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Who doesn’t want an easier way to do business? Coverholders will soon enjoy just that as the London Market Group (LMG) partners with Sequel to make approvals and registration faster and more efficient.
The deal, the contract for which has already been signed, will also see the delivery of a new integrated tool for generating delegated authority binder contracts. A core part of the London Market Target Operating Model (LM TOM), the solutions will replace the existing Atlas, or the Lloyd’s coverholder approvals and compliance system, as well as the binding authority registration (BAR) system.
Benefits for authorised users include a single modern and intuitive workflow system to streamline processes; a more risk-based and ‘intelligent’ process of approvals; and having to enter data only once.
“This is the next stage of our strategy to automate and simplify our processes for coverholders,” said Beazley chief operating officer Ian Fantozzi, who is the 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.
“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.”
Fantozzi was referring to the ‘golden source’ feature which will enable entity and contract data to be used by other LM TOM initiatives and market systems.
“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,” commented Sequel chief executive Ian Summers.
“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.”
