Data Council pushes standard data to unlock market magic

June 3rd 2025

Data Council pushes standard data to unlock market magic

Use of shared data standards will revolutionise and empower us all say CEOs

Today, industry CEOs published an open letter to the London insurance market launching a campaign to win “hearts and minds” and persuade market participants of the power of a single shared data standard.

Sheila Cameron, Chair of the Data Council and CEO of the Lloyd’s Market Association, said: “Data has the potential to revolutionise our offering to clients. We can unlock magic when we all use the same standard. Look at other sectors, like open banking, and imagine what we can do across our industry, which is far more interwoven especially at Lloyd’s, than banking has ever been.

“Shared data standards save costs, break down barriers between London and the rest of the world, allowing London Market players to bring their unmatched capacity and expertise to other global insurance hubs.”

The shared data standards campaign will run throughout June online and will include:

A call to action from the CEOs of ACORD, the IUA, LIIBA, Lloyd’s, the LMA, the LMG, PPL, Velonetic and Verisk;
A launch event in the Underwriting Room at Lloyd’s where 30 leading London Market figures will assemble a jigsaw puzzle in under two hours against the clock.

Bob James, CEO of Velonetic, said: “Data standards are so simple and yet so often resisted as being ‘complicated’. They are really the ‘cookie cutter’ that saves time and effort. This campaign sets out to reach everyone in the industry, be they underwriter, accountant or analyst; helping everyone realise that if we share data standards we can do our jobs better, work faster and deliver massive benefits to clients.”

Chris Newman, President, International of ACORD, said: “If data is held in a single format, you often don’t need complex and challenging projects to deliver real benefits – local projects have tremendous potential for all parts of the market if we can only align to one data standard. That is what ACORD GRLC was set up to do.”

John Mason, CEO of Placing Platform Limited, said: “My experience at the London Stock Exchange taught me that strong markets are built on strong market infrastructure. This includes core data standards that allow processes to connect to data as opposed to shifting data around the market and coping with multiple transition steps. The prize of getting this right should not be underestimated. Through data standards we can empower the network of the London Market’s highly skilled market participants to engage, react and deliver to capture growth, profitably.”