Data Integration (DI) launch Business Glossary
Enabling the market to agree and share definitions and rules for the data we all use to drive process efficiency and make London an easier place to do business.
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, will be released at the end of July.
The London Market is dependent on its participant’s correct understanding and use of shared information: the Market Business Glossary will provide a centralised repository of business definitions and rules and contribute to the overall aspiration of one touch data capture and digitalisation of the marketplace, in support of the modernisation of the London Market.
Intuitive and efficient
Release 1 of the Market Business Glossary will focus on Lloyd’s coverholder reporting, making the process of reporting premium and claims data more intuitive and efficient. Over time the Market Business Glossary will evolve with the inclusion of new features and data: publication of new risk standards (delivered through the LM TOM Delegated Authority Standards project), functionalities to enable market collaboration, glossaries (e.g. Market Reform Contract, general insurance, TOM initiatives terms and definitions) and publication of additional reporting standards (e.g. Lloyd’s Market Return Standards).
The launch of the Market Business Glossary will happen in two stages:
- ‘Beta’ Phase: expected to run for two months with approximately 30 market firms;
- In Q4, the Market Business Glossary will be launched across the market, available to managing agents, brokers, coverholders, TPAs and service companies to use immediately.
Feedback from the pilot run in February 2017 provided extremely positive responses on the usefulness of this solution to the coverholder business community.
Following an online survey, participants who took part in the pilot said that that the solution saved time and would improve data quality in submissions. All commented that they would recommend using the Market Business Glossary.
About the Market Business Glossary
The Market Business Glossary will support the provision of “Better Data” for the market targeting the following key specific objectives:
- Creation of a centralised source of definitions and related information (“data about the data”) for shared market use;
- Ease of access and retrieval of information through an online capability with filtering functionalities;
- Support the long term objective for continuous improvement of the definitions and rules for data by making it available to the market;
- Reduce inefficiencies and costs associated with rework and remediation from misunderstandings in development or use of solutions;
- Reduce risk of ambiguity in terminology used by all participants in the London Market and facilitate resolution in case of disputes;
- Supports transition from the “Londonism” terms to a global insurance vocabulary; and
- Improved efficiency in the capture and publication of information about data