DA Strategy’s Matthew Phillips on his first year in the industry, attracting talent and the impact this will have on the future of insurance.
Insights from the DAS Team from the world of Delegated Authorities and their management
There has been a lot of noise in the market about the future of Lloyd’s and what this means for the corporation and all its stakeholders.
One of the key areas the market’s transformation project is focusing on is delegated authority business.
The title of Lloyd’s recent prospectus, The Future at Lloyd’s, points directly to its importance as it sets out the massive challenges facing the London insurance market.
Auditors, as we heard in the recent Lloyd’s Delegated Authority Audit conference, are the market’s ‘on site’ eyes and ears when it comes to reviewing delegated authority business.
There is still very little guidance in the market on the subject of the IDD and what Carriers should be doing with their Coverholders , although Lloyd’s have provided some useful pointers.
In Part 1 of this blog series “Lineslips – A great tool but open to mis-interpretation?“, we looked at the current state of play with regard to Lineslips in the London market.
I have been in the Lloyd’s and London Insurance market for over 25 years working with Underwriters and Brokers managing delegated authority business, and if there’s one thing I’ve seen that causes untold confusion, it’s lineslips.
In my last blog I, talked about involving the Coverholder in setting a workable appetite statement for Conduct Risk MI. I would actually go further, and this, I think, is where the next challenge in the MI collation stage is.
In my last blog, I talked about ‘expected norms’ in the patterns of MI we receive from our Coverholders, on the assumption that the MI received is worthwhile.