Source: LM TOM
DA SATS is going live. It provides the market with a single, consistent way of processing and reporting delegated authority (DA) business.
Market take up of DA SATS has been strong from managing agents and brokers, with over 50 per cent of those that write DA business signing up for the service, including four of the five largest managing agents. Coverholders are now also beginning to sign up for the service. As adoption continues to increase, the DA SATS platform will enable the quick and convenient submission of risk, premium and claims data across the London Market.
Right information at right time
Ian Fantozzi, COO at Beazley and Market Sponsor for the Delegated Authority Solution, commented: “We are delighted to be launching this service to capture the right information at the right time to make underwriting and claims processing as efficient as possible for everyone in the value chain. This will help brokers and underwriters attract coverholders to London and means that coverholders and TPAs will only have to send data once.
“By uploading data directly into a secure central platform, coverholders will no longer need to email unsecured spreadsheets, all of which will reduce cost, help protect our customers’ data and increase efficiency by eliminating effort and duplication.
“We are pleased that so many market participants have already signed up for the service. DA SATS delivers economies of scale and a simplicity of process, these are the benefits of widespread adoption of a single solution.”
Enhanced reporting capabilities
DA SATS delivers enhanced reporting capabilities to the market opening up the opportunity for the more informed use of data to support future business performance. This service has been developed in conjunction with Charles Taylor Insuretech.
In addition, the binder contract data required ahead of bordereau submission can be uploaded into DA SATS through the Structured Data Capture (SDC) service, another LM TOM initiative which transforms market documents (including binding authority contracts) into ACORD-standard Global Placement Messages (GPMs).
What is Delegated Authority (DA) - Data Standards and SATS?
- A single set of market-approved reporting DA Data Standards (Risk, Premium and Claim) to be utilised consistently across the entire delegated authority market.
- Central repository to facilitate the collection of data in line with the Data Standards, supported by a centrally manned service for delegated authority data (Submission, Access and Transformation).
- Data Standards are available through the Market Business Glossary (Coverholder Reporting Standards v5 with further standards for Risk by Class of Business introduced from 2017) eventually feeding in to the DA SATS Solution. This will enable automation, straight-through processing and one-touch data capture.
- Watch the DA SATS overview here.
What are the benefits?
- Reporting for coverholders is easier with a single set of market-approved risk, premium and claim data requirements and central processing of data.
- Data will be defined once, used consistently and continuously improved.
- Automated submission, collection, validation, processing and distribution of delegated authority data across the market is delivered.
- An introduction of a technology and service which will enable consistency, increase efficiency, eliminate duplication, reduce re-keying and contribute to straight-through processing.
- A “single source of truth” for Delegated Authority Risk, Premium and Claim data for the market will be available.
- Data quality will be improved through validation and enrichment processes.
More information on DA SATS can be found here.
To register for DA SATS click here.