Kiln exec to lead LMA delegated authority project

The Lloyd’s Market Association (LMA) has appointed Paul Jeffrey to lead its work towards overhauling the market’s processes for delegated authority underwriting.

Jeffrey, who previously served as binding authority group manager with Kiln, will report to Rob Gillies, director - market processes. He will work with Lloyd’s to develop a new process model for delegated authority business.

The LMA said the work is being driven by the leaps in technological capabilities since the start of delegated authority business in the 1960s. This has driven the need to create a platform on which Lloyd’s can grow its delegated authority underwriting through improved customer service.

Over 30 per cent of Lloyd’s market business is conducted through binding authorities.

Jeffrey said: “Many of the processes we’re using to write delegated authority business date from 30–40 years ago when paper was still prevalent. In many respects, it is as much a cultural change for the market as a physical change.

“The reporting relationship between the Lloyd’s underwriter and their coverholder needs to be improved to provide greater granularity of data. This will ensure that insurers continue to meet regulatory requirements and provide the headroom needed for growth. Regulators around the world are looking for a deeper understanding of our delegated underwriting activities and we need to be able to supply the necessary data.”