Lloyd’s has announced the first version of its Core Data Record (CDR), in an effort to standardise data flow through the market.
The move is aimed at significantly improving operations, reducing the cost and effort of doing business, and delivering a better service to customers.
This represents a new milestone for the insurance and reinsurance marketplace’s Blueprint Two program, which aims to shift the organisation to a digital ecosystem, powered by data and technology.
This. latest move sees Lloyd’s collaborate with ACORD to adopt the global standards already used in the London market and internationally.
The organisation says it will continue to explore opportunities to simplify access and provide better solutions in the placement, claims and settlement journeys.
“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,” said John Neal, Chief Executive Officer of Lloyd’s.
“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.”
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.
Bill Pieroni, President and CEO of ACORD, added, “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.”