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LIMOSS (London Insurance Market Operations and Strategic Sourcing) has agreed to a five-year extension for Charles Taylor InsureTech (London) to deliver a delegated authority solution across the London market. Delegated Data Manager (DDM), formerly DA SATS, provides a central service to standardize and centralize the collection, validation and processing of delegated authority data, which Charles Taylor InsureTech identifies as a key pillar of the Delegated Authority strategy.
The companies’ existing arrangement, signed in 2018, was due to expire in September 2021. The vendor characterizes the renewal as testament to the extensive collaboration between LIMOSS, Lloyds, the London Market and Charles Taylor InsureTech, providing an important foundation for the transformation of Delegated Authority processing.
DDM is powered by Tide, Charles Taylor InsureTech’s solution, which the vendor describes as delivering scalability, security, and compliance through the world’s fastest growing cloud—Microsoft Azure. Through this technology, London Market stakeholders continue to benefit from a streamlined process; receiving data, in real time in a clear and visual format, enabling London Market firms to satisfy regulatory requirements associated with coverholder business, the vendor says.
“We are immensely proud to have agreed a five-year extension for the program,” comments Chantal Dawson, Client Relationship Director, Charles Taylor InsureTech. “The platform has been in operation for the past two-and-half years and will continue to increase its delivery of real benefit to the London Market and will evolve to keep pace with the needs of the industry over the coming years”.
Rob Brown, Group CEO of Charles Taylor characterized LIMOSS’s extension of the agreement a massive vote of confidence from the London Market of the capability of the solution. “We take this endorsement very seriously and the team are primed to continue enhancing and supporting this vital program,” he comments.
London Market Participants Increasingly Adopt DDM
“I am extremely pleased that LIMOSS and Charles Taylor have agreed the extension to this service,” says Susan Andrew, Head of Delegated Underwriting Management, Brit Insurance and Chair of DDM Steering Group for the London Market. “Ever increasing adoption of DDM proves that market participants understand its value both now and for the future. There is a passionate community of people working together to continually enhance DDM functionality and we look forward to working with Charles Taylor over the coming months and years to build on these improvements and position the London Market for the future.”
Patrick Molineux, Managing Director of LIMOSS, adds, “Centralizing, standardizing and streamlining Delegated Authority management is a key pillar of the transformation of Delegated Authority business and will make it easier for the world to do business with London. We are pleased that the platform continues to see improved adoption from a highly engaged user community that is driving the future of the platform and we are delighted to extend our agreement with Charles Taylor InsureTech who have demonstrated a willingness to listen, invest, and work collaboratively with us.”