The Market Business Glossary is now live and available to all market participants. Release 1 of the capability focused on the reporting of premium and claims data for Coverholders, making the process more intuitive and efficient.
Release 2 delivered more content to users including:
- reference data such as Class of Business, Risk Codes, Catastrophe Codes, etc. Further data sets will be published over the first half of 2018;
- building on the existing standards for reporting property risks, standards for Coverholders reporting on other classes have been agreed. This joined-up approach by the London Market is expected to make it easier to provide better quality information and to automate systems and processes.
Release 2.1 of the Market Business Glossary includes data dashboards that provide insight into how data travel across the Market (creation, movement, format and uses) through the entire value chain. These are released in a Beta testing version to validate usefulness and gather feedback on how to develop them further for the benefit of the Market (See DI Data Dashboards for further information). A further dashboard now available in the Glossary shows the adoption and use of the Market Business Glossary solution itself.
Also included in release 2.1 is the Market Reform Contract (MRC) Data Dictionary, including a translation of MRC heading names to Structured Data Capture conversion rules. Additional mapping to ACORD standards will be available in an upcoming release of the Glossary.
Over time the Market Business Glossary will evolve with the inclusion of new features and data according to the London Market priorities.
To see a list of the Delegated Authority risk standards currently in the Market Business Glossary, click here.