Delegated Contract and Oversight Manager (DCOM) is a new platform that will allow users to create and register binding authority contracts, and provide an end-to-end compliance check for new and existing Coverholders and DCAs.
It is being developed in partnership with the market to make it easier, faster and more cost-effective to do Delegated Authority business. We are targeting the end of July 2021 for market wide adoption of the contract management functionality.
About Delegated Contract and Oversight Manager
Demo of Delegated Contract and Oversight Manager Release 1
Key contract management functionality
Delegated Contract Manager will manage the registration of all new contracts. The system can perform binder validation checks at an earlier stage, leading to better quality data and less re-work.
Creation of binding authority contracts
The optional Contract Builder tool will enable delegated authority contracts to be produced upfront in an electronic manner with automated data validation checks being conducted as the contract is being produced.
Renewal of existing binding authority contracts
Delegated Contract Manager can copy relevant data from the previous contract to speed up the renewals process.
Collaboration on binding authority contracts
Delegated Contract Manager will allow all parties to collaborate in real time on a contract, showing amendments by the contract creator at the request of the leader.
What are the benefits?
- 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
- 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
- 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
Delegated Contract & Oversight Manager updates
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.
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.