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Pain points

Placing risk in the open market

Paper is still the method of data transmission

Man scratching his head with paper flying around

Risk placement

Submission and quote

  • Two women working together at a desk
    Broker builds out the risk contract details with the client

    Key risk data for contract formation
is captured using a variety of formats

  • Two people in the Lloyd's underwriting office with the bell
    Broker presents the risk to the underwriters in the market

    Risk can be negotiated in a variety
of different document-based formats

  • Two people sat at a desk talking about quotes
    Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote
    Pain point not applicable to this step

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
    Pain point not applicable to this step

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
    Pain point not applicable to this step
  • 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
    Pain point not applicable to this step
  • A woman on a laptop sending money
    Broker builds out the risk contract details with the client
    Pain point not applicable to this step
  • A man receiving a notification on an iPad
    Underwriter receives a notification when the funds have been settled
    Pain point not applicable to this step
  • 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

Data sheets

No unified view of data

Woman sees error

Late identification of errors

Group of men and women confused

Manual intervention and lack of automation

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.  

A yellow badge with a tick

ACORD Data Standards

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

Core Data Record (CDR)

A set of standardised, quality transactional data, that powers downstream processing.
A cloud with data lines leading to a laptop with ticks on the screen.

Digital Gateway

An automated risk data validator that enriches the Core Data Record for central processing.
A computer with a document, a money symbol and a settings icon on it

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 Data needs to be re-keyed numerous times
Next No unified view of data
Get adoption ready

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