Delegated authority as a distribution channel continues to grow as a share of Lloyd’s business; projected to represent 47% of business in the Lloyd’s market in 2017. By providing access to diverse local markets for London market capital, it presents significant opportunities for profitable growth.

The core issue sitting at the heart of this business model is data. The transfer of standardised, high quality data from coverholder or TPA to London. A simple objective, but one which has consumed market focus.

The data arrives in London in the form of a bordereaux spreadsheet, which is then passed around different market participants; all of whom attempt to understand the data, to overcome the fact that they did not create it. Naturally, questions emerge. What does this column mean? What does this value mean? Why is there an endorsement here, we’ve not seen this risk before? Questions are ferried back and forth to coverholders or TPAs, often involving insurers, brokers and service providers in the communication chain. The cost, both to London and coverholders & TPAs, of these (often duplicated) query loops is vast. When the thought of asking more data questions seems not worth the time and effort required, data assumptions are made to move things forward…

Eliminating the query loops and assumptions can only achieved by putting the data submission fully in the hands of the creators of the data: the coverholder and TPA.

In a world where machine learning and artificial intelligence are streamlining and automating interactions across devices and platforms, is there not another way for the data creators to submit their data, without changing their bordereaux, without any more effort, but still delivering standardised, high quality data to the London market?