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 - 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 reference data and lists of codes commonly used by the market.
- Data Management - To provide data governance support and data management best practice for common data standards and market shared data.
- Common Infrastructure Services - To introduce key technical standards and supporting services to enable integration and standardised access to the LM TOM Services that will modernise the London Market.
- 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.
- 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 2019?
|Delivery of ACORD Data Standards and mappings across Coverholder Reporting Requirements v5.1, Delegated Authority Risk Standards and the Market Reform Contract||Q2 2019|
|Delivery of General Placing Message (GPM) and Structured Data Capture (SDC) mapping along with support for data developments within SDC||Q3 2019|
|Delivery of metadata support, lineage, mapping and analysis of the Underwriter's Signing Messages (USM) and the Syndicate Claims Message (SCM)||Q4 2019|
|Delivery of a technical metadata management framework for the London Market||Q4 2019|
|Delivery of reference dataset||Q2, Q3, Q4 2019|
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 were registered with over 450 individual users
- To date, the Market Business Glossary is used by almost 300 organisations, with over 1,300 individual users. Since launch, there has been excess of 30,000 recorded user activities
- You can register here to start using the Market Business Glossary
- Once registered, you can access Market Business Glossary here.
Key progress to date
|Release 1 Market Business Glossary launched to all market participants which included data standards and requirements for Coverholder Reporting. Initial Reference dataset, include APRA, FSB and Lloyd's related codesets published||October 2017|
|Release 2 SDC and MRC added, which included SDC mapping and conversion rules. Delegated Authority Class of Business standards for Risk added. Further reference dataset released including; Risk Codes, Catastrophe Codes and various Lloyd's Mappings||January 2018|
|Release 3 Visual analysis of Data Lineage and the Market data value chain released||March 2018|
|The Market Business Glossary fully migrates to LIMOSS||September 2018|
|Release 4 Over 30 APIs for mastered reference dataset made available to the Market. Coverholder Reporting Requirements V5.1 released||September 2018|
|Release 4.1 Lloyd's Risk Code's updated and republished as a reference dataset and API, along with Standard Industry Classification (SIC) Codes||January 2019|
|Release 5 DA related ACORD reference data published and made available to ACORD users||March 2019|