Over the last few years, data has been deeply ingrained in Lloyd’s strategy through the Future at Lloyd’s and associated initiatives such as the implementation of the Insight Hub or the approval of the Core Data Record. This improvement in how we access and use data has shifted the way regions can get insight and understand the Lloyd’s Market locally.
Canada has ensured that it is at the forefront of this shift and welcomed with open arms the opportunities these new tools present. We’ve ensured that the relevant data product include the elements that make Canada a unique market as well as providing training to the team to ensure they can use them. This has allowed us to reflect on how data can drive our decision making and, through a better understand of the Canadian Market and its participants, better assist all our key Canadian stakeholders. Some of the ways we use data have been replicated by several other regions due to their success.
As Lloyd’s continues its data journey, the Canadian team will continue to ensure we remain innovative in how we use data to the benefice of the local market.