The London Market Group (LMG) has signed a contract with Sequel to deliver the next wave of delegated authority tools for the market.
The contract between the two parties will see Sequel implement a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts.
The initiative 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.
The LMG said that authorised users will benefit from a modern and intuitive workflow system that streamlines processes, as well as a more intelligent process of approvals that take a more risk-based approach to save time and effort.
Additionally, the new solutions will only require users to enter data once, which will speed up processes, remove the opportunity for error, and increase the quality of data held and managed in the market.
The LMG added that it hopes to provide a ‘golden source’ for entity and contract data that 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,” said Ian Fantozzi, Beazley COO and market sponsor for the delegated authority solution.
He added: “Our ambition is to save time and remove duplication at every stage – replacing separate tools with one platform that eliminates manual processes.
“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.”
Sequel CEO Ian Summers commented: “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.
“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.”