Embargoed till 00.01hrs Monday 24 September 2018
24 September 2018, London, UK – 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.”
Note to editors:
London & International Insurance Brokers’ Association (LIIBA) is the trade association representing the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets. We have the support of the vast majority of Lloyd’s Brokers, accounting for over 95% of the Market’s business.
Our members are engaged in the placement of $67bn of premiums in the London Market and another $24bn across the world. Collectively they contribute to the Market’s 26% share of The City’s GDP or 10% of London’s GDP (2015).
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