Source: Lloyd's of London
Lloyd’s today published the first version of its Core Data Record (CDR) for consultation with the market. The CDR will ultimately enable standardised, quality data to flow through the Lloyd’s market with the aim of significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers.
This represents a key milestone for Lloyd’s Blueprint Two programme, which is the second phase of Lloyd’s Future at Lloyd’s strategy to shift the market to a digital ecosystem, powered by data and technology.
Key to this progress and accelerating to a digital future, Lloyd’s is collaborating with ACORD to adopt the global standards already used in the London market and internationally. Lloyd’s will continue to explore opportunities for collaboration to simplify access and provide better solutions in the placement, claims and settlement journeys.
Lloyd’s is conducting a market-wide consultation to seek input and feedback on the first iteration of the CDR. This includes working with a Beta group of insurers, market associations and placement providers to advance and refine the CDR.
This input will assist the development of the CDR through the validation of data inputs and the testing of the technology process and data enrichment.
The initial scope for the simulation is Open Market North American Property, followed by other classes of business and subsequently Delegated Authority business.
John Neal, CEO of Lloyd’s said: “The Future at Lloyd’s is underpinned by advanced 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. The CDR is central to this strategy and will enable us to deliver efficiencies and real value and benefits to our market 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”.
Bill Pieroni, President and CEO of ACORD said: “ACORD is committed to enabling digitisation at Lloyd’s and throughout the global insurance ecosystem. The development of the Core Data Record, based on ACORD Standards, will ensure that market participants are able to leverage their existing systems 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.”