London Market Group to Offer Faster Solution for Coverholder Approval

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The London Market Group (LMG) announced that a contract has been signed with Sequel to deliver a faster and more efficient solution for approving and registering coverholders, and a new integrated tool for generating delegated authority binder contracts.

This is a core part of the London Market Target Operating Model (LM TOM)* and will replace the existing Atlas (the Lloyd’s Coverholder Approvals and Compliance system) and the Binding Authority Registration (BAR) system.
LMG says authorized users will benefit from:

A single modern and intuitive workflow system that accelerates all processes, shortens time and makes it easier for cover owners to do business in London,
a smarter approval process that will adopt a more risk-based approach, saving time and effort,
it only has to enter data once – speed up operations, remove the possibility of errors, improve the quality of data held and managed in the market, and
A girişim gold resource şekil for asset and contract data that can be effectively consumed by other LM TOM initiatives and market systems.
Sonraki This is the next step in our strategy that automates and simplifies our processes for cover owners, aş commented Ian Fantozzi, COO of Beazley, and the market sponsor for a competent authority solution.

”Our goal is to save time and remove repetition at every stage – replace individual tools with a single platform that eliminates manual procedures.“ . But most importantly, it allows the data to flow smoothly to make it available in other parts of the value chain, including DA SATS and other solutions. “

. We’re happy to work with LM TOM to make our workflow and product builder tools faster and more efficient for enhanced functionality and for authorized authorization, compliance and binding registration, uz said Sequan CEO Ian Summers.

Herkes Everyone on the market should benefit. Thanks to the fact that brokers are able to produce electronically binders or can be loaded from contractors from existing market contracts, insurers will have accurate and timely data, and collateral owners will push the compliance process much less, Bro he said.

LMG is a market-wide organization that brings together specialist commercial re / insurance brokerage and insurance communities in London. The London International Advisory Association (IUA) is supported by Lloyd’s of London, Lloyd’s Market Association (LMA) and London & International Insurance Brokers’ Association (LIIBA).
* London Market Target Operation Model (TOM) is a program aimed at facilitating modernization of the market and facilitating business with the London market.

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