Let’s talk data
How we’re crunching the numbers that count
Over the last few weeks, we have been looking at customer and practitioner journeys. Data underpins every step of that journey. As we shift Lloyd’s from a document-plus-data business into a purely data-first ecosystem, we’re keen to get the fundamentals right.
We have been using these journeys to create a view of the minimum data set required to transact open market insurance. This means understanding the minimum data requirements needed for scenarios, like settling and reporting of a risk. We have also been looking at how we can harness external data sources to reduce the number of fields that have to be input manually. We hope that this will improve quality, reduce effort and ultimately cost, but most importantly it will improve the customer and practitioner journey.
We have seen from other industries that this can be a challenge. But it’s not impossible. Capital Markets have made significant progress in digitalising the way they trade and also in the adoption of a data-first approach. Similarly, engineering and airline industries continue to drive standards for data that help to streamline the exchange of information across the industry ecosystem. This goes beyond the obvious benefit of leveraging data to gain a competitive advantage; it facilitates the kind of personalised experiences that foster trust, value and customer loyalty as well.
We intend to learn from these industries.
If you’ve got experience driving set standards of data for other industries outside of insurance, or you have been involved in improving how data is used by brokers or underwriters, we’d love to invite you to one of our forthcoming Future at Lloyd’s research labs. To sign up, simply register here.
"Over the last few weeks, we have been looking at customer and practitioner journeys. Data underpins every step of that journey. As we shift Lloyd’s from a document-plus-data business into a purely data-first ecosystem, we’re keen to get the fundamentals right."
Last, to ensure the market can make rapid and accurate decisions, we will be looking to do more benchmarking and start to embed these into operational processes so we can gain deeper insights where needed. In light of the current COVID-19 pandemic, we have launched a range of benchmarks through the Insights Hub on both the Lloyd’s market and the global insurance market, visit https://insights.lloyds.com/. We will be looking to extend these to support the market response to what customers need, while learning how to deliver the most agile processes to support them when it counts.
As always, our research and experiment spikes are all serving the broader understanding of what the holistic end state of Future of Lloyd’s can and must look like. This blog is our chance to openly share our progress, errors and insights, as well as an opportunity to connect and collaborate with you – the real experts.
Waseem Ali & Nick Blewden
26 June 2020