Delegated Contract and Oversight Manager
As part of the Future at Lloyd’s strategy, we are committed to delivering solutions that simplify and significantly reduce the cost of doing delegated business. As described in Blueprint Two, providing a new platform, Delegated Contract and Oversight Manger (DCOM) is key as it establishes an important foundation to support our transformation journey.
We are pleased to confirm that we have started market testing for the contract management aspect of DCOM, which covers functionality allowing users to register binding authority contracts. This replaces the existing binder registration system (BAR). It also includes a first-generation binding authority contract builder.
This functionality has already been successfully piloted with two managing agents (Brit Syndicates Limited and Atrium). The pilot demonstrated the platform can successfully create and register live binders.
The initial benefits to the market will include built in system validations meaning many of the current downstream errors can be detected upfront, reducing the need for manual intervention. Importantly, it will deliver better quality and structured data to support downstream processes, regulatory reporting and underwriting decisions.
To ensure organisations have enough time to prepare for adoption and fully test the platform we are targeting the end of June 2021 for market wide adoption of the contract management aspect of DCOM. This target date is dependent on the successful onboarding of market firms and the outcome of formal market acceptance testing (MAT).
As with all complex delivery, we recognise things may change and are committed to keeping you informed of plans so you can prepare for these changes. We will continue to provide regular updates through the DCOM market user group and market association committees, as well as aiding adoption through our business readiness toolkit.
We are working with LIIBA and the LMA to support market firms onboarding (which commences next month) and are holding live demonstrations of the platform from May, to build system familiarisation and understanding of the practical steps required to get ready for DCOM. In June, we will begin instructor-led training with users who require access to the system from go-live. Further training will be held for several months to meet market demand.
Future enhancements to DCOM will build on the initial functionality and we are currently consulting with the market on further requirements including the onboarding and compliance oversight functions currently provided via ATLAS.
For more information on DCOM, please contact Lloyd’s DA Change Team by emailing DAchangesupport@lloyds.com.