Charles Taylor InsureTech to deliver London insurance market central service for delegated authority business
Charles Taylor InsureTech today signed a three-year contract with the London Market Group to deliver a delegated authority solution to the Lloyd’s and London company insurance markets. The contract may be extended for up to a further 7 years. Around 60 Lloyd’s managing agents, along with, where applicable, their London company market businesses, about 250 brokers, and over 3,500 global coverholders are in scope of this major contract win.
Charles Taylor InsureTech will provide a central service to standardise and centralise the collection, transformation, validation, processing and supply of delegated authority data across the market. The contract is part of the London Market Target Operating Model
(LM TOM) project.
Charles Taylor InsureTech’s innovative solution, Tide, will be the technology behind the service. It is a Cloud solution built on Microsoft Azure and enables the submission of bordereaux in any format, in just three clicks and converts it into a single standardised format. In addition, it has been designed to receive electronic messages, such as XML. Insurers and other stakeholders can access Tide for a single, standardised version of the data through the insurance value chain and achieve true Straight Through Processing (STP).
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 in real time in a clear and visual format, enabling the London Market to satisfy the complex regulatory requirements associated with coverholder business.
David Marock, Group CEO of Charles Taylor plc said:
“We are delighted and proud to have been chosen to provide the ‘Tide’ solution for managing delegated authority data across the entire market and by doing so, help the market take a significant step forward on its modernisation journey and drive real operational effectiveness.”
Jason Sahota, CEO of Charles Taylor InsureTech said:
“We are working closely with the LM TOM programme, in what is a landmark and important transformation, in rolling out this solution and thereby enabling all market participants – be they managing agents, brokers or coverholders – do their business fundamentally better.”