On 30th September Lloyd’s of London published their vision for the Future at Lloyd’s. Here at r10, we have undertaken a detailed study of the contents of Blueprint One and in the ninth of a series of bite-sized articles look at the proposals for the Corporation will use technology to support the initiative.
How will the Future of Lloyd’s use technology?
The previous chapter looked at the proposals for the creation of a data framework & standards to enable the move towards a 21st century digital marketplace. A new, modular infrastructure will be developed to take advantage of the improved data flow and provide the required connectivity through API’s.
What will the key features be of the new technology infrastructure?
The Corporation will control, govern and provide the Future at Lloyd’s solution to the market. Cloud infrastructure will bring benefits of scalability, modern security and analytics capabilities and will allow integration to authorised participants through open API’s.
Information will flow seamlessly to market participants, reducing re-keying and enabling value-added central services and analytics.
The core technology platform will have three components:-
- Cloud infrastructure
The benefits of adopting cloud infrastructure will enable faster, cheaper delivery. - Common data platform
As outlined in blog 8, the common data platform will provide a single consolidated source of risk data to support the risk lifecycle from quote, bind, claims and other downstream servicing requirements. - API Gateway
A central gateway will be created exposing a set of open API’s to allow integration between technology platforms
Within the technology platform, central services will be hosted – more detail on these can be found in our article on the proposed services hub, however, highlights will include a range of central settlement options to support the new risk exchange, claims solution and other central services, such as tax calculations and compliance checks.
What is the proposed timeline?
Clearly building the technology platform will take some time to deliver. The Corporation will use agile methodologies to deliver functional modules as per the plan outlined below: –
Priority items, however, will be to support the API integration of DA SATS, and begin work on the future Accounting & settlement technologies.
What will happen to the current platforms?
Existing platforms will continue to support paper first placements until the transition to data first has been achieved. This will require parallel running, consolidation and enhancement of existing technology solutions, for example:-
- Existing broker, carrier and coverholder systems will need to be enhanced to interface with the new Lloyd’s infrastructure via the API’s.
- PPL will be enhanced to an intermediate Document + Data solution whilst the new data first platform is built
- ECF will be replaced with a claims portal and supporting infrastructure
- DA SATS will have API integration & validation capabilities added
How will the new approach to data impact your business?
Technology vendors will need to review and adapt their platforms to embrace the emergent data standards, and some platforms will be more amenable than others to these changes. Market participants may wish to speak with their system vendors to assess their readiness and capability to absorb the forthcoming changes and reassure themselves that they will be ready to benefit from the move to a digital marketplace.
How r10 can help
With our in-depth London Market expertise, r10 is uniquely placed to help guide your organisation through the Future at Lloyd’s change programme and over the coming weeks will be updating our blog with insights and guidance on what the changes may mean for you.
Please get in touch for more information on how r10 can help you prepare to play your part in the market of the future.
Read the next bite-sized article in our Bite-sized series “How Lloyd’s are modernising the way risk is syndicated?”, which is the tenth out of the twelve proposed Future of Lloyd’s capabilities.
Author: Chris Carney