Different market participants use the same words but often mean different things – this creates ambiguity and errors. By creating a single centralised source of definitions and rules, the TOM programme will make London an easier place to do business and generate new opportunities.
The Data Integration team is developing a solution that will enable the market to access a controlled source of verified and agreed business terms and usage information. To prove the concept, validate feasibility and appetite from the market a Market Business Glossary and Collaboration pilot will be launched in December, with the following areas in scope:
- Functionalities for coverholders, brokers, carriers and TPAs to select the territories and class they are writing business for and be presented with a list of the relevant data requirements (as opposed to having to sift through a lengthy pdf document);
- Market collaboration workflow for the definition of new classes of business for the TOM Delegated Authority Risk Bound Data Standards Project; and an
- Online Business Glossary (limited to Structured Data Capture for the pilot).
Key benefits expected long term
- Reduce inefficiencies associated with the retrieval and use of uncertified and dispersed information, as well as the costs associated with remediation for inconsistencies and errors induced downstream;
- Reduce room for ambiguity re terminology used by all operators in the London Market and facilitate resolution in case of disputes;
- Reduce barrier to entry for new market participants;
- Prevent errors in development/usage of solutions that are difficult to trace back and with significant remediation associated costs downstream;
- Enable collaboration of content authoring, review and approval through governed workflow;
- Support the streamlining of processes through a centralised source of truth;
- Reduce errors in the development of solutions for the market through the use of common terminology
- Avoid fragmentation of information leading to duplicates, mistakes, and uncertainty; and
- Support the transition from the use of "Londonism" terms to a global vocabulary.
Sarah Thacker, Senior Business Consultant, Global Operations, Lloyd’s of London commented:
“From a Delegated Authority perspective, the main benefit will be having somewhere to go to understand the data elements which need to be reported to London. It is getting a list of those requirements for a particular class of business or territory where this is being written which is key.”
The pilot execution will include a set of “Show and Tell” sessions in January and February 2017 to expand awareness in the Market and collate feedback and requirements for the inclusion of additional features for a production release.