The London Market Group (LMG) has tapped a Charles Taylor subsidiary for an ‘extendable’ three-year partnership, as part of the London Market Target Operating Model (LM TOM) modernisation project.
The deal will see Charles Taylor InsureTech provide a central service aimed at standardising the collection, validation, processing, and supply of delegated authority data across the entire market. This means easier submission of risk, premium, and claims data for around 60 Lloyd’s managing agents, 250 brokers, 20 company market participants, and more than 3,500 global coverholders.
“Our ambition is to capture the right information at the right time to make underwriting and claims processing as efficient as possible – for coverholders, TPAs, brokers, and carriers,” noted Beazley chief operating officer Ian Fantozzi, who also serves as market champion for the delegated authority initiative. “By uploading data directly into a secure central platform, coverholders will no longer need to email unsecured spreadsheets, all of which will reduce cost, help protect our customers’ data, and increase efficiency by eliminating effort and duplication.
“If the market coalesces around this solution it will gain economies of scale and a simplicity of process, benefits that will be lost if individual companies look for their own alternatives. We would encourage the market to engage with us to understand what we are delivering and when.”
LMG said the first delivery will be available in the early autumn of 2018.
