London Market Group to Offer Faster Solution for Coverholder Approval
The London Market Group (LMG) announced that a contract has been signed with Sequel to deliver a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts.
This is a core part of the London Market Target Operating Model (LM TOM)* and will replace the existing Atlas (the Lloyd’s Coverholder Approvals and Compliance system) and the Binding Authority Registration (BAR) system.
London Market Group (LMG) said authorized users will benefit from:
-a single modern and intuitive workflow system to streamline all the processes, reducing the time taken and making it easier for coverholders to do business in London,
-a more intelligent process of approvals that will take a more risk-based approach, saving time and effort,
only having to enter data once – speeding up processes, removing the opportunity for error, increasing the quality of data held and managed in the market, and
-a ‘golden source’ for entity and contract data which can be effectively consumed by other LM TOM initiatives and market systems.
“This is the next stage of our strategy to automate and simplify our processes for coverholders,” commented Ian Fantozzi, COO at Beazley and market sponsor for the delegated authority solution.
“Our ambition is to save time and remove duplication at every stage – replacing separate tools with one platform that eliminates manual processes,” he said. “But most importantly, it allows data to flow seamlessly so that it can be made available in other parts of the value chain including DA SATS and other solutions.”
“We are delighted to be working with the LM TOM to adapt our workflow and product builder tools to provide enhanced functionality and make the process for delegated authority approval, compliance and binder registration faster and more efficient,” said Ian Summers, CEO of Sequel.
“Everyone in the market should benefit. With brokers being able to produce binders electronically or be loaded from existing market contract builders, underwriters will have accurate and timely data and coverholders should find the compliance process much less onerous,” Summers added.
The LMG is a market-wide body, bringing together the specialist commercial re/insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA).
* The London Market Target Operating Model (TOM) is a program that aims to modernize the market and make it easier to do business in and with the London market.