LMA Dare | Phase 2

Computable contractING

What is a computable contract?

Replacing today’s “slip”, a computable contract represents a paradigm shift for the commercial insurance industry, putting the contract, as a data object, at the heart of business operations to drive data entry, downstream processing, accounting & settlement and new levels of portfolio analytics.

Vision to validation

2022: Vision to Validation with PoC

The year 2022 marked a significant milestone as we transitioned from vision to validation. We conducted a Computable Contracting Proof of Concept (PoC) to explore the feasibility of implementing computable contracts within the DA framework. This PoC involved:

Redesigning the Binding Authority Agreement (BAA) into modular, digital-first formats.

Developing a prototype Contract Creator application to facilitate right-first-time contracts.

Conducting market demonstrations, which received positive feedback from managing agents and brokers.

The successful completion of the PoC confirmed the viability of our approach and provided valuable insights for the next phases.

testing Phase

Testing computable contracting approaches

The aim of this testing phase was for our innovation partners Axiome to demonstrate that a set of computable contracting approaches can make a significant contribution to the overall DARE vision for digitising both the product wording and contract of delegation. See what our project objectives were and read the executive summaries to learn more about how we re-designed the BAA, brought this to life in a Contract Creator prototype and where this could take us in the future.

Demonstrate how the Binding Authority Agreement (BAA) can be redesigned for a future computable contracting environment

To successfully create a digital marketplace for DA, it is crucial that we invest the necessary time and effort in designing a solid digital foundation