(City of London. Image credit: 0x010C.)
The London Market’s Delegated Authority: Submission, Access and Transformation Solution (DA SATS) platform, powered by Charles Taylor InsureTech’s (London) Tide solution, will go live this week. The vendor reports that more than 60 percent of Lloyd’s Managing Agents, including four of the five largest, have already signed up to use the DA SATS platform. Adoption of the platform is a core deliverable of the London Market Target Operating Model (LM TOM) program.
DA SATS provides a central service to standardize the collection, validation, processing and supply of delegated authority data across the London market. Charles Taylor InsureTech’s Tide solution, which drives the platform, is hosted as a cloud solution on Microsoft Azure—representing a first for the technical delivery of a whole of market solution. Tide enables the straight-through processing of delegated authority data and gives stakeholders complete, consistent and real time delegated authority information. This eliminates data duplication and provides full insight which allows improved decision making. Tide will also assist managing agents with their regulatory reporting requirements.
Landmark Moment for London Market
The launch of the DA SATS platform, powered by Tide, is a landmark moment for the London market and a significant milestone for Charles Taylor InsureTech, comments Jason Sahota, CEO, Charles Taylor InsureTech. “The use of delegated authorities is growing in the London market as insurers seek to expand globally,” he says. “Now insurers will have the data they need to manage their delegated authority business effectively. Tide allows the market to take a significant step forward on its modernization journey and drive real operational effectiveness.”
“DA SATS will enable all market participants—including managing agents, brokers and coverholders—to work together seamlessly in real time,” adds Sahota. “This is a very exciting time for the insurance industry and we are thrilled to be supporting the London market with our technology.”