Following engagement and direction from the market during 2023 the decision was made for LIMOSS to remove DDM (Delegated Data Manager) as a core Market Service and instead offer an elective option.
The contractual end date for the DDM Core Service was 14th September 2024.
The DDM Elective service is available to Managing Agents who wish to use DDM. For further details on the Elective Service, you can reach out to [email protected].
DDM is powered by Tide, an application developed by Charles Taylor InsureTech. It will transform the various bordereaux formats received to the agreed Coverholder Reporting Standards. You can find more information on the required standards and check you have access on the Market Business Glossary (MBG).
DDM simplifies, streamlines, and standardises complex binder and bordereaux management across underwriting and claims.
Insurers receive a huge number of bordereaux in different formats, but the quality and completeness of the data can vary greatly. As a result, it is often challenging to understand and process information relating to written risks, premiums paid, and claims incurred.
DDM is a centralised and highly automated platform that solves this problem. It maps, cleanses, and validates bordereaux data and then outputs it in a standard format. Automation saves time and money, boosting straight-through processing and eliminating error-prone manual tasks so you can focus on more productive activities.
With DDM, you can have complete, consistent, consolidated information. Everything is stored in a single location, making it simple for insurers to extract the data they need to make informed and accurate decisions.
KEY BENEFITS
AUTOMATION
DDM provides end-to-end automation, eliminating manual processing and bottlenecks that add time and expense to bordereaux and increase the risk of errors. Time saved on administrative tasks can be spent on other services that add value to the business.
BETTER DECISION-MAKING
More informed business decisions are possible because data is extracted and analysed in a standard format and there is greater clarity and transparency.
HIGHLY FOCUSED DATA VISIBILITY
DDM has a powerful Business Intelligence (BI) capability. Data can be analysed, either within the BI toolset or imported directly into ‘users’ warehouse to enable data analytics leading to better business decisions.
INTUITIVE AND USER-FRIENDLY
The user interface makes it easy to handle and process data, and an in-system guide is available to all users.
POWERFUL AND SECURE SAAS DELIVERY
Tide is a cloud-based SaaS platform hosted in Azure. Built from the ground up, it benefits from Azure’s 24/7 availability. DDM’s in-built security model gives you the option of multi-level (multi-company) access, with specific security at each level per user role, as well as single-level access.
SPEED, VERSATILITY, SCALABILITY
The Inbuilt APIs within DDM 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. DDM will scale to accommodate growing volumes of data.
STANDARDISATION AND CONSOLIDATION
Bordereaux can be uploaded to DDM round-the clock from anywhere in the world, making it easy for insurers to extract and process data. Consolidation is achieved using a questionnaire that filters data submissions into a single, standardised dataset that avoids duplication. Data processing rules can be created to make some datasets mandatory while others can be configured as required.
