The Delegated Claims Standards (DCS)
The DCS were developed by the DACG and shared with the market in July 2020. The purpose of the Delegated Claims Standards is to:
- improve policyholder experience
- maintain and enhance the reputation and brand of Lloyd’s, managing agents and the markets DCAs
- reduce the operational disconnect and inconsistency of DCA management between managing agents and their DCAs
- establish formal claims standards that managing agents can implement within their business consistently and;
- reduce the lifecycle of DA claims.
To date, 34 managing agents have provided their response to these standards, and a final push with the outstanding managing agents is being undertaken to seek alignment.
Delegated Data Manager (DDM)
Lloyd’s have provided an update on the adoption of DDM. Lloyd’s discuss the ambitions published in Blueprint Two for DDM to become the centralised data source to support Coverholder reporting, making it simpler and faster to process delegated authority data and enabling more efficient end-to-end processing. Read the full article.
DCA Approval & Oversight
Lloyd’s delivered the new DCA approval process in September 2020, which requires any new DCA to undertake a robust due diligence process. Lloyd’s have subsequently started onboarding the first 20 grandfathered DCAs in to this process.
At the same time, the LMA and MA DA community have been working with Lloyd’s to refine this approach, to deliver 2 key areas of change:
- Identify any questions which Lloyd’s could check on behalf of managing agents.
- Undertake a review of the risk rating criteria Lloyd’s have adopted, to ensure the output from Lloyd’s is aligned with the market, and delivers a suitable analysis and flagging of the DCAs due diligence responses.
The attached document provides a more detailed update.
For full details of work product within the Delegated Authority space, please visit our website.
Co-Lead Claims Email Submission Guidance - September 2021
The LMA DACG and LIIBA DACC have collectively developed the below guidance document for the submission of co-lead claims referrals being handled by a third party with a delegation of claims authority into Lloyd’s managing agents claims teams. Click here to read the full bulletin.
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