The Lloyd’s Market Association (LMA) has launched its new Delegated Authority Committee (DAC) to inform and guide the evolution of this important aspect of Lloyd’s underwriting, distribution, and claims.
The group’s objective is to establish a customer-centric vision and future business model for DA for all disciplines, from our customers and clients, to Lloyd’s carriers.
The committee will begin by engaging with customers, clients (coverholders and brokers) and the market and establishing a business model for the future that leverages the ongoing initiatives and tackles distribution challenges and acquisition costs to the benefit of managing agents, coverholders, brokers and our customers.
LMA added that the committee will also be influencing the increased regulatory attention to distribution, oversight, costs, performance, and service quality.
Nigel Roberts, head of distribution at Aegis, who has been appointed chair of the DAC, said: “The market must consider its broad DA strategy carefully, through the lens of our coverholders, brokers and customers.
“This includes developing the DA business model that can deliver front end change enabling us to be flexible in how we source and service our clients’ and customers’ needs, whilst delivering bespoke and innovative products and solutions for distributing business itself.”
He added: ”The committee will view DA challenges through a customer and client lens, and help to provide a broad-ranging, top-down view that supports managing agencies’ ability to make the most of their business opportunities and their highly valuable delegated authority relationships.”