Towards a common global messaging standard for the market
The London Market moved a step closer to its aim of ‘straight through processing’ recently by publishing a global message standard supporting risk placement.
Message standards are at the heart of the TOM modernisation programme as they provide a common framework and guidelines for all electronic communications within the London Market. This will enable data to be entered once and re-used by all parties across the market from placing through to accounting and settlement.
The publishing of the revised standard is the result of a successful collaboration with ACORD, the global association that defines standards for the insurance industry, The Ruschlikon community and the London Market. Working together has ensured that the market’s data requirements for insurance and reinsurance are captured and new fields have been added to achieve a global placing message.
The global placing message is available for use by market participants and will also be used in the Structured Data Capture (SDC) pilot currently underway to test the technology in converting information from written formats into structured data. Feedback from the market will guide further revisions of the placing message with an update expected towards the end of the year.