Data Integration (DI)

Sharing information seamlessly
by using the same language

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.

Pre-DI

  • 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.

After modernisation

  • 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?

 
Activity  Target date
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