LMG and LM TOM News

Structured Data Capture launches six-week customer trial

Structured Data Capture (SDC) – converting information from a number of sources into something that is universally acceptable – is one of the foundation stones of the TOM, embodying the principles of “one touch data capture” and “common data standards” that are at its core.

The capabilities and benefits of the proposed SDC service have been demonstrated by the SDC team over the last three months.

Following positive reaction to the demonstrations, SDC launched an in-depth six-week trial with 10 participating carriers in October. The trial aims to further refine and shape the service to ensure that it matches customer needs. Within the trial service, participants upload Market Reform Contracts (MRCs) through a portal and upload screen. The service then validates all the segments of the MRC automatically (risk, information, authentication, fiscal and regulatory and broker commission).

An optional element of the service allows manual intervention where data, which is either not easily legible or not provided in the required format, is reviewed against defined output rules.

The trial is starting to consider a variety of integration points. These will include the potential progression of engagement with carriers and their own policy administration software vendors and with potential PPL and XIS integration. Having completed data extraction for terrorism MRCs, SDC will be looking at other classes of business for a 2017 live roll out.

For further information contact Stuart.McPhee@lmtom.london or Oscar.Patrick@lmtom.london.