We turned up the gas this week in the Innovation stage - speaking to nearly 50 different stakeholders within DA to discuss ideas around how digital tools could allow new ways of working.
We turned up the gas this week in the Innovation stage - speaking to nearly 50 different stakeholders within DA to discuss ideas around how digital tools could allow new ways of working. Read on to find out more about the ideas and challenges that were discussed.
The innovation stage of DARE continues at pace and this week we conducted 5 sessions with nearly 50 stakeholders from Coverholders, Brokers, Managing Agents and Underwriters. Taking account of all discussions to date, we framed the discussions this week around how digital solutions might be used to support people to transact within DA.
Our thanks as always to everybody who made the effort to attend and contribute. Each and every point raised in these sessions helps to shape a new vision for Delegated Authority, whether its new ideas being put forward or challenges to the findings of DARE to date. It’s a privilege to be able to engage with you and facilitate wider discussion of your thoughts and ideas.
It’s fair to say that many people found the idea of a single, digital solution that connects with other systems and services to present information in a single place to be something that could add a lot of value to DA when used for the right purpose.
Not surprisingly, where it adds value seems to differ depending on who you ask. Established MA's with a reasonably static book of legacy contracts didn’t see much value in elements that assist Coverholders in joining DA or bringing new propositions to market whereas the Broker community see real value and efficiency in being able to use digital data solutions to facilitate propositions from business case stage to launch with a Coverholder.
One area that all seem to agree on is the use of data to be able to automate as much of the compliance and audit type checks as possible and to use data to make risk based decisions regarding the level and frequency of checks that different Coverholders are subjected to each year.
In some of the later workshops this week, we started to consider how this might conceptually look to people as a tool to use when bringing data into one place, in realtime to support collaboration on propositions.
Big shout out to the UFL group who really took the time to discuss this in some detail and generated lots of great ideas around the functionality that adds benefit and also calling out the elements that do not. It was great to end the week with such a vibrant session!
We’re midway through the innovation stage now and the ideas and challenges are flowing fast. In addition to collating the points raised to date, we will be continuing with further workshops and will start to move the discussion towards what the end to end vision for DA could look like as a result of these ideas.
If you’d like to be involved in the discussion, please do reach out by registering below. We’d love to hear your thoughts and ideas...