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 to date

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

How our thinking has evolved

As part of our sharpened focus, we are re-planning our approach and delivery – we will be giving an update in July.

We will be using existing work and research wherever possible to guide our direction and feed into our more detailed analysis.

Our current focus is on supporting the priority solutions; next generation PPL, digital coverholder solution and claims process improvements.

As well as monitoring our COVID19 claims dashboard on the Insights Hub to see on a daily basis all claims registered against the major loss code.

How data will create value for stakeholders

Customers

  • Better cover received faster as less information is required as we already know about your company and it's insurable assets
  • Faster claims payments enabled by better data quality, automated triaging and gathering of environmental data to assess your claims automatically
  • Standardised data and documentation across the market enable easy side-by-side quote comparison
  • Personalised risk mitigation advice through your broker/coverholder or through automated alerts or notifications

Brokers/coverholders

  • Easy access to prior policies, company and insurable asset data greatly reduces the data gathering burden
  • Common data standards ease system integration efforts resulting in less re-keying and data queries
  • Social, economic and market analytics will help identify profitable growth opportunities in your portfolio
  • A live view of Lloyd's underwriting capacity can speed up getting cover for a client

Insurers

  • Tax calculations are automated from better data captured at placement
  • Automated triage of claims with simple claims paid immediately based on set thresholds and criteria
  • The majority of Lloyd's data returns are switched to automated data feeds lowering your operating costs and freeing up staff to work on higher value tasks
  • Better portfolio analytics highlight easily current performance and areas to improve
  • Enhanced claims benchmarks show where your processes can be improved and costs lowered further