After extensive market engagement, the Lloyd’s Market Association (LMA) has now published the results of its DARE project, the aim of which was to reinvent the end-to-end model and vision for delegated powers (DA).
In cooperation with the design and technology partner 6point6, the LMA conducted 45 group workshops and 12 SME interviews with more than 330 participants in Great Britain, the USA, Canada, Australia and New Zealand to find out what coverholders, managing agents, brokers, claims specialists are and independent consultants want to be the future of DA.
The global project launched in January was supplemented by four online surveys with over 200 responses. The full results are available on the dedicated lmadare.com page.
“It is with great pleasure that we are announcing the DA Model and Vision as part of DARE,” said Nigel Roberts, Chair of the LMA Committee on Delegated Authorities. “This new model is the culmination of a concerted market-wide effort and is able to not only halt but reverse the declining revenue London is generating from DA partnerships.
“It is a market-for-market solution, and we urgently request your implementation support so that all parties involved can benefit from its powerful capabilities to drive growth, increase efficiency and reduce costs.”
It was highlighted that the vision is a “radical departure” from what is currently described as an expensive, inefficient and complex DA model.
According to the LMA, the results of the DARE project will be continued as part of an ongoing engagement with the Future at Lloyd’s program, the London & International Insurance Brokers ‘Association and the Managing General Agents’ Association.