Explore

Pain points

Placing risk in the open market  

Manual intervention and lack of automation 

Group of men and women confused

Risk placement 

Submission and quote 

  • Two women working together at a desk
    Broker builds out the risk contract details with the client
    Pain point not applicable to this step
  • Two people in the Lloyd's underwriting office with the bell
    Broker presents the risk to the underwriters in the market

    Tracking of negotiations and quotes must be conducted manually by the broker 

  • Two people sat at a desk talking about quotes
    Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote

    Underwriters and brokers must manually capture and record key information from discussions 

Risk placement 

Firm order and bind (written lines)

  • A man sat at a desk on a computer with a checklist
    Underwriter conducts relevant compliance reviews of the contract pre-bind
    Pain point not applicable to this step
  • Two people shaking hands
    Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk 

    Underwriters can provide confirmation of the offer via multiple channels, such as email or manual updates to printed documents 

Risk placement 

Signing down and contract complete 

  • Group of men and women discussing risk
    Broker signs down the placement for risks that are oversubscribed, to ensure it adds up to 100%
    Pain point not applicable to this step
  • Tax and accounting data
    If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)
    Pain point not applicable to this step

Premium processing and payment 

Accounting and settlement

  • A woman at a desk on a computer with finance icons above her
    Broker creates the accounting instructions

    Information is collated using various channels (e.g. meetings, emails or phone calls) 

  • A woman holding a loading sign with a cloud above it
    Broker provides relevant information for processing
    Pain point not applicable to this step
  • A woman sat at a desk with a question mark above the computer
    Broker may receive queries for more information

    The query process is heavily manual and is often conducted by email or telephone with no audit trail 

  • A woman on a laptop sending money
    Broker builds out the risk contract details with the client

    The current batch premium processing extends the time taken for the premium to be paid to underwriters 

  • A man receiving a notification on an iPad
    Underwriter receives a notification when the funds have been settled

    Regulatory reports are created manually-and the process is heavily reliant on human input

  • The industrial Lloyd's building
    The Corporation receives the relevant tax and regulatory data
    Pain point not applicable to this step

Pain points 

View the pain points that our new digital solutions are addressing for placing risk in the open market.  

Man looking at two laptop screens

Data needs to be re-keyed numerous times

Man scratching his head with paper flying around

Paper is still the method of data transmission

No unified view of data

Woman sees error

Late identification of errors

Solutions 

We’re delivering several solutions which are transforming how we’re placing risk in the open market. Learn more about these solutions, including our progress, benefits and where to find out more.   

ACORD Data Standards

ACORD Technical Data Standards will be used to populate the Core Data Record (CDR) and other key data.  

Core Data Record (CDR)

A set of standardised, quality transactional data, that powers downstream processing. 

Digital Gateway

An automated risk data validator that enriches the Core Data Record for central processing. 

Digital Processing Platform for premiums (IPOS)

A digital premium accounting and settlement processing service. 

Market Reform Contract (MRC) v3

A data-driven, structured contract that enables data extraction of key placement processing data. 

Related steps 

Journey overview

A high-level overview of the journey including the associated pain points and solutions.

Detailed steps

A detailed view of the journey, demonstrating the technology that’s involved in each step. 
Previous Late identification of errors
Get adoption ready

Blueprint Two will be delivered in two phases. At phase one cutover, all market firms must adopt the new digital services.