Reporting Standards

Coverholders and DCAs have to provide reporting information under delegated authority contracts to Lloyd’s syndicates. This page includes various tools to assist with this reporting.

Delegated Authrorities

View all 'Delegated Authrorities'

Coverholders are given authority to write risks on behalf of Lloyd’s syndicates via binding authority contracts. For Lloyd's Brussels this authority will be given via Coverholder Appointment Agreement (CAA). Part of the contractual agreement is that the coverholder regularly reports risk, premium and claims information to the Lloyd’s syndicate.

Lloyd's syndicates have agreed a core set of regulatory, tax, premium and claims information which applies to all coverholders and to DCAs with claims authority. Lloyd's Coverholder Reporting Standards provide details of these requirements. The purpose of the standards is to make it easier to work with the Lloyd’s market by creating a consistent request for data from coverholders and DCAs. The standards state the core set of regulatory, tax, premiums and claims information coverholders and DCAs are required to report into the Lloyd’s market for all classes of business in all territories.

In addition to the core set of data provided for by the Coverholder Reporting Standards managing agents may also be required to collect additional information or data points to comply with their regulatory obligations. The level of additional information may be dependent on the risk profile of the product offered, customer type (e.g. consumer), distribution strategy and/or geographical location of the customer.

Since the release of Version 5.2 of the Coverholder Reporting Standards in August 2019 significant regulatory change has been implemented both in the UK through the FCA’s Consumer Duty and internationally by local regulators for example new guidance on product value in the EU, CoFI in New Zealand and RG-274 in Australia.

Any additional data requested from third parties and coverholders to meet regulatory requirements should not unreasonably be withheld. This could include but is not limited to, for example:

- Performance metrics against agreed service levels for customer interactions.

  • Disclosure and documentation e.g. time to issuance
  • Claims lifecycle metrics and data e.g. time to pay, declinature reasons, walk aways
  • Call centre statistics e.g. waiting times, bounce rates, net promoter scores, etc. 
  • Operations metrics e.g. systems up-time statistics, planned outages, staff turnover

- Reports on customer type or profile to evaluate customer vulnerability

- Underwriting performance e.g. quote to bind rates, mid term cancellation reasons, cooling off

- Customer access/distribution channels e.g. online, telephone, face to face  

In response to market request Lloyd's mandated that all Lloyd’s syndicates request and collect data consistent with the requirements in Lloyd’s Coverholder Reporting Standards where these apply for any risks and claims attached to any binding authority agreements or CAA's incepting or renewing from July 2017 onwards.

Version 5.2 was released in August 2019. Details of the changes made and what these mean to you can be found in Market Bulletin Y5261.

Download Y5261

Full details of the standards can be found here in the user guide.

The Market Business Glossary provides clear guidance on the risk, premium, claim and reference data that is required for different regions and territories and can be used to identify the requirements for particular binding authorities.  

All market stakeholders are entitled to access the Market Business Glossary.

When using the Market Business Glossary to understand location specific data requirements, please remember to consider the location of the risks, insureds and the coverholder.

Register

Access the Market Business Glossary

Lloyd’s coverholder reporting standards provide details of the information to be reported.  One way in which this information can be reported is by using Extensible Markup Language (XML). 

ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries.  Lloyd’s has worked with ACORD to ensure ACORD XML can be used to meet Lloyd’s Coverholder Reporting Standards requirements.  All Lloyd’s coverholders are eligible for a free custom ACORD membership providing access to ACORD Delegated Authority Data Standards, information, training, and other valuable resources. Coverholders should register on their website. Once the ACORD membership team has reviewed and processed your registration, you will be notified that access has been provided. Further information is given here together with details of how to access ACORD standards.

Introduction

Lloyd’s market bulletin Y4847 (5 December 2014) published a core set of data fields that must be obtained from coverholders in respect of high product risk products underwritten through a binding authority and where the Lloyd’s Customer is domiciled or registered within the EEA. This is necessary to ensure that the conduct risk can be properly overseen and managed.

One part of the data fields relates to Complaints Data. The Complaints Data fields are not expressly provided for in the main part of the data standards and so should be separately provided in a format and at such periods as specified by the managing agent.


Data Required

The following data is required for each complaint. This should be provided by reference to unique policy reference:

  • Date of complaint.
  • Reason for complaint (by reference to drop-down menu) [main reason or multiple reasons if applicable].
  • Claim – coverage/terms and conditions.
  • Claim – delay.
  • Claim – quantum.
  • Claim – standard of/duration/delay of repair.
  • Cancellation/refund.
  • Customer service.
  • Product suitability.
  • Other.
  • Complaint upheld/rejected by coverholder.
  • Date complaint upheld/rejected.

Further Information

It should also be noted that the above data fields are the minimum that should be obtained for high product risk products.

For other products managing agents need to consider the complaints data required.

Please note, to allow Lloyd’s to perform effective oversight of complaints handling within the Lloyd’s Market and to meet FCA regulatory reporting obligations, there are additional root causes for the reporting of complaints to Lloyd’s: Claim - Customer service, Customer service - Non-claims related and Underwriting / Premium Issues.

In some territories there is a requirement for the coverholder to report information to the local Lloyd’s office.

Local office reporting information