LMG inks 3-year contract for delegated authority solution
The London Market Group (LMG) has signed a three-year contract with technology provider Charles Taylor InsureTech to provide a delegated authority solution to the Lloyd’s and London company insurance markets.
The contract may be extended for up to a further 7 years. Around 60 Lloyd’s managing agents, along with, where applicable, their London company market businesses, about 250 brokers, and over 3,500 global coverholders are in scope of this contract.
Charles Taylor InsureTech will provide a central service to standardise and centralise the collection, transformation, validation, processing and supply of delegated authority data across the market. The contract is part of the London Market Target Operating Model (LM TOM) project.
The technology behind the service called Tide is a cloud solution built on Microsoft Azure and enables the submission of bordereaux in any format, in just three clicks and converts it into a single standardised format, according to a company statement. In addition, it allows to receive electronic messages, such as XML, or goes direct to a coverholder’s system to retrieve data at source in real time. Insurers and other stakeholders can access Tide for a single, standardised version of the data through the insurance value chain and achieve true Straight Through Processing (STP).
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