Lloyd's of London Syndicate Reporting Supported by DataTracks

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12 Nov, 2024, 09:00 GMT

LONDON, Nov. 12, 2024 /PRNewswire/ -- DataTracks, recognized globally for its expertise in regulatory reporting, now successfully supports submission of iXBRL (inline XBRL) reports for Lloyd's of London Syndicates. This accomplishment positions DataTracks as a front-runner in delivering precise compliance solutions that can meet the requirements defined by Lloyd's as they prepare to adopt new reporting standards from January 2025.

Lloyd's of London, a premier insurance marketplace, is rationalizing the financial reporting data it collects from the market, and modernizing the way this data is collected through the use of iXBRL-based reporting. To gauge readiness for this shift, Lloyd's recently completed a pilot program, in which DataTracks supported a number of Syndicates.

"We're proud to support Lloyd's move toward standardized reporting. DataTracks is committed to assisting Lloyd's Syndicates at every step of this transformation," stated Chandrajeevan J, Business Head for EU at DataTracks.

As part of the pilot, DataTracks upgraded its flagship DataTracks Rainbow™ solution to align with Lloyd's taxonomy requirements. Rainbow seamlessly handles various input formats (.docx, .xlsx, PDFs) and produces precise iXBRL outputs without altering the original document's design. This flexibility enables users to tag annual reports, identify and correct errors, and generate valid iXBRL reports.

"Our participation in this successful pilot reinforces our dedication to providing adaptable, high-quality solutions that empower clients to navigate complex compliance landscapes quickly and with ease," said Prakash Ramachandran, Senior Head of Product Design at DataTracks.

DataTracks offers a service model that enables secure document exchange and collaboration through the Online Reviewers Guide (ORG). Its product model allows Syndicates direct access to the Rainbow platform, supporting seamless data integration, streamlined workflows, and a collaborative, end-to-end solution for compliant reporting. Clients can grant access to internal and external stakeholders, ensuring efficient review and feedback processes within a single platform.

About DataTracks

DataTracks has been successfully providing compliance reporting services for the last 20 years. Its full-stack solutions, tailored to help both enterprises and their partners, have enabled close to 30,000 clients in 30+ countries to seamlessly navigate diverse regulatory regimes worldwide. For more information, visit https://www.datatracks.com/uk/.

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