It was barely three months ago when the Delegated Authority: Submission, Access, and Transformation Solution (DA SATS) was launched… now the London Market Group (LMG) is reporting that all managing agents involved in live delegated authority business have signed up.
Powered by Tide from Charles Taylor Insuretech, the platform is a core component of the London Market Target Operating Model (TOM).
Aside from the managing agents, 88 brokers engaged in the coverholder market have also come onboard the initiative aimed at making London an easier place to do business.
“Users have processed nearly 2,000 completed contracts, exceeding the target for Q4 2018 – a strong indicator that sign-up is moving into usage,” noted the LMG.
Meanwhile additional functionality and enhancements will be made to the system over the next year. These include a log of all the changes made to original data during the transformation process; further flexibility with user permissions; as well as the ability to copy relevant data from a previous contract at renewal.
“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,” commented Ian Fantozzi, market sponsor for the Delegated Authority Solution and chief operating officer at Beazley.
“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.”
According to Fantozzi, they are making the underwriting and claims processing as efficient as possible all along the value chain by capturing the right information at the right time.
