LMG and LM TOM News

Launch of Market Business Glossary and Collaboration pilot

The Market Business Glossary and Collaboration Pilot enables the market to agree and share definitions and rules for the data we all use to drive process efficiency.

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.