The London Market Group (LMG) has signed a contract with Sequel, Verisk’s InsurTech software firm, to deliver new solutions for approving and registering coverholders and generating delegated authority binder contracts.
The new integrated tools form part of the London Market Target Operating Model (TOM) and will be designed to offer faster and more efficient alternatives to the existing Atlas and Binding Authority Registration (BAR) systems.
LMG said that authorised users will benefit from a modern and intuitive workflow system that streamlines processes, as well as a more intelligent process of approvals that take a more risk-based approach to save time and effort.
Additionally, the new solutions will only require users to enter data once, which will speed up processes, remove the opportunity for error, and increase the quality of data held and managed in the market.
LMG added that it hopes to provide a ‘golden source’ for entity and contract data that can be effectively consumed by other LM TOM initiatives and market systems.
“This is the next stage of our strategy to automate and simplify our processes for coverholders,” said Ian Fantozzi, Chief Operating Officer (COO) at Beazley and Market Sponsor for the Delegated Authority Solution
“Our ambition is to save time and remove duplication at every stage – replacing separate tools with one platform that eliminates manual processes,” he continued. “But most importantly, it allows data to flow seamlessly so that it can be made available in other parts of the value chain including DA SATS and other solutions.”
Ian Summers, Chief Executive Officer (CEO) of Sequel, also commented: “We are delighted to be working with the LM TOM to adapt our workflow and product builder tools to provide enhanced functionality and make the process for Delegated Authority approval, compliance and binder registration faster and more efficient.
“Everyone in the market should benefit; with brokers being able to produce binders electronically or be loaded from existing market Contract Builders, underwriters will have accurate and timely data and coverholders should find the compliance process much less onerous.”
