In January 2021, Dare engaged the global DA community of Coverholders, Managing Agents, Brokers, Claims specialists and independent Consultants to find out what they want the future of Delegated Authority to be, unconstrained by today’s model, methods and processes.
The focus of this engagement was not about digitising today's way of working, it was about re-thinking what we do, why we do it, and where the value is, creating a new vision for DA that re-imagines and digitises the business model to support growth and enable cost savings.
Between January and early March, we held 45 group workshops and 12 SME interviews with over 330 attendees across the UK, USA, Canada, Australia and New Zealand, supplemented by 4 online surveys with over 200 responses.
Starting with a Discovery stage, we focussed on the perceived strengths and weaknesses of the different areas of the existing DA business model and the frustrations of each stakeholder group before moving to an Innovation stage where workshops become more tactical, identifying ideas to change the DA business model, and then evolving to prove these ideas and understand how they might fit together to create the vision for a re-imagined DA experience.
A number of key ideas to change the current DA business model were identified and discussed, joined together to create an end-to-end journey for DA community via a digital unified experience layer that provides:
Value driven remuneration & product servicing
Reduce acquisition costs, make distribution oversight real-time and create more cost-effective partner and product distribution options by:
Digital distribution & partnership
Improve speed, quality & oversight of the deal by using digital tools and data to facilitate matching of programmes, enabling real-time and traceable online collaboration between involved parties by:
Digital portfolio & performance oversight
Reduce the current duplication of oversight activities to accelerate ongoing compliance and enhance performance of partners by:
Loss prevention & Pro-active Claim Management
Enhance the claims experience within DA and increase loss mitigation and cost control through improved speed and agility of claim decision & payment and use of data and digital tools to improve pre-loss customer support by:
The LMA is constructively engaging Lloyd’s to conduct a detailed comparison of how closely the ideas from Dare align with the confirmed deliverables of the Future at Lloyd’s programme, developing an open, collaborative working relationship that allows the ideas from Dare to feed into FAL programme scoping.
Now more than ever, we need the continued support of you, the DA market, to get behind these ideas and show your support.
Be part of the revolution and help us to make this vision a reality. Onwards!