XBRL provides a standardized framework for tagging financial data, ensuring consistency across syndicate reports. This allows for better comparability of financial information between syndicates.
The XBRL taxonomy includes validation rules that help identify errors in financial reports before submission, improving data quality and reliability.
XBRL facilitates easier extraction and analysis of financial data by stakeholders like regulators and analysts.
By converting reports into iXBRL format (human-readable HTML with XBRL tags), Lloyd's can more easily ingest and process the financial information.
XBRL enables syndicates to submit reports via an online portal for validation and decomposition of the data.
The new reporting framework includes a pro forma template with minimum disclosure requirements, reducing duplication of data at year-end.
XBRL tagging allows for automation of certain reporting processes, saving time and resources for managing agents.
