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Market Standards

Market Standards

Process, Roles and Responsibilities (PRR) consultation

The Process, Roles and Responsibilities work of the Data Council is all about establishing who will do what (and at what stage) during the target-state digital placement process. The aim is greater clarity to those involved in the process, as well as guidance to solution providers on what to build and cater for.

This consultation process is to move us along the process where, instead of sharing Word documents and PDFs, data will ultimately be transferred at ultra-high speed between those who need to share information.

The Data Council has put together, based on input from market associations, brokers, carriers and service vendors, some suggested recommendations for what the new processes, roles and responsibilities could look like within the target-state data/digital journey.

Today a consultation process has opened to sense check the recommendations against the business outcomes required by the market, as well as understand if the processes will address previously identified pain points and opportunities for increased operating effectiveness and efficiency.

For more information and to take part, please click here.

Market Reform Contract consultation

The Data Council’s consultation on the proposed changes to the Market Reform Contract (MRC) to create the iMRC is now closed. We would like to thank everyone who took the time to review the proposed change and submit feedback.

A total of 66 organisations (over 80% of those that nominated a point of contact) supplied 2577 comments. All of this is now being reviewed.

The finalised iMRC will promote a single ACORD data standard that enables the extraction of the Core Data Record (CDR) and strengthens data quality across the London market.

The proposed changes to the MRC (click here for existing guidance) are designed to make extracting data accurate, reliable and consistent.

For those interested in the everyday benefits for market participants, Sheila Cameron, Chair of the London Market Group’s Data Council, talks through what to expect.

Video:(1) Benefits of the intelligent Market Reform Contract (iMRC) – YouTube