DA SATS platform - powered by Charles Taylor InsureTech's Tide solution goes live
More than 60% of Lloyd’s Managing Agents, including four of the five largest, have already signed up to use the Delegated Authority: Submission, Access and Transformation Solution (DA SATS) platform, which is powered by Charles Taylor InsureTech’s innovative Tide solution. The adoption of the platform, which goes live this week is a major milestone in the drive for market modernisation and is a core deliverable of the London Market Target Operating Model (LM TOM) programme.
DA SATS provides a central service to standardise the collection, validation, processing and supply of delegated authority data across the market. It is powered by Tide, which is hosted as a cloud solution on Microsoft Azure representing a first for the technical delivery of a whole of market solution. Tide enables the straight through processing of delegated authority data and gives stakeholders complete, consistent and real time delegated authority information. This eliminates data duplication and provides full insight which allows improved decision making. Tide will also assist Managing Agents with their regulatory reporting requirements.
Jason Sahota, CEO, Charles Taylor InsureTech said:
“The launch of the DA SATS platform, powered by Tide, is a landmark moment for the London market and a significant milestone for Charles Taylor InsureTech. The use of delegated authorities is growing in the London market as insurers seek to expand globally. Now insurers will have the data they need to manage their delegated authority business effectively. Tide allows the market to take a significant step forward on its modernisation journey and drive real operational effectiveness.
“DA SATS will enable all market participants – including managing agents, brokers and coverholders – to work together seamlessly in real time. This is a very exciting time for the insurance industry and we are thrilled to be supporting the London market with our technology.”