Data Integration provides data services and ‘specialist’ knowledge to all LM TOM programme initiatives and the wider market to facilitate seamless sharing of information through common data standards. It supports the overall target to provide ‘Better Data’ with lean data management and governance capability, building on existing or planned governance wherever possible.
Why do we need it?
To enable the efficient transfer of data into and across the market (Messaging Standards).
To enable the market to agree and share definitions and rules for data used to drive process efficiency and make London an easier place to do business (Business Glossary and Collaboration).
To provide shared ‘business topics’ (e.g. market directory and reference data) to LM TOM initiatives and the wider market at a lower cost than if they did it independently (Master Data Management).
To provide data specialist support and cross data solutions with associated governance (Data support, Architecture & Governance).
To facilitate market agreement on the use of shared data (Data Ownership) and identify data improvement opportunities for the market and its customers (Data Strategy).
How is it used?
Master Data Management will be utilised via requests and response messages across the value chain.
Messaging standards will be technology agnostic and allow flexibility in technology and vendor choices.
Users will log in to a modern interface and use internet recognised standards to search for an individual term, its definition and usage.
What difference will this make to practitioners?
Straight through processing cannot happen without a set of common agreed data standards in the market.
Common data will reduce the risk of errors and inconsistencies and the need for re-work and remediation.
Data disputes can be considered against a published set of standards and definitions, reducing the time and effort to reach resolution
Overall message integration supported by centralised expertise will improve delivery and cost efficiency.
What are the key dates in 2017?
Business Glossary and Collaboration Go-Live
Master Data Management Pilot
Market Business Glossary
The Market Business Glossary, the latest in a suite of capabilities being developed by the London Market Target Operating Model (LM TOM) to enable and support better data usage and sharing across the market was released at the end of July to over 30 companies ( ‘Beta’ Phase).
The ‘Beta’ Phase is focussed on the Delegated Authority Coverholder Reporting Standards, making the process of reporting Premium and Claims data more intuitive and efficient.
New message standards delivered, following the agreed ACORD/ LM TOM/Ruschlikon protocol (Global Placement Message (GPM) and Delegated Authority (DA) Premium/Claims/Risk messages).
Work underway to release premiums, claims and risk bound messages for Delegated Authority (DA) business as an ACORD standard.
Demonstrated feasibility and appetite for the market to access unique sources of master data online.
Designed long term Master Data Management solutions.
Launched Business Glossary and Collaboration pilot – positive feedback received from the market.
Full delivery of the Business Glossary and Collaboration capability covering the full London Market set of shared terms to provide an authoritative central source of rich descriptions, their relationships, usage and associated rules.
Delivery of new/enhanced ACORD message standards based on the data and messaging requirements of the LM TOM Programme and support of the LM TOM integration objectives across initiatives.
Delivery of a source of quality controlled business data (Master Data) and lists of valid values (Reference Data) to be shared across the London Market and made accessible through a standard web interface to market participants and systems.