Working in collaboration with Charles Taylor InsureTech, Lloyd’s and LIMOSS, Asta has successfully rolled out DA SATS (now referred to as Delegated Data Manager), powered by Tide, to onboard a new syndicate. Asta, a leading third-party managing agent, is heavily involved in the effective deployment of technology in the London Market. During the project Asta was also instrumental in helping to streamline the Delegated Data Manager (DDM) onboarding process. The implementation has resulted in saving valuable operational time for the syndicate as well as providing greater visibility of data - through Asta’s Data Warehouse.
In the third quarter of last year Asta received a new Delegated Authority (DA) focused syndicate proposal. Asta were already considering how best to utilise Delegated Data Manager from the middle of 2019 with a key emphasis on creating one source of DA data to reduce handling multiple bordereau spreadsheets.
“We were considering DDM for data extracts, which would reduce the need to send spreadsheets, but would also remove the duplication of effort with two syndicates writing the same binder. When we discovered that the main business of the syndicate would be driven by coverholders it made sense to leverage DDM to get the coverholders entering information. When the information was extracted in to Asta’s Data Warehouse we could then provide much more detailed reporting.,” says Tony Robinson, Asta’s Reporting and Development Manager.
Another key motivator was the template-based approach to the Lloyd’s standard bordereaux version 5.2 that offers a structured, best practice approach, to help significantly streamline operations.
Russell Dixon, Asta IT Portfolio Manager commented “We help new businesses coming into the market to understand how the Lloyd’s market operates, whilst working out the best solutions for them to not only conform, but also thrive in the market. This syndicate had no restrictions and had very clear business outcomes they wanted to achieve. We knew we would achieve these by implementing DDM, reducing their initial costs, making it easier for them to onboard new clients and streamline their operations moving forward.”
Charles Taylor InsureTech Relationship Director Chantal Dawson says, “DDM, powered by Tide, has delivered a market wide platform enabling the delivery of standardised bordereaux data to all market participants. It fundamentally changes the way bordereaux is shared and processed in the London market – significantly reducing duplication and, at the same time, improving data quality. We acknowledge that whilst a significant step has been made with regards to data quality in general, this is something that will, with increased data validation, continue to improve. It has been really encouraging to work with Asta on this project to overcome their challenges and deliver results. It is an evolving solution that will advance with continued participation.
Implementation for the syndicate started at the end of 2019 and went live within the first 6 months with very few issues. Asta knew that for the project to be successful it was crucial to drive strong user adoption. Change of behaviour was a significant challenge and so to support user adoption it was important to have access to expert training and support as part of the onboarding process. Asta approached the project with the right mindset and collaborated with Charles Taylor InsureTech, Lloyd’s and LIMOSS to overcome any issues.
Asta’s Systems Architect, Terry Spooner says, “Product Owner for LIMOSS, Chris Rees, was very responsive and this helped to sort any issues out quickly. He was also able to drive hands on training and give instructions to the syndicate on how to use the system with Asta on hand to help them navigate the business processes, which really brought DDM to life. Guidance on the correct completion of the mapping questionnaires, the hints and tricks to process complex bordereaux and how to maximise the features of the system made a real difference with swift user adoption.”
“Asta has a solid technical and business understanding but having hands on experts in the room was a big game changer in helping user adoption. Also having the online support guide (powered by Help Juice) and web sessions to go back to was also a great help in getting people onboarded. I believe having the skills and expertise of people on hand to get people going, trained quickly and effectively made a massive difference,”
Drive for market modernisation is a core deliverable of the London Market. A shift towards increased use of mandated centralised technology like DDM in London Markets is set to make a significant difference.
Marc Jackson Charles Taylor InsureTech Account Manager for Asta says ‘Adopting any new systems is likely to have some challenges, but the results of this project show that with the right mindset and approach it can be successful. DDM is supplied as a market platform and although we have had some things to iron out it is now working well for Asta.. We are really pleased with the achievements in this project and it proves that working in collaboration and seeking assistance when needed delivers many benefits.”
Russell Dixon, Asta IT Portfolio Manager said “Mindset is critical, and people do need to be open-minded when engaging with us to get the best solution that will deliver the greatest benefits and right business outcomes. We always familiarise ourselves with centralised technology looking for the positive aspects and understanding how to achieve a strong return of investment..
DDM Is now a primary data source for Asta’s Data Warehouse. When data entry is handled by coverholders, who are closer to the data, this will reduce the cost of maintaining a complete policy administration system (PAS). In turn this enables Asta to provide the syndicate with more detailed information about the binder and the attached declarations. Key metrics can also be tracked such as the estimated premium to actuals, the performance of the coverholder apropos to the rules set out in the contract and the quality of the risk that are being attached. The solution now offers the syndicate full visibility of data between authorised parties on the contract, the syndicate and Managing Agent.
“Access to more granular data is the ‘Holy Grail’ and we anticipate this will facilitate improved portfolio management. Essentially DDM gives us increased visibility of data and the lower level of granularity, enables us to to aggregate data points as required” says Tony Robinson.
“We believe many coverholders and third-party agents will benefit from how DDM works with common services. The initiation and start-up of the system is straightforward to onboard new entities and in terms of company IT structure we will be encouraging more organisations to adopt DDM” suggests Terry Spooner.