Delegated Data Manager (DDM) is a central bordereaux processing platform that went live in 2018. Coverholders and Delegated Claims Administrators regularly have to report delegated authority data, such as risks, premiums and claims, in order to transact under their contracts with Lloyd’s syndicates, and to adhere to local regulatory requirements. Delegated Data Manager, developed in partnership with the market, is a system that allows the collection and validation of this reporting data, enabling more efficient global business transactions.
Why is DDM important?
DDM enables centrally controlled distribution of risks, premiums and claims data to participants, based on their allocated sections and markets in the binder, subject to the participant’s access rights.
By centralising the binder data in one system, DDM reduces the duplication of effort to process the bordereaux across market firms who are participants on the same binder.
It also offers the opportunity to standardise the bordereaux data captured in the delegated ecosystem due to its centralised position in the submission process. This standardisation of data alongside validations and business rules will help drive better quality data. This will benefit regulatory reporting, accounting and settlement and deliver better business outcomes.
Adoption approach and Conditions of Trade
Our adoption approach is dependent on the successful implementation of our phased roadmap, which brings to life the ambitions published in Blueprint Two for DDM to become the centralised data source to support delegated reporting, making it simpler and faster to process delegated authority data and enabling more efficient end-to-end processing. On 7 April we published an update on the Lloyd’s Conditions of Trade and adoption approach for DDM.