Data

Executive sponsor: Clare Lebecq, LMG

Business owner: Waseem Ali

Workstream lead: Nick Blewden

What is it?

Future at Lloyd’s data will standardise how data is captured and processed across the market, enable back-office efficiencies, speed up transactions and generate valuable insights.

The data team will establish clear standards for what data is captured and how. They will also create the security, access and governance controls needed so that people only see the information they require.

Our progress
in transition

Learn about the progress we have made since we published Blueprint One on 30 September 2019.

How we will
deliver Phase I

  • First, we will clarify what our data framework will include, and how we will collaborate with others on proposing and setting standards
  • Ongoing updates to the content and rules within the data standards will be delivered in an iterative manner over time, this year and beyond, as reporting needs evolve (regulatory and tax) and data quality standards and the insights from it are improved
  • We will work with the other solutions to define and design the shared data platform, adopting an agile approach to deliver core components over time based on priority and value
  • We will deliver enhanced data, analytics and personalised benchmarks for brokers, coverholders and managing agents through the Insights Hub

How data will create value for stakeholders

Customers

  • Quicker response to requests for cover
  • Better data enables claims to be handled more smoothly
  • Data-first approach enables greater customer-focused documentation transparency

Brokers/coverholders

  • Valuable insight into own data, market data and benchmarked data
  • Standardisation through a data-first approach simplifies process activity and reduces cost
  • Standardised data sets benefit all stakeholders accessing the Lloyd’s market
  • Increased ability to analyse own data

Insurers

  • Valuable insight into own data, market data and benchmarked data
  • Standardisation through a data-first approach simplifies process activity and reduces cost
  • Standardised data sets benefit all stakeholders accessing the Lloyd’s market
  • Increased ability to analyse own data