First DCOM release provides key step to 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.

Delegated Authorities business represents nearly 40% of the premium written at Lloyd’s, and this solution is a key part of our plans for the digitalisation of the market.

This first DCOM release replaces the previous system (BAR) and allows market participants to complete binder registrations capturing better quality and structured data up-front to power downstream processes – including using in-built system validations to reduce errors and manual intervention. It also introduces the first iteration of a digital contract builder tool.

This release delivers 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. It also paves the way for integration with the Delegated Data Manager (DDM) system.

Crucially, the combination of DCOM and DDM to be delivered in Q4 2021, with further releases in 2022, will revolutionise the management of Delegated Authority business. Together, DCOM and DDM will deliver an end-to-end digital solution to manage the full lifecycle of a binder, and eliminate the need for the rekeying of data. Future DCOM releases will also enhance the contract builder tool enabling e-placement and introduce oversight manager features to improve the Coverholder onboarding compliance experience.

Supporting the transition to DCOM

DCOM has been developed in close consultation with market associations and market firm representatives – with over 1,000 users from more than 360 firms able to benefit from this new solution.

Onboarding and training activities have been completed to prepare firms. Support is in place via market firm Change Leads, and via the Lloyd’s Market Support Centre. Drop-in sessions will be available over the coming weeks should users require further support.

Thank you to all firms who have worked with us to develop this important first step in transforming the way we manage Delegated Authority business at Lloyd’s. For further information, please visit our dedicated DCOM web page.