Lloyd's reaches notable milestone in shift to digital ecosystem

Lloyd's reaches notable milestone in shift to digital ecosystem | Insurance Business Australia

Lloyd

Lloyd’s has announced the publication of the first version of its Core Data Record (CDR), which aims to enable standardised, quality data to flow through the Lloyd’s market to improve operations, reduce the cost and effort of doing business, and improve customer service.

The publication is a key milestone for Lloyd’s Blueprint Two programme, the second phase of its “Future at Lloyd’s” strategy to shift the market to a digital ecosystem. Lloyd’s is collaborating with ACORD to adopt the global standards already used in the London market and internationally.

Lloyd’s is also conducting a market-wide consultation to seek input and feedback on the first version of the CDR. This includes working with a beta group of brokers, insurers, market associations and placement providers to refine the CDR, Lloyd’s said. The initial scope for the simulation is Open Market North America Property, followed by other classes of business and, subsequently, delegated authority business.

“The Future at Lloyd’s is underpinned by advancing data collection and management methods, and our focus is on creating solutions that will enable brokers, underwriters and partners to operate in a much more streamlined way,” said Lloyd’s CEO John Neal. “The CDR is central to this strategy and will enable us to deliver efficiencies and real value and benefits to our markets and customers. We are excited to be able to share a first iteration that shows how we are moving from concept to practice, and by working together with the market we can continue to shape the model and ways of working that will enable us all to move into a digital future.”

“ACORD is committed to enabling digitisation at Lloyd’s and throughout the global insurance ecosystem,” said Bill Pieroni, president and CEO of ACORD. “The development of the Core Data Record, based on ACORD standards, will ensure that market participants are able to leverage their existing ecosystems and taxonomies to provide data in a consistent and coherent way. This will enable Lloyd’s stakeholders to maximise the value derived from their data, increase flexibility and adaptability, and capture efficiencies made possible only by digital transformation.”