Members of the London and International Insurance Brokers’ Association (LIIBA) are supportive of the launch of the London Market Group’s DA SATS this week. Half the broking firms that focus on delegated authority business have signed up for the service.
DA SATS is the Delegated Authority: Submission, Access and Transformation Solution. It provides a central service for delegated authority data and is a key part of London’s drive to make it easier to do business in the insurance market.
LIIBA CEO Christopher Croft said: “The DA SATS go-live announcement is good news for our business partners around the world. Brokers have been involved in its development. They are integral to the process of identifying new coverholders and helping to introduce them to the London market and facilitate trading here.
“By streamlining those processes, we look to make coverholders’ lives easier. Processes will be accelerated and the ability to exchange data quickly and efficiently radically improved. It’s an important step forward for both brokers and the market as a whole.”