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LMA team up with 6point6
Financial ServicesUser-centred design
Radical shake up to engage the global Delegated Authority community
The Lloyd’s Market Association (LMA) has today launched a project to re-imagine the existing business and distribution model for delegated authority (DA).
Project DARE – delegated authority re-imagined – led by the LMA’s recently-formed Delegated Authority Committee, in partnership with digital transformation technology consultancy 6point6, will place customers and clients at the centre of the innovative new DA model.
Consultation will seek unprecedented levels of engagement with managing agents, coverholders, brokers, TPAs and any other interested parties from the global DA community, whose input will directly inform and drive the vision and strategy.
Acknowledging the well-known challenges associated with DA, and building on Lloyd’s work with Blueprint Two, project DARE will encourage the global DA community to think differently in re-imagining the model to drive stakeholder value, support growth, introduce efficiencies and reduce cost.
6point6 was selected for its deep experience of large-scale, complex transformation in both the public and private sectors. From January, the LMA and 6point6 will conduct a series of collaborative innovation workshops, employing customer-centred and design-thinking techniques to engage the global DA community.
Central to the project is lmadare.com, where stakeholders and interested parties can engage with the process and follow its progress. The re-imagined DA model will be unveiled in Q2 2021.
DAC chair Nigel Roberts said: “DA is overdue a radical overhaul as part of the market’s vision of becoming the most advanced, data-driven and customer-centric insurance market in the world.
“We must be bold in considering the ideal solution and we are excited to embark on this project that will gather the intelligence required to deliver the best possible solution for our coverholders, brokers, TPAs and customers.
“This will be a huge collective effort and we are inviting as many people as possible to get involved and have their say.”