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.

What it includes

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

What will be delivered in Phase I

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.

See chapter 2 of Blueprint One for details of the complex risk platform.