LMA unveils future model for Delegated Business

LMA unveils future model for Delegated Business 150 150 Haggie Partners

The Lloyd’s Market Association (LMA) today revealed the conclusion of a six-month project to reimagine the end-to-end model and vision for Delegated Authority business, through the lens of the market and its distribution partners of Brokers and Coverholders.

The data-driven and digitally enabled DA vision establishes a model of choice in pre-placement, placement, and post-placement activities, in a way that re-engineers processes and re-invents how we can distribute, place, oversee and service DA business.

The vision is a radical departure from the existing costly, inefficient, and complex model that can make the Lloyd’s market difficult to trade with versus competitors. Key components of the end-to-end model also enable greater competition and transparency of distribution activities at costs, in a way that benefits the market, distribution partners and policyholders.

The model is the result of the LMA’s Project DARE, in partnership with consultancy 6point6, which sought unprecedented levels of engagement with global distribution partners. The outcomes and opportunities generated by the DARE project will be taken forward as part of an ongoing stream of engagement with the Future at Lloyd’s Programme, LIIBA and the MGAA, which will enable market supported practices and solutions to be designed and developed as part of ongoing market reform, under the oversight and support of the LMA Board.

LMA Delegated Authority Committee chair Nigel Roberts said: “It is with great pleasure that we announce the DA model and vision as part of DARE. This new model is the culmination of a concerted market-wide effort and is capable of not only arresting but reversing the declining revenues London derives from DA partnerships. It is a solution from the market for the market, and we would urge support for its implementation to enable all stakeholders to benefit from its powerful abilities to drive growth, increase efficiencies and deliver cost savings.”