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Open market:
Transforming placement to unlock digital benefits

The current process for capturing data needed for the open market (any business which is not written under a facility such as a binding authority, and is itself not the facility or contract of delegation) placement journey is slow, cumbersome and error-prone. Through the Future at Lloyd’s programme, the Computable Contracts journey will help enable a shift to a right first-time approach and adherence to upfront data quality controls, rapidly expediting processing times while providing an opportunity to reduce placement and indirect costs.

As part of Blueprint Two, the key solutions for digital adoption in the open market are as follows:

  • Core Data Record (CDR).
  • Intelligent Market Reform Contract (iMRC).
  • Digital Gateway.


The Core Data Record (CDR) and the intelligent Market Reform Contract (iMRC) will play a key role in embedding data standards and strengthening data quality. Coupled with the introduction of new core digital solutions, this will transform how accounting and settlement – for both premium and claims – will be delivered in the market.

Minimising data capture burden through the CDR

  • The CDR simplifies tax and regulatory data, therefore minimising the data capture burden on market participants. This helps to enable both a ‘data-first’ and ‘document-first’ placement journey.
  • The CDR has been completed for all classes of business and territories, creating a complete data standard to drive the digital processing of direct insurance and facultative reinsurance.
  • The Data Council approved this iteration of the CDR, which is aligned to ACORD standards, on 22 March 2022.
  • The iMRC includes the CDR fields that are required at the point of bind (see “Stage of Availability” on the CDR webpages using the link below). CDR fields that are required prior to settlement (not at the point of bind) are not currently included in the iMRC. It is estimated that only 20% of contracts are subject to this type of information, much of which appears in the Schedule of Values (e.g. vessel tonnage).

iMRC now in consultation process

  • On 24 May 2022, the Data Council approved the commencement of a consultation process on the proposed changes to the MRC with the market.
  • The iMRC is an evolution of the MRC and introduces an updated layout to enable data extraction by market participants and placement platforms, which will enable accurate, standardised data to flow through the entire transaction lifecycle with minimal human intervention.
  • Run by the LMG’s Data Council, and supported by Lloyd’s, the consultation process went live on 4 July 2022 enabling the market to give feedback on the proposed changes to the MRC.
  • You can access the consultation through the LMG website. Each organisation is asked to nominate a single point of contact to provide feedback. You have until 16 September 2022 to give feedback, but you are encouraged to provide this as early as possible.
  • The LMG strongly encourage you to ensure your organisation provides input into the consultation. There will also be a full legal and regulatory review of the revisions in parallel to the consultation.

Please contact us with any questions on the iMRC, or visit the LMG website.

Validating data via the Digital Gateway

  • The data captured in the placement process will flow through the Digital Gateway, the link between placement and premium/claims processing.
  • The Digital Gateway determines the CDR data provided is of sufficient quality for digital processing in the placement journey.
  • Basic syntax validation will be performed, ensuring alignment to the CDR standard for both company market and Lloyd’s business.
  • For Lloyd’s business, it will check taxes and regulatory alignment to offer the broker and insurer real time validation results.
  • New services will be API enabled and operate in real time, so transactions submitted will be processed and confirmed to all participants in seconds or minutes.

Digitalising submissions and notifications

  • The ACORD accounting standard, Electronic Back Office Transactions (EBOT), is being adopted to allow full digital submission of accounts and two-way digital notifications and queries. The service will align the market to this widely used global standard, without London variations.
  • EBOT messages will be sent via API, so brokers and insurers will need to be ‘API ready’ to make the full transition to digital services.
  • Participants choosing not to make the full digital transition at market-wide cutover in Q2 2024 will be able to use transition services to continue submitting premium and claims broadly as they do today, and move to full digital processing at their own pace. There are some mandatory changes required to access these services, which will be published in advance of the required change.

Benefits of adopting the core digital solution

Adopting the core digital solution will: 

  • Improve settlement time and reduces errors and queries.
  • Reduce central services costs by at least 40% if fully adopted.
  • Deliver a single market-wide data standard.
  • Support data completeness, increased accuracy and consistent quality.
  • Enable automated validations, streamlining the current manually orchestrated data validation process.
  • Provide a fully automated, real time digital accounting service, supporting full integration with broker and insurer systems.
  • Improve operational resilience, removing standing legacy issues and improves future change agility.

Quick recap on key actions for 2022

The Future at Lloyd’s programme will focus on: 

  • Engaging through advisory groups (such as the Data Council’s Technical Working group), forums and market associations to support build and testing of the solutions.
  • Implementing changes and solutions required to enable digital adoption at market-wide cutover, or implement changes required for transition at market-wide cutover
  • Publishing the proposed changes to the Market Reform Contract (MRC) to create the intelligent Market Reform Contract (iMRC).

View the end-to-end open market placement journey

For the full version of each journey please download the Blueprint Two Interactive Guide second edition.

View the market solutions within the Claim and Delegated Authority workstreams.