Lloyd’s: Core data standards to be delivered in 2022
The Future at Lloyd’s Blueprint Two programme will deliver most of its planned capabilities to market in 2022, according to market transformation director Bob James.
At Insurance Insider’s London Market Conference today, James said most capabilities will be delivered next year, with a few spilling into 2023.
Chief among 2022’s delivered capabilities will be core data record standards, which the Corporation will achieve in conjunction with the newly created London market data council, James explained.
“We’re trying to make sure the things we have committed to deliver get delivered in 2022 so we can get started on the adoption journey,” he said.
He added that the Lloyd’s modernisation programme would be iterative in terms of roll-out.
“Sometimes, when you build to perfection, you don’t get anywhere,” James continued.
“One of the things I am trying to make certain of is that we don’t try to roll out perfection on day one because, if you roll out perfection on day one, it’s never going to get rolled out.
“Think of it as a layered cake: you don’t try to bake the cake all at once.”
Lloyd’s Market Association (LMA) CEO Sheila Cameron provided more detail on the forthcoming data council.
She said the council will bring together Lloyd’s participants, including six broking representatives, three representatives of managing agents, and three company market players: PPL, Accord and DXC.
“What we are trying to do with the data council is to drive digitisation through the marketplace by using high-quality standardised data,” Cameron explained.
She said that, as part of the continuing work on market modernisation, the LMA’s three areas of focus would be data standards, the core data record and an intelligent market reform contract.
“If Future @ Lloyd’s achieves anything, this is what I want it to achieve: data,” she noted.
“The technology and the standards are relatively easy. What is going to be the Achilles’ heel for this market is adoption.
“That’s why I wanted to bring together the data council, and that’s the main reason why half of the data council is made up by brokers, because, unless we have the start of the process working correctly and working with data, it’s not going to happen.”
James also addressed the recent decision at Lloyd’s to put as many as 58 Future at Lloyd’s staff on consultation as it streamlines Blueprint Two work, as revealed by this publication earlier this week.
James said the Corporation had previously assumed certain work would be undertaken by the Future at Lloyd’s programme team but that, “upon further reflection”, this would be better done by the joint venture.
“No-one likes to put employees in a consultation process,” he stated.
“However, the programme still has quite a big contingent of third-party resources, and we’re in the process of trying to redeploy as many of those people as we can.”