Re/insurance marketplace Lloyd’s of London has given advance notice of its intention to centralise the reporting of all delegated authority data into the Delegated Authority: Submission, Access and Transformation Solution (DA SATS) platform.
DA SATS is a delegated authority reporting platform that collects and validates bordereaux data, holds it in one central place and enables access to valid, interested parties
Launched in September 2018, the platform forms a core part of the London Market Target Operating Model (TOM), which aims to improve the ease and efficiency of doing business in the London re/insurance market.
The historic marketplace has set a date not earlier than the first quarter of 2021, to centralise the reporting of all delegated authority data into the DA SATS platform.
It is intended that DA SATS will become the primary source of DA data used by Lloyd’s when reporting to regulators, relieving managing agents of the burden of reporting information to Lloyd’s.
It is also expected to provide greater efficiencies to market participants and reduce reporting frustrations for coverholders and claims TPAs.
Lloyd’s says data submitted must comply with the mandatory and conditional mandatory
premium and claims fields in the Coverholder Reporting Standards.
Where submitted data does not meet those standards, the DA SATS platform
validations will reject the submission.
All relevant managing agents are already registered on DA SATS and its use is already
mandatory for Lloyd’s Brussels business.
The mandate will only come into effect once a number of market-agreed pre-requisites have
been met, including some significant enhancements to the DA SATS platform itself.
Lloyd’s adds that these include improving the data validations that the system applies and delivering API connections so that the system can link directly to existing DA data systems.
The mandate will only come into effect once a number of market-agreed pre-requisites have
been met, including some significant enhancements to the DA SATS platform itself.
These include improving the data validations that the system applies and delivering API
connections so that the system can link directly to existing DA data systems.
In the meantime, every managing agent will be provided with a bespoke workshop on topics like business cases, data transfer, business processes, APIs and integrating with your existing provider.
