Charles Taylor Insuretech has been chosen to deliver a delegated authority solution to the Lloyd’s and London market.
The deal will see Charles Taylor’s technology arm provide a central service to standardise and centralise the collection, transformation, validation, processing and supply of delegated authority data across the market.
The contract is part of the London Market Target Operating Model led by the London Market Group.
Ian Fantozzi, chief operating officer at Beazley and market champion for the delegated authority solution, said: “Our ambition is to capture the right information at the right time to make underwriting and claims processing as efficient as possible.
“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.
Fantozzi added: “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.”
Around 60 Lloyd’s managing agents, along with their London company market businesses, about 250 brokers, and over 3500 global coverholders will be in the scope of the deal.
Charles Taylor’s Tide product will be the technology behind the service. The cloud solution enables submission of bordereaux in any format, providing London Market stakeholders data, dashboards and analytics in real time.
Initially a three-year contact, the contract may be extended for up to a further 7 years.
David Marock, Group CEO of Charles Taylor said: “We are delighted and proud to have been chosen to provide the ‘Tide’ solution for managing delegated authority data across the entire market and by doing so, help the market take a significant step forward on its modernisation journey and drive real operational effectiveness.”
Jason Sahota, CEO of Charles Taylor Insuretech said: “We very much look forward to working closely with the LM TOM programme, in what is a landmark and important transformation, in rolling out this solution and thereby enabling all market participants – be they managing agents, brokers or coverholders – do their business fundamentally better.”
The first delivery will be available in the early autumn of this year
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