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).
- Market Reform Contract v3 (MRC v3).
- Digital Gateway.
The Core Data Record (CDR) and the Market Reform Contract v3 (MRC v3) 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.