We kept the momentum going this week and facilitated a further 5 Innovation workshops with the Coverholder, Broker and Managing Agent communities, and the outcome was a vision for how DA could be transacted in the future.
We kept the momentum going this week and facilitated a further 5 Innovation workshops with the Coverholder, Broker and Managing Agent communities, and the outcome was a vision for how DA could be transacted in the future. Keep reading to get a glimpse of the market's early thinking.
Big shout out to everybody who got involved and contributed this week. The ideas and challenges that we have discussed this week were exactly what we needed to move things on to the next level of innovation. You were all amazing! As has been the case during DARE, you can see from the list of companies below, this week we had the opportunity to collaborate with a broad spectrum of DA.
This week was particularly important for DARE as we are deep into innovation and we had a lot of fun kicking around different ideas for a digital DA marketplace and the level of engagement with the DA community just keeps on getting better and better. Taking the great contributions from previous weeks of Innovation as a starting point, we used the workshops this week to discuss and sketch out the early stages of an end to end digital DA journey. All directed from the market, for the market.
The Broker community had lots to say about the pros and cons of using digital to widen their networks within the DA market and collaborating with Coverholders and Underwriters on propositions.
Managing Agents provided lots of insight into the potential to use this as an opportunity to change the lead/follow model by introducing new structure and standardisation to the way in which information about a proposition is shared. Some excellent thoughts about different ways of dealing with annual renewals were also shared.
Attendees from the Coverholder community identified many different opportunities to reduce duplication and bottlenecks by using a digital experience layer to connect systems together and make information visible to people when they need to see it.
Shout out to the Falvey Group who not only contributed some great ideas around removing duplication, dataflow and integration but also challenged us to go even further next week and bring a more detailed dive into the Claims aspects of DA and bring that to the vision.
We’ve engaged with nearly 100 individuals within DA about innovation this month and want to keep this level of momentum going with you. This week is the final week of the innovation stage for Dare and we will fit as many innovation sessions as we can in during this time.
There’s still a chance to get involved in re-imagining Delegated Authority by registering your details below. We’d love to hear from you!