1) What is Delegated Authority (DA?)
The Delegated Authority (DA) initiative will develop services including binder registration, coverholder approvals and central coverholder audit and compliance services, plus automated post-bind risk, premium and claims processing.
The initiative will attempt to establish streamlined and centralised processes with DA business activities, eliminate duplication of data requests, reduce cost to the market, improve efficiency, and meet market demand.
Processes will also be centralised and streamlined to create efficiencies with DA business activities.
2) What will DA provide?
The Delegated Authority (DA) initiative will address existing legacy systems to improve the integration of data and functionality between systems. Processes will also be centralised and streamlined to create efficiencies with DA business activities.
3) What are the objectives of DA?
The DA initiative has the following objectives:
- Simplify cover holder and TPA interaction with insurers and brokers
- Avoid duplication of data requests and cleansing through centralising and streamlining processes
- Remove inconsistency of data recording and reporting by introducing common standards
- Reduce cost and effort of placing and administering Delegated Authority business in London
- Meet market demand
4) What are the benefits of DA?
- Coverholder Audit: Removes the burden of unnecessary multiple annual audits for coverholders with multiple lead carriers as well as eliminate duplication of effort in the audit process
- Coverholder Compliance: Cost / time saving across market from reformed process, consistency of coverholder compliance checks, improved coverholder satisfaction and coverholder results readily made available to market participants (where appropriate)
- DA Data Submission, Access & Transformation Services: Central collection, translation and distribution of DA data where appropriate, to reduce duplication of effort and improve data quality
- Data Standards: Agreeing data standards for DA business across the market for automated straight through processing, to enable coverholders to meet regulatory and other reporting requirements
- Conduct & Complaints (e-Learning): Establishes a central conduct and complaints training tool for coverholders across the market
- Coverholder Approval: Makes it easier for new coverholders to apply and do business with the London Market by providing a quicker and more efficient coverholder approval process
- Binder Registration: Central registration function with validation to accelerate the placement of DA business
5) Who is running the DA initiative and how can I support it?
Claudia Corlis is the DA Champion.
Organisations seeking further information on the initiative can request this through their market association:
The key contacts for PPL are:
- LIIBA Mark Knight Mark.Knight@liiba.co.uk
- IUA Louise Day Louise.Day@iua.co.uk
- LMA Tim Willcock Tim.Willcock@lmalloyds.com
Alternatively, please feel free to contact a member of the TOM programme team by posting a comment at the following address: https://www.isupporttom.london/initiatives/tom-overview