Launched in October 2017, the Market Business Glossary is a central publishing mechanism for serving the London Market meta and reference data. Our underlying objectives are to enable the market with definitive and synergised metadate standards, definitions and frameworks, with the ultimate goal of supporting system and process modernisations and straight-through processing.
Our solution is now used by almost 300 firms and over 1300 individual users, from every sector in the London Market. We have firms and users from all over the globe.
In 2018 and early 2019 we delivered the following;
- A digital solution for Coverholder Reportion Requirement including Lloyd's Brussels requirements
- Enhanced reference data sets
- Risk reporting standards for Delegated Authority
- Interactive data flow and lineage visualisation
- A digial MRC and MRC to SDC Mapping
- ACORD asset and reference data view including a security framework protecting IP content and digital assets
- A Central Glossary of Terms - an industry-wide catalogue of common definitions
We are working hard to continue to deliver metadata standards to the market. For the rest of 2019 we aim to design, develop and publish;
- Further ACORD Data Standards, including mappings to Coverholder Reporting Requirements V5.1, Delegated Authority Class of Business Risk Standards and the Market Reform Contract
- Structure Data Capture data mapping following SDC data developments, in addition to SDC mappings to the Global Placing Message
- Mapping of Lloyd's Outwards Reinsurance System available through an intuitive user interface
- Details of the EBOT and ECOT messaging and alignment to related subject areas
- Metadata supporting the Underwriter's Settlement Message and Syndicate Claims Message
- Guidance for a market-wide metadata standard and framework, along with implementation support
- The continued role out of further reference data set and API. We often receive requests for the inclusion of reference data set and APIs, if you have any requests please get in touch.
To see a list of the Delegated Authority risk standards currently in the Market Business Glossary, click here.