Charles Taylor InsureTech chosen as preferred partner to deliver delegated authority solution for London Market Group
Charles Taylor InsureTech has been selected by the London Market Group as their preferred partner for a project to standardise and centralise the collection, validation, processing and supply of delegated authority data across the London Market. This marks an important milestone for Charles Taylor’s technology business, underlining its status as a technology innovator for insurance markets.
The project is part of the London Market Target Operating Model (LM TOM), a comprehensive programme of new and existing projects designed to make the market a more accessible and cost effective place to do business.
Charles Taylor InsureTech’s innovative solution, Tide, enables the submission of bordereaux in any format, from anyone, in just three clicks. Bordereaux are converted into a single standardised format using Tide’s intelligent assistant, Luna, which leverages Microsoft Azure machine learning and artificial intelligence. Tide uses Microsoft Azure to receive electronic messages, such as XML, or go direct to a coverholder’s system to retrieve data at source. Insurers and other stakeholders can access Tide for a single, standardised version of the data.
Built in partnership with Microsoft, Tide delivers scalability, security, and compliance through the world’s fastest growing cloud – Microsoft Azure. As a result, London Market stakeholders benefit from the streamlined process; giving them data, dashboards and analytics.
Charles Taylor InsureTech was selected as preferred partner following a competitive tender involving many of the world’s leading technology and consulting businesses. The contract, which is under negotiation, will be delivered in two stages; a design stage, which is currently being delivered and subject to the successful outcome of the first stage, a second long-term contract to provide the DA SATS service once the solution has been fully delivered into production.
Charles Taylor InsureTech was chosen due to its innovative solution for implementation, ability to deliver at speed and its experience and understanding of the insurance sector, gained by being part of the Charles Taylor group, which has been providing professional services to the global insurance market since 1884.
Jason Sahota, CEO of Charles Taylor InsureTech said: “This is a very important initiative with delegated authority in the London market growing as insurers seek to expand globally. We are delighted that the London Market Group has selected Charles Taylor InsureTech as its partner to deliver the Data, Submission, Access and Transformation Services (DA SATS) project and we are looking forward to working closely with them to roll out the solution to the market. This is a very exciting time for the insurance industry and we are thrilled to be supporting the London market with our technology.”
David Marock, Group CEO of Charles Taylor plc, said: “Charles Taylor has a deep knowledge of insurance and long track record of developing innovative solutions for insurance markets. Being chosen by the London Market Group to lead such an important market-wide technology project validates our strategy of investing in and building Charles Taylor InsureTech, with the objective of becoming a technology leader in the insurance market.”