Complex risk platform

A digital, end-to-end platform that complements face-to-face negotiation to submit, quote, bind, issue, endorse and renew complex risks for insurance and reinsurance business. This will evolve over time from a ‘document-plus-data’ to a ‘data-first’ solution.

Placement module to help the broker and underwriter structure risks, match risk appetites and visualise placements

Negotiation module to support real-time collaboration on high-quality contracts and more efficient endorsements and renewals using key data

Customer portal to capture submission data from risk managers in a structured format, with a ‘data room’ to store customer-specific unstructured data

Enabling services common across the Future at Lloyd’s, including:

Simplified accounting and settlement to support the straight-through processing of funds and automatic generation of technical accounting
Automated tax calculator to allow tax certainty at the point of trade
Centralised compliance checks (Know Your Customer, Anti-Money Laundering and sanctions checking) to minimise duplication
Connection to approved clause and wordings libraries that can be added to by market participants
Common data platform and data enrichment services to straight-through process claims, reduce re-keying, improve data quality and automate Lloyd’s reporting

In Phase I (2020), we will:

Begin testing of early build of document-plus-data solution with a range of market participants. The Corporation proposes to make a significant financial investment in PPL to influence the development of PPL's technology platform.
Create prototypes for the data-first solution and plan for Phase II build.
Establish connectivity with other digital solutions, and publish the first set of data standards for the core data record and digital interfaces.