3rd May, 21018 - Today the London Market Group (LMG) announced that a contract has been signed with Charles Taylor InsureTech Limited to deliver a delegated authority solution that will provide a central service to standardise and centralise the collection, validation, processing and supply of delegated authority data across the market. This will enable a quick and convenient submission of risk, premium and claims data. This is a core part of the Target Operating Model, aimed at making London an easier place to do business.
Ian Fantozzi, COO at Beazley and Market Champion for the Delegated Authority Solution, commented: “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.
“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.”
The first delivery will be available in the early autumn of this year.
Press Release - here
Full Press Release here
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