Lloyd’s consults on the first iteration of its Core Data Record under Blueprint Two
Lloyd’s today published the first version of its Core Data Record (CDR), which will ultimately enable standardised, quality data to flow through the Lloyd’s market with the aim of significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers.
This represents a key milestone for Lloyd’s Blueprint Two programme, which is the second phase of Lloyd’s Future at Lloyd’s strategy to shift the market to a digital ecosystem, powered by data and technology.
Key to this progress and accelerating to a digital future, Lloyd’s is collaborating with ACORD to adopt the global standards already used in the London market and internationally. Lloyd’s will continue to explore opportunities for collaboration to simplify access and provide better solutions in the placement, claims and settlement journeys.
Lloyd’s is conducting a market-wide consultation to seek input and feedback on the first iteration of the CDR. This includes working with a Beta group of brokers, insurers, market associations and placement providers to advance and refine the CDR.
This input will assist the development of the CDR through the validation of data inputs and the testing of the technology process and data enrichment.
The initial scope for the simulation is Open Market North American Property, followed by other classes of business and subsequently Delegated Authority business.
John Neal, CEO of Lloyd’s said: “The Future at Lloyd’s is underpinned by advanced data collection and management methods, and our focus is on creating solutions that will enable brokers, underwriters and partners to operate in a much more streamlined way. The CDR is central to this strategy and will enable us to deliver efficiencies and real value and benefits to our market and customers. We are excited to be able to share a first iteration that shows how we are moving from concept to practice, and by working together with the market we can continue to shape the model and ways of working that will enable us all to move into a digital future”.
Bill Pieroni, President and CEO of ACORD said: “ACORD is committed to enabling digitisation at Lloyd’s and throughout the global insurance ecosystem. The development of the Core Data Record, based on ACORD Standards, will ensure that market participants are able to leverage their existing systems and taxonomies to provide data in a consistent and coherent way. This will enable Lloyd’s stakeholders to maximise the value derived from their data, increase flexibility and adaptability, and capture efficiencies made possible only by digital transformation.”
2. On Tuesday 9 February 2021, Lloyd’s started working with 17 brokers and insurers (covering both managing agents and the company market) in a closed Beta Group to test and refine the Core Data Record.
Ed Broking/ BGC/ Corant
Howden (RKH Specialty)
Specialist Risk Group
Willis Towers Watson
The group also includes the following market associations and placement platforms:
International Underwriting Association (IUA)
London and International Insurance Brokers Association (LIIBA)
London Market Association (LMA)
London Market Group (LMG)
Placing Platform Limited (PPL)
3. Find out more about the Core Data Record or for queries about our work on data to deliver Blueprint Two email CDR@lloyds.com
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Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Loyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
11 March 2021