Thursday 13th December 2018 - Today the London Market Group (LMG) announced that all managing agents involved in live delegated authority business have signed up for its Delegated Authority: Submission, Access and Transformation Solution (DA SATS). In addition, 88 brokers engaged in the coverholder market have also signed up. Users have processed nearly 2000 completed contracts, exceeding the target for Q4 2018 – a strong indicator that sign up is moving into usage.
DA SATS is a core part of the London Market Target Operating Model which is making London an easier place to do business. The platform is powered by Tide from Charles Taylor Insuretech
Ian Fantozzi, COO at Beazley and Market Sponsor for the Delegated Authority Solution, commented: “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. 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.
“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.”
Over 2019, additional functionality and enhancements will be made to the system including:
• More flexibility with user permissions to suit the needs of different team structures.
• The ability to renew a contract, copying relevant data from the previous contract.
• A log that lists all changes made to original data during the transformation process.
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158
The Board of PPL today released the market wide data for risks placed electronically during the third quarter of 2018. Read more here
Press Release - here
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