The first iteration of Lloyds’ Core Data Record – or CDR – has officially landed. Bringing with it renewed optimism that we are getting much closer to making a “single source of truth” a reality.
Lloyd’s announcement is the second phase in their drive towards a digitalisation of the market. By creating a standard form of data to be used across all transactions, Lloyd’s hope to “significantly improve operations, reducing the cost and effort of doing business and delivering a better service to customers”. A move warmly welcomed by the team here at gpm.
“We fully support this move towards standardised, quality data and the software we are developing with inFOCUS|CONTRACT is perfectly placed to accommodate it,” explains Sharon. “We hope to have the first iteration of the update in the autumn to demonstrate to our clients.”
Lloyd’s will be using ACORD to adopt the global standards already used in the London market and internationally. According to Bill Pieroni, President and CEO of ACORD, “ACORD is committed to enabling digitisation at Lloyd’s and throughout the global insurance ecosystem. The development of the Core Data Record, based on ACORD Standards, will ensure that market participants are able to leverage their existing systems and taxonomies to provide data in a consistent and coherent way.”
The traditionally traditional insurance market seems to agree. According to Sharon, “We’ve finally turned a corner at an industry level in terms of modernisation. Since Covid, everyone has seen that they can work remotely, so there is more of a drive towards digitisation.”
How gpm will accommodate the CDR
Accurate data capture lies at the core of our cloud-based insurance broking systems, making standardisation of that data good news for gpm. But what will it mean for your business? We want to work closely with our clients to work out exactly what the future looks like for you.
“We understand everyone has a different workflow. Lots of our clients use Whitespace or PPL at different stages of the process,” explains Sharon. “Some enter data into spreadsheets or Word before putting it through an electronic placing platform and into gpm’s back office systems when it becomes a firm order. Others skip straight to back office.”
“inFOCUS|CONTRACT alongside the CDR has the power to eliminate this duplicated effort. No more separate documents or contracts. It’ll really help join the dots and create an ecosystem.”
gpm create the kind of software you actually want to use. Intuitive, easy-to-deploy, market-leading cloud-based insurance broking solutions that take care of your contracts. Contact gpm today and discover the right cloud-based solution for your business.