Through 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 Q4 2021 and into 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.