Charles Taylor’s InsureTech arm has signed up to a three-year deal with the London Market Group (LMG) to provide central services for the market’s delegated authority business.
The contract, which covers around 60 Lloyd’s managing agents and 250 brokers, mandates the firm to provide a central authority to “standardise and centralise the collection, transformation, validation, processing and supply of delegated authority data across the market” as part of the LMG’s target operating model (TOM) project.
The service will be based on Charles Taylor’s ‘Tide’ cloud technology which runs on the Microsoft Azure platform.
The tech allows firms to submit bordereaux in any format and converts it into a standardised form, and can receive messages in XML, a data format which allows common sharing of information across different platforms.
Charles Taylor InsureTech CEO Jason Sahota commented: “We very much look forward to 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.”
The London market is currently in the throes of something of a tech arms race as service providers compete to solve the various digitisation challenges facing the sector, with Lloyd’s itself mandating carrier’s to place a third of their business digitally by next year.