26 September 2017 – Today the London Market Group (LMG) announced further progress on the Target Operating Model (LM TOM) with the choice of Charles Taylor InsureTech Ltd (CTI) as the preferred bidder for a project to standardise and centralise the collection, validation, processing and supply of delegated authority data across the market.
Ian Fantozzi, Group Chief Operating Officer at Beazley and Market Champion for the Delegated Authority solution, commented “Currently the data from delegated authority business is requested from coverholders and TPAs in different formats at different times and through numerous interfaces. There can be gaps and inconsistencies in the data received and it is difficult for brokers and carriers to electronically consume that data to meet their processing, reporting and analytical needs.
“Following a thorough selection process, CTI is our preferred bidder for the Data, Submission, Access and Transformation Services (DA SATS) project. This aims 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. I would like to thank the market participants who have helped us get to this stage of the process. It is very encouraging to have this level of support from the market for a project of such strategic importance.
“We have begun to negotiate the contract which will be delivered in two stages; an initial contract under which the design stage (and other initial activities) are currently being delivered and, if CIT is formally selected to provide the solution (based on the outcome of the initial activities and final negotiations), a long-term contract engaging them to provide the DA SATS service once the solution has been fully delivered into production.
“Responding to market concerns that certain affiliates of CTI are competitors with potential market users of the DA SATS service, the contract will contain ‘Chinese Wall’ provisions that prevent CTI from disclosing market user data to such affiliates (including Charles Taylor Managing Agency Limited).”
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158
Press Release - here
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