As part of the Vision 2025, the objective for 2016 is to ensure managing agents and brokers are continued to be made aware of any recent changes in the e-trading platforms and hubs to ensure that the Lloyd's market can connect with all appropriate electronic trading hubs and platforms globally (via the London Message Exchange where required). This work includes regular contact with the LMA and other such relevant parties

These platforms, hubs and aggregators are simplifying wholesale insurance processes and increasing transparency in a way that requires us to be fully engaged. The initiatives are also offering Lloyd's significant opportunities to reduce acquisition costs and access new markets.

Part of the planned activities include harnessing the Corporation’s global knowledge to understand the opportunities and threats emerging through technology and sharing these findings with the market. Additionally, the Technology Library, which hosts profiles and information on key platforms/hubs and technology providers on Lloyds.com, is being enhanced with more user friendly functionality.

Intelligence gathered in the above activities will guide further R&D work to assess costs and benefits of emerging ideas and technology.

  • Technology Library

    The Technology Library is developed with the aim of providing a central library of technology solutions, providing relevant profiles and key contacts to assist the market in exploring available opportunities.


    Technology vendors

    Profiles of relevant technology vendors with existing solutions used in e-trading and distribution processes.


  • Smart Forms

    What are SmartForms?

    SmartForms are electronic forms with capabilities beyond a traditional paper form, such as electronic completion, dynamic sections, database calls and electronic submission.

    SmartForms provide an electronic form authoring environment and an easy and intuitive way for business users with no programming or design skills to quickly build forms (in a format that they require) that can run on desktops, tablets and smart phones. SmartForms help reduce the time, costs and problems inherent to paper-based forms processes.

    Why SmartForms?

    The Lloyd’s market currently faces the following challenges:

    • Overseas brokers wishing to take on the creation of Market Reform Contract (MRC) can only do so with experience, knowledge and tools in place to support MRC.
    • Brokers are currently creating MRC documents with no underlying structured or standard data. Often documents are authored in MS Word (or similar) and contract information (often a sub-set of data from the MRC) is generally re-keyed into back office systems or Message Management Tools (MMTs). This also means that managing agents receive Word or PDF documents instead of electronic data and therefore have to re-key the information into their systems.
    • Some brokers are reluctant to invest in a MMT, partly because they would have to further re-key information into the MMT to generate a message to send over the Exchange.

    The structured template solution

    Lloyd’s has developed, alongside Exari and Tier2 Consulting, a free-to-use form builder application that is hardware agnostic and which uses structured templates to create an MRC and MRCE (Market Reform Contract Endorsement).

    The solution provides users with the ability to capture data and create an MRC wherever they are. As a result of using the solution, the user will have access to a document in a format they require (Word, PDF etc.) as well as structured standard data from the MRC in the form of an XML message.

    Users will also be able to amend a document - either at their office or at the box using mobile technology - and automatically update the underlying data associated with it and vice versa.

    This will employ the LMG published data standards for the construction of MRC that have been mapped to ACORD data.

    The SmartForm solution is offered as a tool to brokers delivering the following benefits:

    1. Providing a consistent XML output from MRC creation that could reduce rekeying by feeding back office systems, MMTs, which is aligned with long term market modernisation strategy.
    2. Supporting overseas brokers wishing to take on the role of MRC creation but with limited knowledge of how to create the contract.
    3. Allowing mobile editing of MRC documents on tablets

    Please note that this access is restricted and does not include all of the additional functionality which is available in the form. Please contact Oliver Furner (oliver.furner@lloyds.com) for more details or to be provided with a secure login and password for your own use. Please use the following link to access a restricted example of the SmartForm with many of the fields populated with default answers (Username – testbroker, Password  - pwd). The initial SmartForm questionnaire builds a North American Property Slip with additional classes being added as market interest grows.

    http://smartforms.tier2consulting.com/index.jsp



    Exari Logo         Tier2 Logo
    Exari.com Tier2 Consulting
  • Thought Leadership Sessions

    INTRODUCING: Thought Leadership Sessions

    Part of the Vision 2025 is for Lloyd’s distribution chain to be optimised through the efficient use of technology. More specifically, the Corporation’s strategic objectives for 2016 include a number of technology focused workstreams and is to ensure managing agents and brokers are continued to be made aware of any recent changes in the e-trading platforms and hubs to ensure that the Lloyd's market can connect with all appropriate electronic trading hubs and platforms globally (via the Message Exchange - TMEL). This work includes regular contact with the LMA and other such relevant parties

    Supporting these initiatives, Thought Leadership Sessions have been scheduled to take place over the course of the year with the purpose of sharing recent success stories and lessons learned of technology implementation in the market, as well as introducing new innovative solutions which work towards Lloyd’s current efforts to improve business practices. The overall aim is to enhance the Market’s awareness on the solutions and initiatives available which improve the overall business efficiency.

     

    What do the sessions look like?

    Venue: Lloyd’s Old Library
    Time: 8.45 registration (tea & coffee) and 9.00 start

    Presentations last approximately 25-30 minutes followed by a 10-15 minute Q&A

    Registration opens 2 weeks before the start of the event. Please click on the available link below to register.

    Dates for 2016:

    • Tuesday 1st March
    • Tuesday 5th April
    • Tuesday 3rd May
    • Tuesday 7th June
    • Tuesday 4th October
    • Tuesday 8th November
    • Tuesday 6th December

     

    PREVIOUS PRESENTATIONS

     1 March 2016 - Live UAV Drone Flight: Mapping & Data from CentremapsLive

    Click here for Demonstrating Change video

    5 April 2016 - Hybrid Cloud – The enabler of digital transformation from Per Sedihn of Proact

    Click here for audio of the Proact Presentation

    3rd May 2016 - Distributed Ledgers / Blockchain technology - Blockchain in 5 minutes - Gary Nuttall presentation

    3rd May 2016 - Distributed Ledgers / Blockchain technology - Trace presentation

    3rd May 2016 - Distributed Ledgers / Blockchain technology - Everledger presentation

    7th June 2016 - Imagery Analytics - Rezatec - Philip Biscoe presentation

    7th June 2016 - Imagery Analytics - CentremapsLive - Rob Stringer presentation

    Click here for audio of the event

     

    NOT ON THE E-MAIL INVITE MAILING LIST?

    To be added onto the Thought Leadership Session email invite list, please email Emma Mullin with your contact details, emma.mullin@lloyds.com.


Contacts

James Bobbitt

James Bobbitt

Operations Support Manager

t: +44 (0)20 7327 5248
f: +44 (0)20 7327 5887
james.bobbitt@lloyds.com

Paivi Autio

Päivi Marshall

Business Analyst

t: +44 (0)20 7327 5245
f: +44 (0)20 7327 5887
paivi.marshall@lloyds.com

Kevin Blake

Kevin Blake

Technical Manager

t: +44 (0)20 7327 5689
f: +44 (0)20 7327 5887
kevin.blake@lloyds.com