these statistics are a strong indicatation that sign ups are converting into usage.
DA SATS is powered by Tide from Charles Taylor Insurtech and provides a central service to standardise the collection, validation, processing and supply of delegated authority data across the market.
Launched in September, DA SATS also forms a core part of the London Market Target Operating Model (TOM), which aims to improve the ease and efficiency of doing business in the London re/insurance market.
“We are delighted that adoption of the solution has been swift and positive and real momentum is building, demonstrating the value that a quick and convenient submission of risk, premium and claims data can deliver both for the market and, more importantly, for its customers,” said Ian Fantozzi, Chief Operating Officer (COO) at Beazley and Market Sponsor for the Delegated Authority Solution.
“While the initial focus was on being prepared for Brexit, we are encouraged to see that business from other geographies is now going through the system,” he continued. “By capturing the right information at the right time, we are making the underwriting and claims processing as efficient as possible all along the value chain.”
“DA SATS delivers economies of scale and a simplicity of process, benefits delivered by the widespread adoption of a single solution. This will help brokers and underwriters to attract coverholders to London and means that coverholders and TPAs will only have to send data once.”
The LMG explained that it would add extra functionality and enhancements to the system over 2019, including more flexibility with user permissions and the ability to renew a contract by copying data from a previous contract.
The Solution will also benefit from a log that lists all changes made to original data during the transformation process.