The Data Council is led by Sheila Cameron, CEO of the Lloyd’s Market Association, and supported by a broad spectrum of market experts. It was created to drive digitisation of the London Market through a commitment to using standardised and high quality data between all market participants and their clients. It aims to drive the adoption of:

• Data standards in conjunction with ACORD
• Open market risk Core Data Records
• Computable contracts
• The data assembly process, including roles and responsibilities
• API standards

We’re delighted to share that having considered feedback provided in the Process, Roles and Responsibilities (PRR) Market Consultation earlier this year, the London Market Group’s Data Council has now published its PRR Final Recommendations.

This key deliverable sets out the final recommendations for a fully digital open market placement process, and the allocation of roles and responsibilities for the creation, approval and submission of data into the Core Data Record (CDR) and the processing of that data.

The recommendations are the first part of a trilogy of important documents to be published in sequence over the coming months, which together will help drive adoption of the new, digital ways of working. The three documents are:

• PRR Final Recommendations – now published
• ACORD GRLC Contract, Risk & Pre-Accounting Toolkit – to be published in August 2023
• Good Practice Guide – to be published in September / October 2023

The Data Council is pleased to announce the publication of key assets in the digital journey for the London Market: the Core Data Record (CDR v3.2) for open market business, the latest version of the Market Reform Contract (MRC v3) and an approved example and the associated Data Dictionary.

The CDR v3.2 has been updated to align with ACORD standards and the MRC v3. Many of the changes that have been made are structural rather than additional requirements, and are critical for implementation of a digital market.

The MRC v3 will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention.

The CDR v3.2 has been published on the Future at Lloyd’s websites.

Interactive versions of the Core Data Record (CDR) v3.2 and anonymised examples of the Market Reform Contract (MRC) v3 are now available on the LIMOSS Market Business Glossary (MBG). The LIMOSS MBG is a centralised source of business definitions, standards and reference data for use by the London Market. You can find out more information on how to access the LIMOSS MBG here.

Please note that the CDR will, by the nature of its contents, continue to evolve (for example, to accommodate changes in tax and regulatory requirements). Annual processes will be put in place to govern these changes.