As insurers continue their implementation of new technology to better position their companies for future growth and to improve service to policyholders, Lloyd’s has introduced the first version of its Core Data Record as part of the second phase of its Future at Lloyd’s strategy. The effort is designed to shift the market even further into the world of digital technology to provide better solutions for the claims and settlement processes.
In addition, Lloyd’s will be collaborating with ACORD to help with the adoption of global standards that are already being utilized in the London market. ACORD facilitates the exchange of data through electronic standards and standardized forms.
“Standardizing data is a critical first step in converting it into actionable information,” explained ACORD CEO and President, Bill Pieroni, to PropertyCasualty360.com. “Data that is stored and exchanged in an industry-standard form becomes more accessible. It’s easier and less expensive to extract value from the data, and talent can then focus their efforts on applying it in more effective and innovative ways – whether it’s in customer acquisition, underwriting, claims, or any other core insurance activity.”
In a press statement, John Neal, CEO of Lloyd’s, shared that “the Future of 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 plays an important role in Lloyd’s strategy, allowing it to transform the way it operates to deliver real value and benefits to its 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 share the model and ways of working that will enable us all to move into a digital future.”
Pieroni agrees. “Markets, carriers, and brokers differentiate themselves in the ways they analyze and apply data – not their methods for physically and logically storing data. By adhering to proven industry data standards instead of enduring the tedious and thankless task of building their own, they can free valuable resources for higher-value areas that are the true source of competitive advantage.”
The Lloyd’s name has been synonymous with insurance for well over a century and the company is the largest surplus lines insurer in the U.S. This effort will help move the market to a stronger digital position. “Lloyd’s is the beating heart of insurance – there is no more venerable and influential institution in our industry,” added Pieroni. “Lloyd’s leverage of the ACORD Standards is further testament to the fact that the industry is recognizing the impact of data standards.”