You can download the latest announcement from LIMOSS on the activity streams surrounding DA SATS here. As you will know DA SATS is already mandatory as a repository of data for EU risks and will be mandated later this year for all Delegated Authority (DA) information.
Some of the challenges to be addressed includes the lack of clarity within the London Market Glossary and the data required, including most notably guidance on the data required depending on who in the value chain is submitting the data.
Morning Data has been engaged to help provide that missing clarity, alongside LIMOSS, from the perspective of the Intermediary/MGA/Coverholder, for both pre and post the Lloyd’s Broker position, as well as the issues around reporting standards that will bridge the gap between the traditional flat file reporting (Excel spreadsheets) and structured data acceptable by an API.
One of the activities is to engage in a Proof of Concept (PoC) for the Managing Agent systems to submit data to DA SATS. In this project Kirstin Duffield, CEO of Morning Data, is acting as Data Lead on the project, as well as representing the Intermediary/MGA/Coverholder perspective of the data. Kirstin will be looking at both the quality of data and clarity of that data.
Please download the official LIMOSS announcement that has been circulated to the market highlighting the four software houses involved in the activity streams. Morning Data is delighted to have been asked to take a leading role in this project, representing the Intermediary/MGA/Coverholder data perspective. This reflects the respect the market has regarding the structure, quality and quantity of data collected by our clients in the NOVUS application.
We with LIMOSS/Lloyd’s hope to issue a new Vendor Version of the reporting standards later this year in preparation for potential API specification thereafter. This Vendor Version will conform with the LIMOSS/Lloyd’s requirements and will present the data in a flat file but its structure will support being re-usable with little rewrite to an API format.
This will become our standard and part of our offering for Bordereaux submissions. We will, of course not remove from NOVUS, any pre-existing BDX formats, but you may want to discuss with your underwriters – when the LIMOSS glossary is updated later this year – any changes that will be included. It will not reduce the amount of data reported but it will report it in a more “best practice” manner. Please get in touch if you would like to discuss this further.
This is not live yet, so there is plenty of time and you do not need to take any action at this time. We would however recommend our clients increase the data items collected, so as to be ready to report everything you can. Such as industry codes for all assureds as one example – found on the latest release of NOVUS in the PARTNER screen.
We will provide further updates on this exciting project in due course.