The CDR aims to enable standardised, quality data to flow through the Lloyd’s market to improve operations, reduce the cost and effort of doing business, and improve customer service.
This represents a key milestone for Lloyd’s Blueprint Two programme, the second phase of its “Future at Lloyd’s” strategy to shift the market to a digital ecosystem.
Lloyd’s is now conducting a market-wide consultation to seek input and feedback on the first version of the CDR. This includes working with a group of brokers, insurers, market associations and placement providers to refine it, Lloyd’s said.
This news followed an announcement from Lloyd’s chief executive John Neal on 10th March, in which he claimed that Blueprint Two could end up saving the market even more than the £800 million initially targeted.
“The £800m of savings is an aggregation of what we expect managing agents, brokers and business partners will save from greater efficiencies and reduced bureaucracy – although that number could potentially be even bigger,” Neal told industry publication Insurance Day.
“The savings equate to around a 3% reduction in operating costs, which we hope will enable the market to focus more on the real value-add activities, such as developing new products and solutions.”
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