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Delegated authority

Transforming delegated authority to unlock digital benefits

The delegated authority platform will provide a base to support the market in trading digitally with each other. It will be API-enabled, facilitating integration with market firms’ own systems.

Delegated authority business will also benefit from the new core digital services which will transform and centralise premium and claims processing and settlement.

DCOM is one of many digital solutions for managing the lifecycle of a binder from contract registration to endorsements, renewals and reporting, unifying and simplifying delegated authority business data flows.

Delegated Contract & Oversight Manager (DCOM)

DCOM has replaced BAR to register all delegated authority contracts placed through the Lloyd’s market. It delivers the platform on which we will continue unlocking opportunities to improve reporting, reduce rekeying of data, enable digital contract creation, and help support our future claims payments solution.

Delegated Data Manager (DDM)

DDM is provided by LIMOSS as a centrally managed market service for bordereaux management and data storage. Lloyd’s and LIMOSS have delivered updates to the platform for the benefit of those market adopters using DDM throughout 2022.

Integration of DCOM and DDM

DCOM and DDM will provide a key part of the end-to-end digital solution for managing the full lifecycle of a binder, from contract registration through to endorsements and renewals. By integrating these two systems, relevant contract data entered in DCOM will auto-populate in DDM, reducing time to complete binder information, and improving data quality to power downstream processes.

Coverholder Reporting Standards (CRS) and Market Business Glossary (MBG)

  • The CRS are periodically updated to make it easier to work with the Lloyd’s market, creating a consistent request for data from coverholders and Delegated Claims Administrators (DCAs)
  • The standards state the core set of regulatory, tax, premiums and claims information coverholders and DCAs are required to report into the Lloyd’s market for all classes of business in all territories
  • The Market Business Glossary (managed by LIMOSS) is an efficient way to understand and use the CRS, helping guide users to the relevant data requirements that relate to their business

Benefits of adopting delegated improvements

  • Drives consistent, standardised data which provides better management information for the oversight of your portfolio of delegated authority business
  • Simplifies the management of binding authority agreements
  • Captures better quality and structured data up front to power downstream processes
  • Reduces rekeying of data
  • Enables enhanced reporting and oversight
  • The use of these platforms will also enable transition to continuous contracts, removing the administrative burden of renewals

Quick recap on key actions for 2022

  • Engage through advisory groups and forums to support build and testing of the solutions
  • Ensure that all binding authority registrations are complete on DCOM for binders that have already renewed
  • Implement changes and solutions required to enable digital adoption at market-wide cutover, or implement changes required for transition at market-wide cutover

View the end-to-end delegated authority placement journey

For the full version of each journey please download the Blueprint Two Interactive Guide second edition.