For Lloyd's of London's Chief Operating Officer Shirine Khoury-Haq, data is all. As the programme sponsor for the London insurance market's data-based target operating model (TOM), she helped made key gains in 2017 in delivering phase one of its goal of making it easier to do business with that market.
By November 2017, Llody's had extended the electronic placement system for specialty insurance to 70% of all insurance lines, and around 10% of all market transactions now go via the platform. In August a service was launched that converts information held in a variety of formats on the electronic platform into structured data, allowing it to be moved between systems and organisations.
Businesses process services such as audit and compliance have been centralised and standardised. The expensive and time-consuming need for firms to repeat these services (which had made London underwriters less attractive as partners) has accordingly been eliminated. Some 1,500 fewer audits took place in 2017 through this automated co-ordination of audits.
Lloyd's has also been able to centralise and share a mass of data across the market by creating a glossary to standardise terminology (many core data terms had not until then been universally used or understood) and make the system electronic. Processes for premium and claims accounting have been standardised so that brokers can interact with a central bureau service using the same data and process standards as in other markets around the world.
For Lloyd's itself, the elite team of COO Khoury-Haq, CIO Jennifer Rigby and Chief Data Officer Helen Crooks have helped develop a pipeline of data innovation initiatives, such as using real-time data sets and global tracking data and maps to evaluate value in marine insurance. The firm will also be examining the impact of smart analytics using data from a IoT devices in cargo tracking.
A number of Lloyd's services have been moved to the cloud for speed, security and cost savings. And an AI platform is being deployed to improve operational effectiveness and customer service; it has already cut the time taken to respond to a query from the market in a business where the time taken to answer accurately and consistently is critical to success.