The DCOM field guide has been updated and a new version is now available.
Delegated Contract and Oversight Manager
Supporting coverholder onboarding, facility placement and binder registration
View the updated versionThrough our Future at Lloyd’s strategy, we’re building the world’s most advanced insurance marketplace. Delegated Authorities business represents nearly 40% of the premium written at Lloyd’s, and our Delegated Contract and Oversight Manager (DCOM) solution is a key part of this journey.
Launched in July 2021, our first DCOM release focused on binder registrations. It provides the platform on which we will continue to build ‘right first time data and contracts’ – unlocking opportunities to improve reporting, reduce rekeying of data, enable digital contract creation, and speed-up future claims payments for delegated authority business. Importantly, it paves the way for integration with the Delegated Data Manager system (DDM) which, when brought together, will eliminate rekeying of data.
The combination of DCOM and DDM, which will follow in 2022, will revolutionise the management of Delegated Authority and Coverholder business at Lloyd’s. DCOM and DDM will provide an end-to-end digital solution for managing the full lifecycle of a binder, from contract registration right through to endorsements and renewal, thereby unifying, simplifying and accelerating the management and process of this business, and offering fast claims settlement for customers.
DCOM has been developed in close consultation with market associations and market firm representatives – with over 1,000 users, from more than 360 firms, registered.
Recent DCOM enhancements
DCOM field changes
Advanced notice of changes which will be implement later in the year as part of Release 1.4.
Following consultation with the market, we have reviewed all data fields in DCOM and identified approximately 40 fields which can be made non-mandatory or removed from the system for specific users. We have created a document showing which fields these are and providing a rationale for why we need the remaining mandatory or conditionally mandatory fields.
DCOM field guide
To aid users in populating fields on DCOM and ensuring consistency, we have created a guide for the most queried fields, or fields where the greatest attention to detail is required.
Registered users
Everything you need to get started in DCOM, including accessing the system, training and further help and support.
DCOM Release Information
Important information about DCOM system releases, including the latest system features and what it means for you.
Learn more about the Delegated Contract and Oversight Manager
Mandatory requirements
It is a mandatory requirement that all binding authorities are registered online in DCOM. Under the Intermediaries Byelaw, all binding authorities are required to be declared to Lloyd's. This is done by registering the binding authority in DCOM. Where processing via central settlement, the binding authority contract should be submitted to Xchanging along with the slip.
Key benefits when full contract manager solution delivered
The system is being rolled out in stages. Once the full contract manager solution is delivered, including integration with Delegated Data Manager, it will deliver a range of benefits for users.
Coverholders:
- More oversight of contracts
- Real-time visibility of contract progress
- Easier to make changes and updates to contracts
- Access to better reporting, enabling richer business insights
- Ability to sign off contracts on system
Brokers:
- Contract data will only be entered once and be registered simultaneously
- All data is held centrally and available to all relevant parties
- Contract data is validated against QA tool rules early in the process, so there are fewer errors to correct, saving time and cost
- There is a single source of information for contract data rather than multiple, inconsistent versions
Managing Agents:
- Underwriters can collaborate real time on a contract and see what has been changed then be able to conclude contract on the same workflow
- Contract data is validated against the QA tool rules early in the process, so there are fewer errors to correct, saving time and cost
- There is a single source of information for contract data rather than multiple, inconsistent versions,
- Better quality structured data is available to support analysis and decision making
Get in touch
Help and support using DCOM
If you require support using the system, please raise a support request with the Lloyd’s Market Support Centre
Training enquiries
If you or your team require training support, please contact:
DCOMtraining@lloyds.comDelegated Contract & Oversight Manager updates
2021
26
July
First DCOM release provides key step in delivering Blueprint Two vision for Delegated Authority business
We’ve reached an important milestone in realising our vision to deliver the world’s most advanced insurance marketplace with the launch of Delegated Contract and Oversight Manager (DCOM) – our new binder registration platform.
11
June
Delegated Contract and Oversight Manager Release One confirmed
We are pleased to confirm the launch and cut-over dates for DCOM. This timeline will enable market firms to complete their onboarding activities and final preparations for go-live.
23
March
Update on Delegated Contract and Oversight Manager launch – get ready
On 23 March we announced our plans to roll out the contract management aspect of DCOM to the market at the end of June 2021. Read on to find out Lloyd’s approach for onboarding and training market firms.