What is it?Data Integration facilitates seamless sharing of information through common data standards. It supports the overall target to provide ‘Better Data’ and includes:
- Market Business Glossary & Collaboration - To enable the market to agree, share and continue improving definitions and rules for data used, driving process efficiency and making London an easier place to do business.
- Master Data Management - To provide an accurate and up-to-date source of information around participants and lists of codes commonly used in the market.
- Data Management & Governance Centre of Excellence - To provide data governance support and data management best practice for common data standards and market shared data.
- Common Services - A suite of tools to help market participants to access LM TOM Solutions.
- Messaging Standards - To enable efficient transfer of data into and across the market based on ACORD standards (global insurance messaging standards).
- LM TOM EU GDPR (General Data Protection Regulation) - To enable the LM TOM Solutions to confirm compliance with the EU GDPR Regulation.
- Inconsistent data is used across the market to different standards, causing ambiguity.
- Addressing disputes and re-work takes time and effort that can be used on more value-add activities.
- The Market Business Glossary provides market agreed definitions and terms.
- A source of quality controlled business data (Master Data) and lists of valid values (Reference Data) is accessible through a standard web interface.
- Collaboration functionality allows users to influence and follow changes to data and standards.
- Delegated Authority Coverholder premium, claims and risk reporting standards are available through the Market Business Glossary.
- Enabled integration and straight-through processing.
What are the benefits?
- The efficient transfer of data into and across the market will contribute to straight-through processing and one-touch data capture.
- Common data understanding will reduce the risk of errors and inconsistencies and the need for re-work and remediation.
- Overall message integration supported by centralised expertise will improve delivery and cost efficiency.
- Data disputes can be considered against a published set of standards and definitions, reducing the time and effort spent on resolution.
What are the key dates in 2018?
|Phased roll-out of Collaboration functionality allows users to influence and follow changes to data and standards||First half of 2018|
|Enabled integration and straight through processing including automated integration to end user systems||First half of 2018|
|MRCs – a tailored translation of the placing standard to provide a reference regarding the mapping of MRCs conversion rules||First half of 2018|
|Additional reference data||First half of 2018|
Market Business Glossary
- The Market Business Glossary provides a single centralised source of business definitions and rules. This supports better data usage and sharing across the market through common data standards
- Within 3 months of launch, 129 market firms are registered with over 450 individual users
- You can register here to start using the Market Business Glossary
Key progress to date
- Market Business Glossary launched to all market participants in October 2017
- Capability launched to focus on the reporting of premium and claims data for Coverholders, making the process more intuitive and efficient
- Additional reference data delivered to users
- Building on the existing standards for reporting property risks, standards for Coverholder reporting on other classes launched through the Market Business Glossary