Week Six



Imagine a world where...

We officially kicked off the Innovation stage of Dare this week and a vision of how DA could (maybe even should) work is emerging. Read on to find out more about the ideas that were discussed this week.

“Imagine a world where....”

We officially kicked off the Innovation stage of Dare this week and a vision of how DA could (maybe even should) work is emerging. Read on to find out more about the ideas that were discussed this week.

Innovation - Week 1

We kicked off the Innovation stage this week by holding three workshops with 19 different stakeholders including Brokers, Underwriters, Coverholders, independent consultants and solution vendors.

A big thank you to everybody who contributed to these workshops. The level of enthusiasm, ideas and challenges that were put forward were amazing. You rock!

The power of ideas

In the workshops, we discussed several different opportunity areas and the groups were brilliant at suggesting realistic ideas that could bring these to life within the DA market.

For Product Collaboration, we asked the groups to consider how DA might be different in a world where Coverholders, Brokers and Managing Agents can collaborate together in real time to bring a product to market. Some key ideas that were suggested in this space were:

  • Stakeholders could set key information about themselves, including business preferences and this could be used to align with product propositions to help Coverholders and also Brokers to identify the most appropriate parties to engage.
  • Introduce a short form proposition that provides the base information required to identify the right Broker and MAs to collaborate with. This could support a staged process whereby the proposition is reviewed in its early stages by those that need to see it as early as possible and avoid the chances of any unnecessary work being undertaken.
  • Bring the best digital communication methods together into a single place to allow all parties to see, speak and message each other about a proposition in real time.
  • Use digital document authoring tools to allow all parties to collaborate on a proposition together at the same time.
  • Can be used to set a minimum standard of information required of a proposition to allow all parties to understand the proposition and make a decision as to whether they want to proceed and help bring it to market.

For Binding & Placing the discussions focussed on how using digital solutions to make the same information flow to multiple parties could speed up the process of obtaining capacity for a product.

There were some really good challenges to how this could work in reality, with a recognition that Lloyd’s and investment stakeholders in the market would need to agree to a model where follow investors see and use the same information that has been accepted by the Lead in their decision to invest. There was a lot of discussion around what the minimum information standard would need to be to make this work but the potential it has to speed up both the contracting of new products and also changing investment lines of existing products was exciting to the groups.

We also touched on how a rating system might be useful to different Stakeholders in their decision making as to who to do business with for different propositions. Some key ideas that were discussed about this were to make the rating relevant to the activity taking place and also to only display ratings to those who need to see it, when they need to see it within the market.

Linked to this, there was also a lot of discussion around how using the right information to set a rating/score could be used to allow risk based decision making around how often compliance checks should take place for different companies and also the level of checks required for an individual company. The general feeling in the room is that this idea has the potential to save many different stakeholders a lot of time, effort and money each year.

It’s not about reinventing the wheel, it's about putting the wheels that work best on to a DA bus that everybody can get on together...

Forgive the awful analogy above but a key learning for the Dare team this week has been that there is some confusion regarding how the work we are all doing together on this project aligns with the existing Future at Lloyd’s and Blueprint activities.

On Dare we are looking at how the entire DA model could be reimagined end-to-end to transact as close to real time and without duplication. At the end of the innovation stage we’ll be pulling the best of these ideas together and publishing as a vision for how DA could (should?) be done.

A vision is grand but we know that it also needs to be grounded in reality in order to be something that is achievable within DA. One of the things we will be doing to ensure this is to reach out to Lloyd’s and share the ideas from these workshops and assess against the many things that they have underway for delivery into DA.

Accompanying the Dare vision will be a view on what elements of both today’s and tomorrow’s planned DA solutions could be incorporated into the ideas that you are putting forwards in these workshops. It could be that many of the answers are there already, or are about to be launched and the challenge becomes one of joining up the dots with a single overarching experience layer that brings people and information together within a single solution.

Or maybe not...it's only the end of week 1 of the Innovation stage and who knows where this will go next week when we turn up the gas and collaborate with you for a further 5 innovation sessions. We can’t wait to find out with you...