In London Market, Delegated Authority (DA) has seen significant growth in the last few years. In 2022, Delegated Authority comprised about 40% of all business placed in Lloyd’s market, up from 25% in 2018. While DA allows the Market to underwrite special risks, it comes with its own set of challenges which makes the Delegated Authority business somewhat less lucrative.

A 2019 survey conducted by the Insurance Insider and EY on London’s Delegated Authority Market three-quarters of respondents said that delegated authorities are performing at levels that are just acceptable or below. Other key observations were: “The market is not yet ready to bring the costs down with the use of technology as technology improvement and adoption remains disappointingly slow.” and “Often too slow to react to wider market conditions. Time consuming to monitor and control. High commissions/acquisition costs.”

Some of these challenges are down to the fact that Third Party oversight and management of binder contracts could be time consuming, error prone and complicated. Lack of proper due diligence and risk/maturity assessment tools, automation and tracking has led MGAs to rely on what is at their disposal – spreadsheets!

But it doesn’t have to be like that.

Our Salesforce-powered Delegated Authority solution is designed to streamline DA workflows, reduce risk, and make faster decisions. Our solution is built specifically for Delegated Authority from the ground up, so MGAs can trust that it meets all their unique needs and requirements.

It offers:

– Transparent and objective Due Diligence and Maturity Assessment

– Improved efficiency and productivity

– Reduced risk and better compliance

– Faster decision-making and improved customer service

– Greater visibility and control over your parties and contracts

We are confident that our solution will transform the way delegated authorities are managed, in line with the Delegated Authorities oversight model proposed by Lloyd’s. 

We have put up a short video that explains some of the key features. 

Simply fill out our enquiry form or email us at info@processthreesixty.com to learn about how we can help you stay ahead of the curve.