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Tide will underpin the future of DDM as an elective model in the London market and beyond

Charles Taylor's Tide has been the foundation for DDM since its introduction in 2018 as the centralised and highly automated platform that powers DDM and the various complex bordereaux journeys

Delegated Data Manager (DDM) has been an effective solution for bordereaux management in the London market and is now entering a new stage as an elective model, meaning it will be commercially available as a matter of choice by market participants.

We continue to have a collaborative approach with LIMOSS to define the scope of an elective model for the market. Our desire is to support optionality to all.


Meeting the delegated authority challenge

Technology has been transforming all parts of the insurance value chain and delegated authority business is a key focus for digitalisation because it traditionally relies on manual processing. The main operational challenges for managing general agents, coverholders and other market participants include the following:

  • Reports with inconsistent formatting and of variable quality

  • Delays because of the need to cleanse and collate unstructured data

  • Inaccuracies and duplication as a result of data passing through multiple systems and parties

  • Incomplete data and data that is not shared as expected

A more streamlined and co-ordinated approach to bordereaux has long been needed in the London market and DDM is a core part of wide-ranging initiatives to modernise business and eliminate inefficiencies.

DDM is a central processing platform that enables the efficient collection and validation of reporting data. As a single repository for risk, premium and claims data, DDM removes the uncertainty of transmitting bordereaux between participants. It was originally known as DA SATS and is an important strand of Lloyd’s Target Operating Model (TOM), the modernisation programme launched by the London Market Group (LMG) nearly a decade ago. Lloyd’s TOM led to the Blueprint plans to transform the way insurance is conducted across the London market.

DDM has been live for Lloyd’s delegated business since 2018. It has been run as a market service by LIMOSS since the contract was novated from Lloyd’s to LIMOSS during 2020. The contract with LIMOSS was renewed in September 2021 for five years with an exit clause after three years to cater for changes in market direction. The clause has been taken up, with exit effective in September 2024, which is the reason for introducing an elective model for the DDM service.


Tide: Insurtech for smooth bordereaux and eliminating risk

Developed by Charles Taylor, Tide has been the foundation for DDM since its introduction in 2018 and subsequent development. It is the centralised and highly automated platform that powers DDM and the various complex bordereaux journeys.

Tide maps, cleanses and validates bordereaux data and outputs it in a standard format. Because everything is stored in a single location, it is easy for insurers to extract the data they need and make accurate and informed decisions.

The main benefits of Tide are:

  • End-to-end automation, eliminating manual processing and bottlenecks that add time and expense to bordereaux and increase the risk of errors

  • Standardisation and consolidation because bordereaux can be submitted centrally, round the clock, from anywhere in the world

  • Better decision-making because data is extracted and analysed in a standard format and there is greater clarity and transparency

  • Powerful and secure SaaS delivery thanks to a cloud-based platform hosted in Microsoft Azure

The in-built API’s within Tide can consume data from a variety of different sources. Bordereaux data that has been ingested can be rapidly validated and cleansed, in addition to consuming manual uploads. Tide will scale to accommodate growing volumes of data.


The future built on Tide

Working together over the past five years, we have created a solution with the market that reflects their needs. We have evolved and now move on with LIMOSS and clients to provide optionality. After September 13, 2024, managing agents, coverholders and brokers can choose any delegated authority system that suits their requirements and preferences.

DDM’s new role as an elective model will continue with all the advantages of Tide, ensuring continuity and the benefit of established technology during a time of optionality for anyone involved in delegated business – choosing DDM will mean a seamless transition backed by Charles Taylor.

Charles Taylor has significant enhancements planned for 2024 and beyond, including support for credit control, bordereaux reconciliation, transactional reconciliation, aged debt and interoperability with external platforms. Moreover, as a proven insurtech solution for delegated business, Tide has a wider role to play outside the London market.

Find out more about Bordereaux Management (Tide)

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