The Data Council aims to increase innovation across the market by defining and delivering the main arteries along which data will freely travel within the digital market – creating a super-structure to connect all market participants.
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:
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 ACORD GRLC Contract, Risk and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data, provides guidance to help align with the PRR recommendations. It contains all the data points, validation rules, messaging structures, and submission events required to meet the CDR v3.2 data requirements, and helps define how to build and implement systems in order to interact with participants across the London market.
Please note, you/your organisation will need to be an ACORD member to view the toolkit resources.
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.
Find out more about the CDR v3.2 and the MRC v3 on the Blueprint Two website:
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.