Getting covered – Gathering initial feedback on the Core Data Record

At the heart of Blueprint Two is the premise that standardised, quality data flowing through the market between market participants, placement platforms, Lloyd’s and other ecosystem players will significantly improve market operations, reduce the cost and effort of doing business in the Lloyd’s market, and ultimately enable better customer outcomes. This fundamental set of data is referred to in Blueprint Two as the Core Data Record (CDR). In order to realise this, we need to test the thinking on the CDR through partnership with the market. On Tuesday 9 February, we started working with a Closed Beta Group of a selected number of brokers and managing agents to help and work together to advance and refine the CDR, and support bridging the gap between the theory and how it will work in practice. This is a key piece of work and one that will need many inputs, feedback and iterations to achieve the aims set out in Blueprint Two of this CDR. We are also working with key placement providers in this initial stage, and sharing information with associations and standards providers, including ACORD. This input will assist our development of the CDR so that we can work towards building a simulation in H1 2021 to validate data inputs, test the technology process and data enrichment, and determine the outputs. Our initial scope for this simulation is North American Open Market Property, quickly followed with other classes of business. Our focus is on making the best use of the findings from this stage so that we can publish the developing CDR for the wider market on Monday 1 March for review and comment.  We will work iteratively to publish updated versions of the CDR template as we incorporate learnings from the simulation and comments and feedback. We will provide further updates in due course.