The Connexus Group MD, Ken Specter, attended the Lloyds delegated authority conference in London on November 26, where several fundamental initiatives were introduced.
The function, which was co-sponsored by Lloyds and the Managing General Agents’ Association (MGAA), highlighted was very well attended with Lloyds Brokers , Lloyds Coverhoders, and attendees keen to hear about new pilots and initiatives being undertaken by Lloyds.
Lloyds COO John Neal stressed the importance of Lloyds as one of the strongest insurance brands in the World, with access to the largest amount of capital, a superb accredited mediation service and unique expertise.
One of the pilots being promoted was an initiative described as “Workbench” which was intended to facilitate insurance businesses, and entrepreneurs having fast access to Lloyds underwriters.
This was met with some dismay by a Lloyds Broker asking if they were being cut out; it was stressed this was just a Pilot and merely gave businesses the opportunity to see if an idea would float.
Another Event focus was DA SATS (Submission, Access and Transformation Solution), which provides a central service via Microsoft Azure.
Mr Specter commented:-.
“The new system is designed to enable the standardisation, collection, validation, processing and supply of delegated authority data across the market.
“Considering some 60% of Managing Agents at Lloyds have signed up, this initiative is proving incredibly popular,” he said.
There were also questions over Brexit, with Cover holders concerned about the placement of risks in Europe and risks from Europe.
“In our view, whilst contingency arrangements must be considered (and many organisations are now hurrying to arrange branches in Dublin, Brussels or other areas of Europe), transition or postponement arrangements will be forthcoming unless all parties want business to grind to a halt.”
Lawshield, a member of The Connexus Group, are cover holders in their own right and act for MGA’s and large brokers for full policy administration as well as full claims management.
“Our end-to-end services are geared to reduce complexity and provide simple transactional management to assist you in focusing on key areas such as client support and sales,” Mr Specter explained.
“Our digital expertise and data migration facilities ensure a smooth transition of business and are designed to assist our clients in reducing costs via automation whist maintaining an emphasis on client care in key areas.”