We spent time this week working through the end-to-end journey for bringing a proposition to market and picking apart the activity of joining the DA market via a digital solution.
We spent time this week working through the end to end journey for bringing a proposition to market and picking apart the activity of joining the DA market via a digital solution.
With most of the workshop contributions collated, we’ve now started to document how the ideas that were discussed in the Innovation workshops might flow as a journey for different stakeholders within the DA value chain.
We’ll be building out these flows over the next few weeks to cover the many different key scenarios that are possible within DA and will post them all on this site shortly for you but in the meantime, below is an example journey of how a Coverholder might join enter DA and engage the services of a Broker to bring a proposition to market:
We really got into the detail of onboarding this week, taking the many different ideas and comments from the Discovery and Innovation workshops around the theme of separating DA community membership from product development to make it easier and more timely to join and transact without losing the focus on quality.
If we were to split onboarding into 3 different gates, it becomes possible to utilise automated 3rd party services to take care of the standard entity level compliance checks of a Coverholder, introduce the concept of a standard set of DA membership T&Cs that all parties sign up to once and a further set of entity level compliance checks that may be required depending on the specifics of the product that is being proposed:
We also worked back through some of the previous workshop discussions about what it would take to create a standard for the entity level compliance checks and prevent different stakeholders from interpreting things differently and asking Coverholders for information that may well not be needed.
A couple of key ideas from the workshops could address this and we’re currently working through the implications of the market owner taking on responsibility for engagement with the FCA and equivalent regulatory bodies to agree the interpretations and standards for entity level compliance so that they are not open to interpretation by each individual syndicate/market partner. Going further, centralising compliance activities and sharing the results with those who need to see it, when they need to see it provides opportunity to remove duplication, time and associated cost.
It will always be the case that individual companies will have to satisfy themselves regarding the compliance status of a Coverholder when transacting on a product but if these have already been completed by a centralised market level compliance function this becomes an act of confirmation rather than undertaking multiple interpretations of the same regulatory requirements.
We’ve had some great discussions this past week with key members of the Future at Lloyd’s programme to understand how your ideas align with the great work that is currently underway or about to set sail as part of the Blueprint 2 agenda.
We hope to have a comparison mapping completed this week, subject to continued availability and engagement with the FaL and will share this with you as soon as we can.
Keep checking back for further updates as we continue to pull things together for you and of course, feel free to get in touch if you have any suggestions or questions. We loved meeting you all in the workshops and would always welcome the chance to talk more.