Data Council launches consultation on iMRC

The market is asked for input as a first step towards computable contracts

5 July 2022: The LMG’s Data Council, supported by Lloyd’s, has launched a consultation process which will enable the market to give input on the detail of revised version of the Market Reform Contract (MRC) which will be known as the Intelligent MRC (iMRC). When the iMRC is published this 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.

Once the consultation and review have completed, the new guidance will be presented back to the Data Council for approval and to allow it to propose an adoption timeline for the iMRC. The consultation will run until September 16th.

Sheila Cameron, CEO of the LMA and Chair of the Data Council said: “The iMRC will enable accurate, ACORD standardised data, including the CDR, to flow through the entire insurance transaction lifecycle with minimal human intervention.  It will be fundamental to the success of our transformation for open market placement.”

“We strongly encourage all market participants to ensure their company provides input into the consultation. This is the moment for both brokers and carriers to engage fully, take time to understand what the iMRC means for their firm and their clients, and to give us feedback which can help shape our path towards computable contracts.”

You can learn more about the iMRC, proposed changes and how your firm can give feedback on the LMG website at https://lmg.london/market-standards/. You can also send questions to the iMRC email: imrc@lloyds.com.

ENDS

For more information please contact:

Victoria Sisson, Luther Pendragon  |  Tel: 07941 294872