Our 2020 priorities
Based on feedback from the market, and in response to the impacts of COVID-19, we are prioritising the delivery of three specific components of the Future at Lloyd’s that will deliver the most initial impact and value to participants. These are: building the next-generation version of PPL, which forms part of the complex risk exchange; delivering our digital coverholder solution; and fast-tracking claims process improvements. We are also prioritising three other components that are essential parts of Future at Lloyd's infrastructure. These are: data and technology; middle and back office (including accounting and settlement); and lead/follow.
These six workstreams are intended to provide a robust foundation for the other Future at Lloyd’s initiatives.
Delegated Contract Manager and Delegated Compliance Manager
Delegated Contract Manager and Delegated Compliance Manager will support our risk-based approach to market oversight. Following the transfer of project delivery from the LM TOM programme in August 2019, the solutions have been realigned to form part of the Future at Lloyd’s. This work will be accelerated in 2020 and continue into 2021.
Next generation PPL
Lloyd’s has completed its investment in PPL and the focus is on the delivery of the next generation document-plus-data version of PPL which forms part of the complex risk platform.
Improvements to the claims process will create early benefits for both customers and the market, while also laying the foundations for longer term changes such as replacing ECF (Electronic Claims File). Our plans for 2020 include an update to the Lloyd's Claims Scheme, automated settlement for small claims and a new catastrophe management framework.
Data and technology
The Future at Lloyd’s will be enabled by technology. In 2020 we will focus on defining API gateways and delivering APIs for various proofs of concept and pilots.
A single source of structured, standard data will underpin the marketplace of the future.
In 2020, we will develop a data framework and data standards, and work across the Future at Lloyd's to define the shared data platform and set this up within the cloud.
Middle and back office
A new workstream focused on delivering a centralised, simplified and automated accounting and settlement service, plus other support capabilities for the Future at Lloyd's. Our aim is frictionless processing driven by reliable data from trusted sources.
In 2020 we will set out the vision and scope for this workstream.
(modern syndication of risk)
Lead follow seeks to deliver best in breed underwriting by leaders, whilst making it simpler and cheaper for followers to follow.
New lead/follow standards and an oversight framework will be designed and piloted. This activity is jointly led by Lloyd's and the Lloyd's Market Association (LMA).