Why are we doing this?
The Delegated Authority 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 Delegated Authority business activities.
The DA initiative has the following objectives: -
- Establish consistent and centralised processes
- Eliminate duplication of data requests, data cleansing / transformations & processing effort
- Reduce cost to the market
- Improve efficiency
- Meet market demand
What are we doing?
The DA initiative is organised along the following lines:
Coverholder Audit: Centralising and automating coordination and performance of DA audits
Coverholder Compliance: Removing inefficiencies in the compliance process by ensuring that coverholders are only asked once for compliance data by the London Market
DA Data Submission, Access & Transformation Services: Enabling the submission, access to and distribution of post-bind risk, premiums and claims data for DA business placed though the London Market
Data Standards: Forming data standards to support Straight Through Processing (STP)
Conduct & Complaints: e-Learning: Providing consistent, market-wide e-learning to coverholders on conduct and complaints
Coverholder Approval: Improving and speeding-up the process of approving new coverholders, enabling a ‘right first-time’ collection of supporting coverholder approval information
Binder Registration: Implementing a shared technology / system for brokers and carriers to build and register the binder contract to produce the slip as well as to place it with underwriters