Project Overview
A Lloyd's of London underwriting syndicate writing commercial property and liability insurance needed to repla...
Technology Stack
Compliance & Standards
The Challenge
A Lloyd's of London underwriting syndicate writing commercial property and liability insurance needed to replace their legacy underwriting platform (Excel-based risk assessment, manual Lloyd's CDR submission, and paper policy documentation). Lloyd's Blueprint Digital CDR (Core Data Record), Lloyd's Risk Exchange API, FCA ICOBS (commercial lines conduct), CASS (Client Assets) for premium trust accounts, UK GDPR for policyholder data, and Solvency II UK QRT reporting were the requirements. Budget: £150,000.
Our Approach
CDR and Risk Exchange Integration
Lloyd's Core Data Record (CDR): structured risk placement data format required for all Lloyd's electronic placements.
CDR schema
- risk details (property location, construction, occupancy, protection), coverage terms (perils insured, exclusions, sublimits), premium allocation (by risk class, syndicate line size), and broker/coverholder details.
- Lloyd's
Risk Exchange API
- CDR submission → Risk Exchange validation → placement confirmation.
- ClickMasters integrates Lloyd's Whitespace (electronic placement platform) and Market Reform Contract (MRC) data extraction.
Commercial property risk assessment
CRESTA zone (catastrophe zone — earthquake, flood, windstorm risk), construction class (Frame, Joisted Masonry, Non-Combustible, Fire Resistive), occupancy class (office, manufacturing, retail), protection class (sprinkler, fire detection).
Rating engine
- base rate × construction factor × occupancy factor × protection factor × CRESTA zone factor.
- Lloyd's capacity: each risk checked against syndicate capacity limits (line size per risk, per CRESTA zone, per portfolio).
Automatic accumulation check
does this risk increase CRESTA zone concentration above limit?
CASS Premium Trust Account
CASS 5 (Client Assets Sourcebook for insurers): premium received from brokers held in designated trust account before Lloyd's settlement.
Trust account reconciliation
daily reconciliation of trust account balance against outstanding premiums.
Premium settlement
Lloyd's LPSO (Lloyd's Policy Signing Office) settlement via Central Settlement — automated via Lloyd's Xchanging API.
CASS audit
monthly report for CASS 5 compliance — funds held correctly, no commingling with firm assets, trust letter from bank.
Solvency II UK QRT Reporting
- Solvency II UK (retained post-Brexit): Lloyd's syndicates report quarterly Quantitative Reporting Templates (QRTs) to Lloyd's (which aggregates for PRA).
- QRT S.05.01 (premiums, claims, expenses by line of business), QRT S.17.01 (non-life technical provisions).
Data pipeline
underwriting platform transactions → Solvency II data store → QRT generation (automated XML → Lloyd's reporting portal).
Data quality
automated validation checks before QRT submission — premium and claims data reconciled against accounting records.
The Results
Platform live at 22 weeks, £138,000 — under budget.
CDR submission: 100% electronic (previously 40% electronic, 60% manual).
Lloyd's Risk Exchange validation rate: 98.4% first-submission pass rate (industry benchmark: 92%).
Underwriting decision time: 2.4 days → 4.2 hours.
CASS trust account: automated daily reconciliation (previously weekly manual).
Solvency II QRT: automated — previously 5 days per quarter manual.
Premium processing error rate: 0.4% (previously 3.2%).
Lloyd's audit: zero findings.
“98.4% CDR first-submission pass rate versus 92% industry benchmark. Underwriting from 2.4 days to 4.2 hours. CASS daily reconciliation automated. Solvency II QRT from 5 days to automated. Premium processing error from 3.2% to 0.4%. Lloyd's audit zero findings. The CDR work was the most technically complex part — ClickMasters understood Lloyd's market mechanics in a way we have not seen from other suppliers." — Chief Underwriting Officer, Lloyd's Syndicate (name withheld)”
Project Details
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